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.
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.
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.