IMF approves $1.1 billion loan to cash-strapped Pakistan

PTI

Washington/Islamabad, April 30

The IMF has approved an immediate disbursal of the final tranche of $1.1 billion to Pakistan as part of a bailout package, emphasising that the cash-strapped country needs to take tough measures to bring its economy back on track.

The International Monetary Fund (IMF) Executive Board's decision has come after the global lender completed the second and final review of Pakistan's economic reform programme supported by the IMF's Stand-By Arrangement (SBA).

With this development, the disbursements under the SBA reached around $3 billion.

All board members favoured the release of the last instalment. India, however, abstained from voting.

“Given the significant challenges ahead, Pakistan should capitalise on this hard-won stability, persevering — beyond the current arrangement -- with sound macroeconomic policies and structural reforms to create stronger, inclusive, and sustainable growth," said IMF's Deputy Managing Director Antoinette Sayeh. Continued external support will also be critical, she said.

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