IMF says to meet mid-May to approve Pakistan funds

The International Monetary Fund's board will meet in mid-May to approve the next tranche of Pakistan's $11.3 billion loan but Islamabad must do more to tackle inflation and overcome power shortages that stifle the economy, the IMF said on Thursday.

The International Monetary Fund's board will meet in mid-May to approve the next tranche of Pakistan's $11.3 billion loan but Islamabad must do more to tackle inflation and overcome power shortages that stifle the economy, the IMF said on Thursday.

HT Image

"We reached understandings on things enough for us to be able to go to the board (in mid-May)," Adnan Mazarei, the Washington-based IMF mission chief for Pakistan, said in an interview with Reuters.

"We recommend to move forward," he said, referring to the fifth installment of the loan, which amounts to about $1.15 billion.