Pakistan Receives Third IMF Tranche of Nearly $500 Million
Karachi: Pakistan got third tranche of over $500 million from the International Monetary Fund’s (IMF) loan programme, almost a week after it approved four pending evaluations of the country’s economy.
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Pakistan’s central bank announced on its official Twitter account that it had received an IMF tranche under the Extended Fund Facility of US$ 498.7 million (or SDR 350 million).
As Islamabad restarted the $6 billion credit scheme a few weeks ago, the tranche was received. After the Covid-19 outbreak in the nation in February 2020, the initiative has been on stop.
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To restart the programme, the government made some difficult decisions, including raising the power rate, eliminating a 140 billion rupee income tax exemption, and introducing contentious changes to the central bank’s regulations to make it an autonomous institution.
Also, the nation had taken steps to lower import costs and encourage exports to increase. Those actions assisted in transforming the current account balance, which had a $19 billion deficit in the previous fiscal year 2018, into a surplus of $881 million in the first eight months (July–Feb) of the current fiscal year 2021.
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