Pakistan receives $556 million in latest IMF tranche

The fourth payment of EFF was released after an IMF team reviewed the economic performance of the country last month.

Afp July 03, 2014

KARACHI: Pakistan has received $556 million as the fourth instalment of an International Monetary Fund (IMF) loan approved last year to bolster the country's struggling economy.

The fourth payment of the Extended Facility Fund (EFF) was released after an IMF team reviewed the economic performance of the country last month.

"We have got the $556 million into our foreign exchange reserves now," a State Bank of Pakistan spokesperson confirmed to AFP.

Pakistan was granted the $6.8 billion IMF bailout package last year to help the country achieve economic reforms, particularly in its troubled energy sector.

Pakistan's foreign exchange reserves stood at $7.8 billion before the EFF was approved but now they have doubled to $14.8 billion.

Cash-strapped Pakistan is battling to get its shaky economy back on track and solve a chronic energy crisis that cripples industry.

COMMENTS (6)

farhan saeed | 8 years ago | Reply I remember the words of Nawaz Sharif before elections "Ae Tair e Lahoti us rizq se mout achi jis rizq se ati ho parwaz may kotahi". I am still waiting for that moment. Was it Josh e Khitabat ??

yousafhaque | 8 years ago | Reply

@The Failed Rebel::Just by thinking of this fact that you have mentioned gives me shudders down my spine.What the 'economists' are doing to put our economy on right path to meet the oncoming horrendous economic challenges is quite beyond me.Till late '70s the village mirasies used to collect wheat and rice products from the land owners during harvest season which lasted whole year for them.One day our mirasi brought his 10 years old son and asked him to sing a song for me.The boy had a very good voice but I did not pay him any thing and told the mirasi to better make his son learn some handicraft as the times were fast changing and no land owner was going to give alms any more.Today that boy,now man,is one of the best tailors of our area.Earning a respectful livelihood for himself.Can our economists not see the change in the air