The International Monetary Fund (IMF) announced that its Executive Board approved a $1 billion disbursement to Pakistan after finishing a review of its reforms under its $6 billion loan program. The disbursement will convey Pakistan’s total draw against the Extended Fund Facility program for a budget of $3 billion, it said in a statement.

“The economy of Pakistan has recovered quite well even after the challenges caused due to the Covid-19 pandemic, but inequalities have increased, and risks are still high. Timely and continuous execution of policies and reforms remain important to apply the ground for strong and sustainable growth,” IMF Deputy Managing Director Antoinette Sayeh said in a statement.