Pakistan Receives First Tranche oF $3.1 Bln From IMF

This news updete by geo.tv




ISLAMABAD: Pakistan has got the first tranche of 3.1 billion dollars of a loan approved by the International Monetary Fund.

According to the State Bank, Pakistan has received the first tranche of $3.10 billion from the fund.

Foreign Ministry officials said that the second tranche of the $7.6 billion credit is expected next year in March.

IMF had provided a loan of $7.6 billion on Monday to help the country avert a balance of payment crisis.

The IMF said then Pakistan would get immediate access to $3.1 billion under the 23-month IMF facility, with the rest phased in subject to quarterly reviews.

The package means Pakistan will avert a balance of payment crisis and be able to cover an international sovereign bond maturing in February.


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