pakistan-to-request-imf-loan

Pakistan to request IMF loan

Pakistan agrees on the terms of a $7.6 billion loan from the IMF as the Friends of Democratic Pakistan get ready to meet in the Gulf.

Edward Russell

November 17, 2008

Pakistan and the International Monetary Fund IMF have agreed on the terms for a $7.6 billion loan to bolster the countryÆs dwindling foreign currency reserves. The IMF support comes only days after China agreed to a $500 million aid package for Pakistan and as the Friends of Democratic Pakistan prepare to meet in the United Arab Emirates UAE.

IMF staff and the Pakistani authorities have reached an agreement in principle on the key elements of an economic programme to be supported by an SDR5.17 billion $7.6 billion 23-month stand-by arrangement,ö according to IMF managing director Dominique Strauss-Kahn.

An SDR, which stands for special drawing right, refers to potential claims on the freely...

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South Asia