Pakistan gets second tranche of $553.5m from IMF

Pakistan has received the second tranche of five hundred fifty three point five million dollars from the International Monetary Fund.
This has been announced by the State Bank in Karachi.
The IMF‚ under the Extended Fund Facility had approved a total six point six four billion dollars for Pakistan and the first installment was released in September last.
"Pakistan received the second tranche from IMF under the ongoing EFF on December 23," a spokesman for the State Bank of Pakistan (central bank) said in a statement.
The release of the instalment will also bolster the bank’s declining foreign exchange reserves.
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.
Announcing the approval of the funds last Thursday, the IMF s deputy managing director and acting chair Nemat Shafik warned that Pakistan must continue its reforms for the economy to recover, in particular to improve tax collection.

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