Following stringent measures on Pakistan’s end, the International Monetary Fund (IMF) on Wednesday agreed to release the third loan tranche of around $500 million for Pakistan while approving four pending reviews of the country’s economy. The report stated that last month’s staff level agreement was endorsed by the international creditor’s Executive Board, which paved the way for the release of the next loan tranche. It is worth mentioning here that IMF has already given $1.45 billion in the previous two tranches out of the $6 billion agreed between the international creditor and Pakistan. Citing sources, the report stated that Pakistan would be in difficult position this year as it would impose taxes amounting to Rs700 billion and reduce expenditures in the budget for the next fiscal year. “Pending approval of the Executive Board, the reviews’ completion would release around $500 million,” it added.

Source: Pakistan Today March 24, 2021 19:52 UTC