Business News

IMF approves 8th installment of $500 mln

Latest Update: September 29, 2015 | 162 Views

ISLAMABAD: The International Monetary Fund (IMF) has approved 8th installment of 500 million dollar loan for Pakistan, the Radio Pakistan reported.

The approval of the installment was given by the International institution by its Board of Governors in Washington.

The amount approved by the IMF will be transferred to Pakistan next week that will help increase foreign exchange of the country.

With the receipt of foreign exchange will cross the mark of $19 billion that will be a record.

In June this year, the IMF had granted $506 million loan to Pakistan.

Excluding the fresh payment, the IMF since late 2013 has provided 4.2 billion dollars out of a 6.6 billion dollar loan.

The loan was granted on condition that Pakistan — which was suffering an energy crisis — carried out extensive economic reforms, particularly in the energy and taxation sectors.


Top of the Hour