The International Monetary Fund (IMF) on Monday approved $500 million tranche of the Standby Agreement after eighth review, a private TV channel reported. The Fund's executive board met in Washington for the eighth review of the facility. The channel said that all members of the executive board expressed confidence over improvement in Pakistan economy.

The approval of the fresh tranche by the board is a formality since the staff mission which held talks with a Pakistani team led by Finance Minister Ishaq Dar in Dubai last month, has already declared that the country's economy continues to improve. The board acts on report by the staff mission.

Copyright Business Recorder, 2015