Dec 19 , 2015
NewsIMF approves $500 million tranche for Pakistan
By Mehtab HaiderISLAMABAD: The executive board of the International Monetary Fund (IMF) on Friday approved the 10th tranche of around $500 million for Pakistan under the Extended Fund Facility (EFF), enabling foreign currency reserves to touch $21 billion for the first time in the country’s history.
The IMF’s executive board has granted waivers for approving the tranche for Pakistan’s struggling economy.
The IMF’s executive board held its meeting in Washington DC for considering approval of tranche for Pakistan. Pakistan is expected to receive this approved tranche by next week so the foreign currency reserves will go up and touch the $21 billion mark.
The country’s reserves stood at $20.709 billion, including $15.719 billion reserves held by the State Bank of Pakistan (SBP) and $4.990 billion by the commercial banks.
With the addition of $500 million instalment from the IMF, the country’s reserves will touch $21 billion as promised by Finance Minister Ishaq Dar.
Courtesy www.thenews.com.pk