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IMF gives a tranche of $556 million to Pakistan

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KARACHI: the fourth installment of an International Monetary Fund (IMF) which was approved last year to pillow the country’s hovering economy, worth $556 million has been handed over to Pakistan.

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The last month’s review made by IMF over the current economic Graff in Pakistan convinced that Extended Facility Fund (EFF) to release the fourth payment.

“We have got the $566 million into our foreign exchange reserves now,” a State Bank of Pakistan spokesman confirmed to AFP.

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A grant worth of $6.8 million was given to Pakistan last year to meet the requirements of reforming the economy and especially in energy sector.

Pakistan’s foreign exchange reserves stood at $7.8 billion before the EFF was approved but now they have doubled to $14.8 billion. Cash-strapped Pakistan, plagued by a bloody homegrown Taliban insurgency, is battling to get its shaky economy back on track and solve a chronic energy crisis that cripples industry.

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