IMF to grant Pakistan $1 billion installment today

IMF to grant Pakistan $1 billion installment today
Islamabad: Under the Pakistan $6bn bailout package, Pakistan will receive the $1 billion instalment from the International Monetary Fund's (IMF) today.

IMF chief mission for the country Ernesto Ramirez-Rigo said that the bailout package will help stabilizing the country's economy.

Pakistan has paid attention to economic reforms, he explained, adding that the US dollar exchange rate in the country was nearer to the reality and it was a necessity to bump up tax collection in order to stabilize the economy.

He also emphasized upon the role of provinces in tax collection and generating revenue.

“Whether the state institutions were to be operated at a loss or profit was up to the government but the burden of institutions being run at a loss post-privatization would be eliminated and non-tax income increased”, the IMF's mission chief stated.

Earlier, IMF's Executive Board on Wednesday had approved a three-year bailout package worth $6 billion to Pakistan and the news was confirmed on Twitter by Gerry Rice, the spokesperson for IMF.