IMF board agrees to release $500 mln for Pakistan
Published 25 Mar,2021 via Dawn WASHINGTON - The International Monetary Fund (IMF) has agreed to release the next tranche of $500 million for Pakistan after approving four pending reviews of the country’s economic progress, official sources in the US capital said.
The approval revives the $6 billion IMF programme after it remained latent for over a year. The approval followed some tough decisions taken in Islamabad to stabilise the economy. The measures included a steep rise in electricity bills, imposition of Rs140 billion taxes and agreeing to grant unprecedented autonomy for the central bank.
The executive board of the IMF endorsed the staff-level agreement, reached between the government of Pakistan and the Fund’s team last month.
Free, in under 30 seconds
Join thousands of professionals reading Salaam Gateway — the Global Islamic Economy Gateway.
Already a member? Sign in
- 5 free articles every month
- Weekly Islamic-economy newsletter
- Save articles to read later
Dawn