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Friday 05 Feb 2016 - 16:05 Makkah mean time-26-4-1437
Dubai, (IINA) - The International Monetary Fund (IMF) announced on Thursday that it had agreed to release a $497 million tranche for Pakistan after the latest review of a bailout package awarded in 2013, news agencies reported.
The IMF's delegation head Harald Finger, during his visit to Dubai, said that the decision was made after a review of Pakistan's economic performance from January 26 to February 4.
Finger said that Pakistan's economic growth rate is expected to reach 4.5 percent for the 2015-16 financial year due to lower oil prices, planned improvements in the energy supply, and investment in the China-Pakistan Economic Corridor project. However, Finger noted that Islamabad needed to carry out more reforms in the energy and taxation sectors.
Once the latest disbursement is made, the IMF will still have to release $1.1 billion of the total $6.7 billion loan agreed three years ago.
"After constructive discussions, the mission and the Pakistani authorities have reached staff-level agreement on the completion of the tenth review under the Extended Fund Facility (EFF) arrangement", the IMF said in a statement.
AG/IINA
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