IMF Passes $497 Mln Tranche For Pakistan

ISLAMABAD: The International Monetary Fund stated on the day of Thursday that it had agreed to issue a $497 million tranche for Pakistan after the recent review of a bailout package granted in the year 2013, though the disbursement still needs IMF board approval.

Once the recent disbursement is made, the IMF will still have to issue $1.1 billion of the total $6.7 billion loan agreed 3 years ago.

"After constructive talks, the mission and the Pakistani officials have reached staff-level agreement on the completion of the 10^th review under the EFF (Extended Fund Facility) arrangement," the IMF stated in a statement.