17:58 GMT +319 March 2018
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    A man with his belongings walks past the rubble of a house after it was damaged by an earthquake in Mingora, Swat, Pakistan

    IMF Board Approves Disbursement of $501Mln to Pakistan

    © REUTERS/ Hazrat Ali Bacha
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    The board of directors of the International Monetary Fund’s (IMF) has completed a review of Pakistan’s economic performance and has approved disbursement of the next money tranche to the country, the IMF said in a press release on Tuesday.

    WASHINGTON (Sputnik) — In 2013, the IMF approved about US$6.64 billion aid package for Pakistan.

    "The Executive Board’s decision enables the immediate disbursement of an amount equivalent to SDR 360 million (about US$501 million), bringing total disbursements to SDR 4.32 billion (about US$6.01 billion)," the release stated.

    The economic recovery in Pakistan has gradually strengthened, while vulnerabilities receded, the fund noted.

    "The [Pakistani] authorities are on track to achieve their program’s end-year fiscal targets, and their commitment to continue with gradual fiscal consolidation in FY [fiscal years] 2016/17 is welcome," IMF Deputy Managing Director Mitsuhiro Furusawa said.

    aid package, International Monetary Fund, Pakistan
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