21 °C Prince George's County, US
August 11, 2020

IMF to Release $510 Million to Pakistan Under 3-Year Loan

The International Monetary Fund (IMF) will release a further $510 million to Pakistan as part of a loan approved in 2013, after a successful review of the country’s economic performance in line with the IMF’s proposed reforms.

The approval for the release of next tranche of the loan came after a meeting between the IMF and Pakistani officials in Dubai. Official meeting have held in a third country of late due to security concerns in Pakistan.

The IMF approved the $6.6 billion loan in 2013 under its 3-year Extended Fund Facility (EFF) after Pakistan came dangerously close to default on its external payments. The government has since implemented reforms which has put the country’s economic growth back on the upward trajectory.

A statement issued after the meeting, the IMF quoted Harald Finger, IMF chief for Pakistan, saying that they had a productive meeting and that Pakistan had met performance criteria for the release of the nest installment of the loan.

The Fund expressed satisfaction over the robust growth in spite of weak cotton crop and declining exports.

“Real GDP growth is expected to reach 4.5 percent in FY 2015/16 and 4.7 percent in FY 2016/17, helped by favorable oil prices, rising investment, including related to the China Pakistan Economic Corridor (CPEC), improvements in energy supply, buoyant construction activity, and acceleration of credit growth.”

Pakistan’s GDP is projected to grow at 4.5 percent in the current fiscal year ending June 30, and 4.7 percent in the next year, the IMF said.

Related articles

Migration Adding One Person to U.S. Population Every 29 Seconds

The population of the United States was estimated at 322,762,018 on Jan. 1, 2016, according to the U.S. Census Bureau, with net international migration adding one person to the population every 29 seconds. The new estimates represent an increase of 2,472,745, or 0.77 percent, from New Year’s Day 2015. Since Census Day (April 1) 2010, […]

Pakistan’s Attock Cement Gets Go-Ahead to Set up Unit in Iraq

Pakistan’s government has allowed Attock Cement Pakistan Limited (ACPL) to set up a cement grinding unit in Iraq. The company has been allowed to remit $24 million for the production plant in Basra on account of equity investment starting from this month, according to an official announcement by the government. The joint venture is expected […]