ISLAMABAD, July 4 (Xinhua) -- The International Monetary Fund (IMF) has approved a three-year bailout package worth 6 billion U.S. dollars requested by Pakistan to support the country's economic reform program, local media reported on Thursday.
Express News quoting an IMF notification reported that the 1 billion-U.S. dollar tranche will immediately be released to Pakistan, while the remaining 5 billion dollars will be linked with successful completion of quarterly and semi-annual reviews.
The country's Adviser to Prime Minister on Finance, Revenue and Economic Affairs Abdul Hafeez Shaikh said on Twitter that the loan will contribute to reducing imbalances in the economy while protecting those most vulnerable.
"IMF Board approved a 6 billion U.S. dollars Extended Fund Facility (EFF) for Pakistan to support our economic reform program. Our program supports broad based growth by reducing imbalances in the economy," Shaikh said, adding that social spending has been strengthened to completely protect vulnerable segments of the society.
Earlier, an IMF team visited Islamabad from April 29 to May 11 to discuss the bailout package for the country.