IMF approves USD 1.2 billion in aid for Pakistan
Washington: In an effort to bail out Pakistan’s sluggish economy, the International Monetary Fund (IMF) has approved an aid of 1.2 billion dollars for the troubled country.
“It is of course important that Pakistan has full support from donors because they’ve had shocks to their economy over the past year,” Carline Atkinson, IMF’s Director for External Affairs, told a briefing here.
An official at the Pakistan Embassy in Washington said that the whole amount would be deposited in Pakistan’s foreign exchange reserve by Friday.
The IMF expects Pakistan to bring its fiscal deficit down to 4.9 per cent by the end of the current financial year.
In its review, the fund also concluded that Pakistan was on track for meeting its revenue improvement targets.
This is not the first time that the IMF has come to Pakistan’s rescue. In 2008 the international authority had helped it to avert a balance of payments crisis.
Last month, the IMF had pointed out that Pakistan’s economy was showing signs of recovery, however, it underlined that risks were still there.
More from India
More from World
More from Sports
More from Entertaiment
- Sheena's diary reveals disturbed relationship with parents: DNA reports
- Shameless cheating in exams, when will Bihar learn?
- Setback for Air India as 30 Boeing 787 Dreamliner pilots resign
- Sheena case: Indrani quizzed jointly with Peter, denies killing daughter
- Trade unions` strike hits normal life across India
- Sonakshi Sinha silences Twitter troll for calling her ugly and it's epic!
- Furkan, not Tiger Memon, arrested in Pakistan
- Modi effect! Pakistan-occupied Kashmir wants to be part of India
- Sheena Bora murder saga: 12 questions that police asked Peter Mukerjea during 12-hour grilling?
- Parineeti Chopra turns 'sexy pari' for sizzling photo-shoot