WB, IMF to release $1.4bn for Pakistan

[LahoreEstate]

WASHINGTON: The IMF and World Bank will release a total of $.1.4 billion for Pakistan on Tuesday, official said.

Of this, $500 million will come from the World Bank’s fund for poverty reduction and economic support.

The larger chunk, $840 million, is the second tranche of a $7.6 billion loan from the IMF approved in November last year. Pakistan has already received the first tranche of $.3.1 billion.

The approval was conveyed to Pakistan’s Ambassador Husain Haqqani in a meeting with the World Bank’s Vice President Isabelle Guerroro at a meeting in Washington.

‘This is an encouraging sign for economic stabilisation efforts of the government and reflects increasing confidence of the international institutions,’ Ambassador Haqqani said.

The World Bank Vice president assured Pakistan of its continued support.

‘The targeted project - Poverty Reduction and Economic Support Operation seeks to benefit the poor people, reforming the tax administration and is also expected to strengthen Pakistan’s competitiveness,’ she said.