Ammon News - The International Monetary Fund executive board approved on Friday a fresh $1.4 billion loan to Pakistan under its climate resilience fund and approved the first review of its $7 billion program, freeing about $1 billion in cash.

"Pakistan’s policy efforts under the (program) have already delivered significant progress in stabilizing the economy and rebuilding confidence, amidst a challenging global environment," the IMF said in a statement.

The review approval brings disbursements to $2 billion within the $7 billion program. No fresh money from the resilience loan was made immediately available.

India has asked the IMF for a broader review of its loans to Pakistan, as tension builds between the nuclear-armed neighbors. An April attack on Hindu tourists in Indian Kashmir killed 26 and triggered the worst fighting between the countries in nearly three decades.

Reuters