IMF agrees to release $1 billion to Pakistan

This financial assistance is part of its effort to help the country overcome economic crisis

The International Monetary Fund (IMF) has agreed to release another $1.05 billion in financial assistance to Pakistan as part of its effort to help the country overcome economic crisis.

With this, the total disbursements under the arrangement is about $3.2 billion, a statement said after the IMF Executive Board completed the fourth and fifth reviews of Pakistan's economic performance under a three-year programme supported by an Extended Fund Facility (EFF).

The IMF saved Pakistan from possible default by agreeing last September to lend it $6.8 billion over three years.

In completing the fourth and fifth reviews, the Executive Board also approved the authorities' request for waivers of non-observance of performance criteria on the basis of the corrective measures taken, including prior actions on net domestic assets and on government borrowing from the State Bank of Pakistan.