ISLAMABAD:

The International Monetary Fund board on Monday approved a $1.3 billion loan by granting waivers against missing a few core conditions and securing fresh commitment from Pakistan to introduce new tax measures to offset the impact of a huge revenue shortfall.

To win the IMF board meeting date, the Pakistani authorities had agreed to fulfill two prior actions –a guarantee to issue an order to restructure an undercapitalized bank and publish the Governance and Corruption Diagnostic Assessment report –the latter hit on its political capital.

The global lender approved nearly $1.1 billion under the Extended Fund Facility (EFF) and another $220 million under the Resilience and Sustainability Facility (RSF), according to the decision that would keep the $8.4 billion worth two loan p

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