October 2, 2012

Pakistan pays $109m to IMF

 KARACHI, Oct 1: The State Bank has paid another installment of IMF debt that reduced the debt burden but also cut the size of foreign exchange reserves.

The State Bank said on Monday that it paid $109.4 million to the IMF which was the fifth such payments that started last year.
The Bank said it has so far paid a total amount of $1.402 billion to the IMF which had provided about $7 billion under Standby Agreement. The agreement was initially for a loan of $11 billion but Pakistan failed to remain on track suggested by the IMF as a condition to continue providing loans. The agreement was discontinued.
The next installment of 258 SDR is due in November. Pakistan hopes to pay back entire loans to the IMF despite a huge current account deficit of $.4.6 billion in FY12. (DAWN)


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