Pakistan receives second installment of $454 million from IMF

06:41 PM | 26 Dec, 2019
Pakistan receives second installment of $454 million from IMF
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KARACHI - Pakistan on Thursday received second bailout installment of $454 million from the International Monetary Fund (IMF) under the Extended Fund Facility (EFF).

The second tranche will be added to forex reserves of the country by next week to improve the economic outlook. The forex reserves of the country currently stood around at $17.595 billion.

The IMF had completed the first review of Pakistan’s economic performance under the EFF earlier this month.

“Pakistan’s program is on track and has started to bear fruit. However, risks remain elevated. Strong ownership and steadfast reform implementation are critical to entrench macroeconomic stability and support robust and balanced growth,” David Lipton, IMF first deputy managing director, said in a statement on Friday, following the IMF executive board’s decision.

Pakistan had formally approached the global lender last year, seeking financial assistance to stabilize the crumbling economy.