Islamabad [Pakistan], February 3 (ANI): The International Monetary Fund's executive board on Wednesday revived Pakistan's stalled programme and cleared USD 1 billion tranches after Islamabad gave complete autonomy to the country's central bank and took around PKR 800 billion measures, reported local media.

"I am pleased to announce that the IMF board has approved sixth loan tranche of its programme for Pakistan," Pakistan's Finance Minister Shaukat Tarin said in a tweet on Wednesday.

Also Read | UK's Embattled PM Boris Johnson Seeks Reset With Major Economic Plan.

The IMF's executive board -- that met in Washington -- also waived off few conditions to pave the way for the release of the fourth loan tranche under the sixth review of the USD 6 billion Extended Fund Facility. The government has missed the primary budget deficit reduction target. The programme was suspended since June last year, reported The Express Tribune.

After dragging feet for eight months, the government of Prime Minister Imran Khan signed off all the conditions that it tried to resist first in June and then in October last year, said the Pakistani publication.

Also Read | COVID-19 Death Toll in US Reaches Highest Level, Says Report.

The Pakistan government agreed to take Rs800 billion measures through a combination of cut in expenditures and imposition of about Rs500 billion in taxes, including Rs20 per litre fuel tax, to revive the stalled USD 6 billion IMF programme, according to The Express Tribune. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)