IMF approves third installment of 840 million for Pakistan
Pakistan
IMF approves third installment of 840 million for Pakistan
The International Monetary Fund (IMF) has approved an additional 3.2 billion dollar loan to Pakistan and agreed to issue the third installment of the earlier approved loan. Pakistan had demanded 4 billion dollar from the IMF to end the financial crisis. The IMF said the extra funds for the loan program to Pakistan would help the country address increased balance of payment needs and increase the total loan to 11.3 billion dollars. The macroeconomic outlook for 2009/10 remains difficult, and the external position is subject to considerable downside risks, said Murilo Portugal, IMF deputy managing director, in the statement. IMF approved 7.6 billion dollars loan for 23 months to Pakistan last year. Four billion dollars have already been given to Pakistan. IMF has also approved the third installment of 840 million dollar to Pakistan.
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