IMF approves $1.29 billion tranche for Pakistan

In a welcome news for country's economy, the International Monetary Fund (IMF) has approved a tranche of $1.29 billion for Pakistan.

The IMF Executive Board met on Monday in Washington, where the disbursement of the $1.29 billion installment was approved.

Out of the total amount, $200 million will be allocated for climate-related projects aimed at addressing the impacts of climate change.

The IMF mission had already given its staff-level approval for the release of this tranche.

According to sources, Pakistan had fulfilled all conditions required for the $1.29 billion disbursement.

One of the key conditions was the publication of the Corruption and Governance Diagnostic Report before the Board meeting.

Pakistan has now released the Corruption and Governance Diagnostic Report, meeting the requirement.