IMF provides USD 550 million assistance to Pakistan

The International Monetary Fund today agreed to provide another USD 555.6 million in financial assistance to Pakistan as it reviewed and expressed satisfaction over economic reform measures by Islamabad.
The latest tranche of financial aid is part of the overall package of USD 6.78 billion announced by the IMF last year.
A decision in this regard was taken following the second review of Pakistan's economic performance under a three-year programme supported by an arrangement under the Extended Fund Facility (EFF).
"The completion of the review enables an immediate disbursement of an amount equivalent to SDR 360 million (about USD 555.6 million)," the IMF said.

The 36-month extended arrangement under the EFF in the amount of SDR 4.393 billion (About USDD 6.78 billion, or 425 per cent of Pakistan's quota at the IMF) was approved by the Executive Board on September 4, 2013.
In completing the second review, the IMF also approved the authorities' request for waivers of non-observance of the end-December 2013 performance criteria on net swap/forward position and government borrowing from the State bank of Pakistan based on corrective actions taken by authorities, the IMF said.