Pak to receive additional IMF loan of $3.2 bn

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Pakistan
Washington, Aug 8: International Monetary Fund (IMF) has approved an additional loan of USD 3.2 billion to Pakistan to help the country deal with the global economic crisis as well as aid the nearly three million people displaced by military operations.

IMF officials have informed that about USD 1.4 billion will be made available on a temporary basis. This loan is aimed at provide bridge financing until the USD 5.7 billion donor support pledged at an April donors conference in Tokyo are given to the country.

Speaking on the loan IMF also said that it will "help the country address increased balance of payment needs."

"The macroeconomic outlook for 2009/10 remains difficult, and the external position is subject to considerable downside risks," Murilo Portugal, IMF deputy managing director, was quoted as saying in a news agency report.

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