Updated on
Summary The government on Friday paid $260 million to the IMF as a part of loan repayment.
ISLAMABAD (Dunya News) - The fresh payment was made to return money Pakistan borrowed under a bailout package signed in November 2008.
The last IMF repayment $391 million was made at the end of May.
Heavy debt repayments to the International Monetary Fund have been putting a dent in the central bank’s reserves, which have declined by nearly 20% in the current fiscal year, putting pressure on the rupee.
An IMF mission is currently in Islamabad to review the county’s ability to pay back its money in addition to negotiating a fresh bailout programme.
