Pakistan receives $499mln from IMF

KARACHI: Pakistan on Wednesday received $499.049 million from the International Monetary Fund (IMF) in the sixth loan tranche under its Extended Fund Facility (EFF), the central bank said.
After receiving this tranche, the total disbursements from the IMF under EFF stood at $3.5 billion.
The IMF had approved a three-year EFF programme for Pakistan with an amount equivalent to $6.64 billion in September 2013 to support the country’s economic reform programme and promote inclusive growth.
Analysts term the IMF disbursement a positive sign for the country’s macroeconomic indicators, especially the external sector. “Foreign exchange reserves are likely to go up further in the coming days,” an analyst said.