IMF approves $497m tranche for Pakistan after bailout review

ISLAMABAD: The International Monetary Fund (IMF) said on Thursday it had agreed to release a $497 million tranche for Pakistan after the latest review of a bailout package awarded in 2013, though the disbursement still requires IMF board approval.

Once the latest disbursement is made the IMF will still have to release $1.1 billion of the total $6.7 billion loan agreed three years ago.

“After constructive discussions, the mission and the Pakistani authorities have reached staff level agreement on the completion of the tenth review under the EFF (Extended Fund Facility) arrangement,” the IMF said in a statement. 

'Committed to turning around state-owned enterprises'

Addressing a press conference alongside IMF Mission Chief Harald Finger, Finance Minister Ishaq Dar reiterated the government's resolve to "convert loss-making state-owned enterprises into profitable enterprises".

He denied that the government had "rolled back" on its plans to save state-owned institutions, saying, "We will do everything possible to bring structural changes to make sure bleeding is stopped."

Dar said the government was committed to saving taxpayers' money, and that the IMF review is an indicator that the government is continuing with its mission and manifesto.

An IMF staff mission led by Finger visited Dubai during Jan 26-Feb 4 to discuss the tenth review of Pakistan's economic programme supported by a three-year IMF EFF arrangement, an IMF press release stated.

For more detail   IMF approves $497m tranche for Pakistan after bailout review

• Tweet
• Share
• Share
• Share
• Share