IMF to release first tranche of $6 billion Pakistan loan package

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IMF to release first tranche of $6 billion Pakistan loan packagePakistan’s fiscal deficits are narrowing, the IMF said on Friday as it announced it would release the first tranche of its $6 billion financial assistance program to the country. The International Monetary Fund agreed the three-year rescue package for Pakistan in April – its 13th bailout program for the South Asian nation since the late 1980s – as the economic outlook for the country of 208 million people worsened. “Completion of the review will enable disbursement of SDR 328 million (or around $450 million) and will help unlock significant funding from bilateral and multilateral partners,” Ramirez Rigo, head of an IMF mission to Islamabad, said in a statement after the mission completed its first review of its program.