Pakistan gets $1 billion loan tranche today

Pakistan gets $1 billion loan tranche today

*ISLAMABAD: Pakistan to get first tranche of International Monetary Fund (IMF) approved loan today (Monday).*

Pakistan will be awarded $1 billion out of the $ 6 billion approved by the international body.

According to details, the IMF would pay the amount in full the allocation of which has been divided into three parts and three years with Pakistan getting $ 2 billion each year.

The money would help stabilized Pakistan’s dwindling economy and help Pakistan somewhat alleviate fiscal debt and inflation.

Pakistan is slated to receive the fund under IMF’s extended loan program.

The Executive Board of the International Monetary Fund (IMF) in its Washington meeting on July 3 approved $6 billion loan for Pakistan under its bailout programme.

Pakistan’s government and the IMF had already signed staff agreement on May 12. The Executive Board of the IMF will give its final nod to the agreement under which Pakistan will receive six billion dollars loan package from the lender in three years under the extended fund facility.