KARACHI: The International Monetary Fund (IMF) has confirmed the receipt oa 50 million loan installment.

IMF Pak

A State Bank of Pakistan spokesman confirmed that the million dollar loan had been received from the IMF on Tuesday, March 30.

The SBP, the total value of the IMF loan installment is close to 49 498.7 million.

It may be recalled that the Executive Board of the International Monetary Fund (IMF) had on March 25 approved the release of a loan installment to Pakistan. This installment is being provided to provide financial assistance in the budget.

A statement was also issued by the IMF regarding the approval of the loan amount.
It was stated that the Executive Board, after reviewing the steps taken by Pakistan, approved the payment of 50 million.

The IMF said in a statement that the first tranche of the program was approved in July 2019, with a total of billion provided under the Extended Fund facility.

The statement said that Pakistan’s policies to support the economy have been prudent, while Pakistan has also taken aggressive steps to boost growth and institutional reforms.
IMF statement also stressed the need to improve the performance of state-owned companies.

IMF said further reforms would have to strengthen Pakistan’s economic confidence and private investment and create jobs by improving the business environment. The statement said that Pakistan must fully implement the action plan to curb money laundering and money laundering and meet the demands of anti-corruption agencies.