shot-button
Ganesh Chaturthi Ganesh Chaturthi
Home > News > India News > Article > IMF approves USD 12 bn for disbursement to Pak

IMF approves USD 1.2 bn for disbursement to Pak

Updated on: 24 December,2009 10:09 AM IST  | 
PTI |

The Executive Board of the International Monetary Fund (IMF) today approved immediate disbursement of USD1.2 billion to Pakistan following a third review of its economic performance.

IMF approves USD 1.2 bn for disbursement to Pak

The Executive Board of the International Monetary Fund (IMF) today approved immediate disbursement of USD1.2 billion to Pakistan following a third review of its economic performance.


With this Pakistan has so far received USD 6.54 billion from the IMF under this programme supported by a Stand-By-Arrangement.


In November 2008, the IMF had approved about USD8.11 billion; which are being disbursed in phases; based on Pakistan's economic performance.


Noting that stabilisation was progressing on the macro front and appreciating the steps being taken by the government towards structural reform in putting in place the framework for moving toward a value-added tax; the IMF s Mission Chief to Pakistan Adnan Mazarei said "significant challenges remain for the country".

The Executive Board also approved Pakistan's request for a waiver for the non-observance of the end-September performance criterion on the ceiling of the overall budget deficit, which was missed by a margin of 0.3 per cent of GDP.

After the approval, Deputy Managing Director and Acting Chair Takatoshi Kato said Pakistani authorities have made significant efforts to stay the course on stabilisation and structural reform against the backdrop of weak external demand and a difficult security and political environment.

"Exciting news! Mid-day is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest news!" Click here!


Mid-Day Web Stories

Mid-Day Web Stories

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK