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Sunday, Oct 20, 2019

IMF board okays $6bn loan for Pakistan

The IMF said in a statement the EFF-supported programme is intended to help Pakistan “reduce economic vulnerabilities and generate sustainable and balanced growth.

world Updated: Jul 04, 2019 08:31 IST
Yashwant Raj
Yashwant Raj
Hindustan Times, Washington/Islamabad
The International Monetary Fund (IMF) headquarters building.
The International Monetary Fund (IMF) headquarters building.(Reuters Photo)
         

The IMF executive board on Wednesday approved a 39-month extended arrangement under the Extended Fund Facility (EFF) for Pakistan for an amount of US 6 billion (SDR 4,268 million) to support its economic programme.

The Fund said in aa statement that the EFF-supported program is intended to help Pakistan “reduce economic vulnerabilities and generate sustainable and balanced growth focusing on - a decisive fiscal consolidation to reduce public debt and build resilience while expanding social spending; a flexible, market-determined exchange rate to restore competitiveness and rebuild official reserves; to eliminate quasi-fiscal losses in the energy sector; and to strengthen institutions and enhance transparency”.

The fund also said the board’s approval allows for an immediate disbursement of about $1 billion (SDR716 million). “The remaining amount will be phased over the duration of the program, subject to four quarterly reviews and four semi-annual reviews.,” it added.

First Published: Jul 04, 2019 01:47 IST

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