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 Pakistan seeks fresh loan agreement with IMF

Pakistan seeks fresh loan agreement with IMF .

Pakistan seeks fresh loan agreement with IMF

ISLAMABAD: Amidst fears of inability to pay foreign debts in the coming financial year, Pakistan has decided to approach International Monetary Fund for a fresh agreement.


According to reports appeared in media, Pakistan will need $4.3 billion next year just to pay off the IMF debt. Pakistan started repaying a $7.6 billion loan it had received from the IMF under a standby arrangement signed in 2008.


It paid a total of $399 million in February and by the end of the current fiscal year, it has to pay a total of $1.3 billion.

It aims to “pay the rest by May” and a member of the Pakistani delegation to the IMF spring meetings in Washington said that “we would like to have a new arrangement with the IMF as soon as possible”.

 

updated 1 year, 1 month ago

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