IMF RELEASES $555.9 MILLION LOAN TRANCHE FOR PAKISTAN – RTRS

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WASHINGTON, June 27 (Reuters) – The International Monetary Fund on Friday disbursed $555.9 million to Pakistan, confirming the South Asian country was on track with the conditions of its IMF loan program.

The IMF saved Pakistan from possible default by agreeing last September to lend it $6.8 billion over three years. The cash is being doled out in increments and could stop if Pakistan fails to institute reforms, including cracking down on tax evasion and privatizing loss-making state companies.

Pakistan’s tax authorities in April said they would publicly shame defaulters by publishing taxpayers’ details in a directory for the first time. Only around one in 200 citizens files income tax returns, leaving the state begging foreign donors to help fund crumbling schools and hospitals. (Full Story)

The IMF disburses loan tranches after confirming a country is on track with the conditions of any bailout.

Sanie Khan

Sanie Khan holds a deep knowledge of the financial markets in Pakistan. Based in Karachi, he has over 20 years of hands-on management experience in financial technologies and managing operations in the financial sector. He was the General Manager at the Pakistan Stock Exchange (PSX) for 17 years. He along-with senior members of Exchange

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