Pakistan repays $260 million to IMF

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Pakistan repays $260 million to IMF

ISLAMABAD: The government on Friday paid $260 million to the International Monetary Fund (IMF) as a part of loan repayment, Express News reported.

The fresh payment was made to return money Pakistan borrowed under a bailout package signed in November 2008.

The last IMF repayment of $391 million was made at the end of May.

Heavy debt repayments to the IMF 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 programmed.

Sanie Khan

Sanie Khan holds a deep knowledge of the financial markets in Pakistan. Based in Karachi, he has over 20 years of hands-on management experience in financial technologies and managing operations in the financial sector. He was the General Manager at the Pakistan Stock Exchange (PSX) for 17 years. He along-with senior members of Exchange

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