The third instalment of the loan, great news has come for Pakistan

The third instalment of the loan, great news has come for Pakistan

Islamabad: IMF mission endorsed a contract for Pakistan program, the $ 450 million loan instalment for Pakistan is expected to be approved at a board meeting in April.

According to details, a staff-level agreement between Pakistan and the International Monetary Fund has been reached, IMF Mission Chief for Pakistan Ernesto Rigo said in a statement that there was agreement between the IMF and Pakistan on second financial review on staff level, The review talks between Pakistan and the IMF took place from 3 to 13 February, after which the IMF delegation departed from Pakistan.

The statement said that discussions on policies and reforms between Pakistan and the IMF have been completed. Under the IMF program, the Government of Pakistan will continue economic reforms. The IMF delegation will present all the details in the board meeting, after approval of the next instalment of $ 450 million dollars will be released to Pakistan.

IMF spokesman Gary Rice said that the Pakistani government is rapidly moving forward in economic reforms, the social sector in Pakistan has been accelerated, a staff-level agreement has been reached in Pakistan economic review, implementing economic reforms will pave the way for approval from the Executive Board

The IMF board meeting will be held in April, after the approval of the second economic review, the third instalment of the loan will be issued to Pakistan, the instalment volume will be $ 450 million.

It is to be noted that on July 3, 2019, the IMF approved a $ 6 billion loan in a three-year period for economic stability in Pakistan, and Pakistan has so far received a $ 1.45 billion loan from the IMF.