The International Monetary Fund (IMF) has released a loan disbursement to Pakistan, saying the government has so far complied with most of the conditions under its $6.7 billion lending program with Islamabad.
The approval means Pakistan is set to receive about $553 million from the IMF.
An IMF statement quoted Nemat Shafik, IMF deputy managing director, as saying the performance of Pakistani authorities “has been satisfactory" in implementing the loan program.
She added, however, that overall fiscal “vulnerabilities remain high.”
She called for the deepening of structural reforms and for a “more ambitious approach” to improve tax administration and eliminate tax loopholes.
The statement also called on the government to push forward with moves to increase Pakistan's low level of international reserves.
With reporting by Reuters