Pakistan is expected to get US$7.6 billion from the International Monetary
Fund (IMF) under a 23-month loan program to meet its a balance of payment
crisis, said a senior finance official yesterday.
The IMF will provide this loan at interest rate ranging between3.51 and 4.51
percent and its repayment will be made within five years starting from 2011,
said Shaukat Tareen, advisor to prime minister on finance, at a press conference
in port city of Karachi.
The IMF will release 4 billion dollars this year while the rest will be
provided in the coming year, Tareen said.
But Tareen said the final decision regarding the loan program would be made
after the IMF board meeting later.
Pakistan, facing severe economic difficulties with plunging foreign exchange
reserves and high inflation, is seeking possible financial help from friendly
countries and financial institutions.
The foreign reserves have fallen sharply from 16.5 billion dollars in
October, 2007 to 6.75 billion dollars this November.
