In November 2008, the IMF had approved about USD8.11 billion; which are being disbursed in phases; based on Pakistan's economic performance.

Noting that stabilisation was progressing on the macro front and appreciating the steps being taken by the government towards structural reform in putting in place the framework for moving toward a value-added tax; the IMF s Mission Chief to Pakistan Adnan Mazarei said "significant challenges remain for the country".

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The Executive Board also approved Pakistan's request for a waiver for the non-observance of the end-September performance criterion on the ceiling of the overall budget deficit, which was missed by a margin of 0.3 per cent of GDP.

After the approval, Deputy Managing Director and Acting Chair Takatoshi Kato said Pakistani authorities have made significant efforts to stay the course on stabilisation and structural reform against the backdrop of weak external demand and a difficult security and political environment.