IMF releases 1st installment of Loan of $540m to Pakistan

International Monetary Fund has released the first installment of loan amounting to $540 Million to Pakistan. IMF was approved $6.7 billion for Pakistan for the purpose of revival of Pakistan’s economic reforms on September 4, 2013 with three-year arrangement under Extended Fund Facility.

The Finance Secretary of Pakistan Dr. Waqar Masood has also endorsed that the IMF has released $540 Million to Pakistan as first installment.

He also confirmed  that IMF will release 2nd installment upon completion of quarterly reviews and for that purpose first quarterly review meeting is scheduled to be held on December 2, 2013 the economic position of Pakistan will be the agenda of such meeting and the remaining amount of loan will be released accordingly during the period of three years, subject to the completion of quarterly reviews.

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