Pakistan welcomes $8.6 billion lifeline from IMF
ISLAMABAD (AFP) - Pakistan on Thursday welcomed a US$6.7 billion (S$8.6 billion) loan from the International Monetary Fund (IMF), but economists warn it can only be a stop-gap measure unless Islamabad enacts uncomfortable economic reforms.
The IMF executive board authorised a three-year loan, making an initial US$540 million available to the Pakistani authorities.
The remaining amount will be evenly paid out over the duration of the programme, subject to the completion of quarterly reviews, the Washington-based global lender said.
"We welcome the timely decision by the IMF board in approving the loan," Mr Rana Asad, a spokesman for the Pakistani Finance Ministry, told AFP.