IMF approves $8.5b economic reform loan to Pakistan
WASHINGTON (AFP) - The International Monetary Fund threw Pakistan a US$6.7 billion (S$8.5 billion) lifeline on Wednesday to help the struggling nuclear-armed country achieve economic reforms, particularly in its troubled energy sector.
The IMF executive board authorised a three-year loan, making an initial disbursement of US$540 million available to the Pakistani authorities.
The remaining amount will be evenly paid out over the duration of the program, subject to the completion of quarterly reviews, the Washington-based global lender said.
In its announcement of the loan on Wednesday to the government of Prime Minister Nawaz Sharif, the IMF said that Pakistan's adherence to the programme would likely encourage financial support from other donors.