IMF approves second tranche of $450 million for Pakistan.

ISLAMABAD -- The International Monetary Fund (IMF) has approved second tranche worth of 450 million dollars for Pakistan under the 6 billion dollars extended. Earlier on Friday, the IMF praised Pakistan's economic performance and agreed on next steps, paving the way for release of another portion of 6 billion dollars, three-year financial package. The approval was given during a meeting held in Washington on Friday.

The meeting also reviewed Pakistan's economic conditions. Once the IMF board gives the go ahead, the Washington-based organization will provide 450 million dollars to help Pakistan's economy. The lender had...