IMF likely to approve $502m loan tranche for Pakistan
ISLAMABAD – The International Monetary Fund (IMF) will discuss the eighth review under the Extended Fund Facility arrangement with Pakistan on Monday.
It is expected to approve the release of 502 million dollars loan tranche. Pakistan achieved the staff-level agreement with the IMF officials last month after successful completion of the 8th review of the loan. In a statement issued after the meeting, IMF officials had noted that Pakistan’s economy continues to improve.
This week Pakistan successfully issued a new bond of 500 million dollars after a series of roadshows in Los Angeles, Boston, New York. Despite tight and weak global market conditions and jittery investors’ sentiments, the issue was twice oversubscribed. However, the government decided to restrict the issue to the intended level of 500 million dollars.