KARACHI: Pakistan has acquired $556 million as the fourth installment of an International Monetary Fund (IMF) loan accepted last year to bolster the country’s struggling economy.
The fourth payment of the Extended Facility Fund (EFF) was issued later than an IMF team reviewed the economic operation of the state last month.
Spokesman of State Bank of Pakistan confirmed, “We have received the $556 million into our foreign exchange reserves now.”
Pakistan was granted the $6.8 billion IMF bailout package last year to assist the country achieve economic reforms, especially in its troubled energy sector. Pakistan’s foreign exchange reserves stood at $7.8 billion before the EFF was approved, but nowadays they have doubled to $14.8 billion.