The International Monetary Fund (IMF) said on Thursday it had agreed to release a $497 million tranche for Pakistan after its latest review of a bailout package awarded in 2013. However the disbursement still requires IMF board approval.
Once the latest disbursement is made, the IMF will still have to release $1.1 billion of the total $6.7 billion loan agreed three years ago.
“After constructive discussions, the mission and the Pakistani authorities have reached staff-level agreement on the completion of the tenth review under the EFF (Extended Fund Facility) arrangement,” the IMF said in a statement.
Read : IMF board clears $6.2b loan tranche
