Islamabad: (Right Now News) The International Monetary Fund (IMF) has approved a $1.2 billion loan installment for Pakistan. This approval was granted by the Executive Board.

The Ministry of Finance has stated that this amount will be provided under the EFF (Extended Fund Facility) and RSF (Rapid Financing Instrument) programs. Pakistan will receive $1 billion under the EFF program and an additional $210 million under the RSF.

An agreement at the staff level between Pakistan and the IMF was reached on March 27. Pakistan completed the implementation of conditions such as financial discipline and tax reforms, leading to the final loan approval.

Finance Minister Muhammad Aurangzeb stated that all prior actions have been completed. The successful completion of the staff-level agreement paved the way for loan approval.

It is noteworthy that Pakistan has needed IMF’s financial assistance for economic stability. This loan installment could help further strengthen Pakistan’s economy.