IMF okays $6b loan for Pakistan

[ahlam1399]

WASHINGTON: The International Monetary Fund has signed off on a $6 billion loan programme for Pakistan that spans over three years. The Executive Board of the Fund approved the 39-month long extended arrangement under the Extended Fund Facility for Pakistan for an amount of $6 billion dollars to support the economic reform programme."The EFF-supported programme will 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 IMF said in a statement after the Board meeting on Wednesday.The Board’s approval allows for an immediate disbursement of about $1 billion. The remaining amount will be phased over the duration of the programme, subject to four quarterly reviews and four semi-annual reviews.http://feeds.feedburner.com/~r/com/cwEr/~4/gH8iTwDVKSY

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