DUBAI (Web Desk) – The International Monetary Fund (IMF) has said that it will release the next $510 million tranche of its three-year $6.7 billion financial assistance program to Pakistan after the government successfully met its targets during the review period.

According IMF’s statement, release of the amount is pending formal approval by the IMF’s management and executive board.

“After productive discussions, the mission and the Pakistani authorities have reached a staff-level agreement on the completion of the eleventh review under the EFF arrangement,” said Harald Finger, the Fund’s mission chief for Pakistan.

The statement added that growth has remained robust despite a weak cotton harvest and declining exports amid a more challenging global environment.

“Real GDP growth is expected to reach 4.5 percent in FY 2015/16 and 4.7 percent in FY 2016/17, helped by favorable oil prices, rising investment, including foreign investment under the China Pakistan Economic Corridor (CPEC), improvements in energy supply, buoyant construction activity, and the acceleration of credit growth.”

IMF stated that Pakistan had met its end-March 2016 performance targets, including those pertaining to the budget deficit and central-bank foreign currency reserves.