IMF approves $1.2 bn aid for Pakistan

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IMF approves $1.2 bn aid for Pakistan
Washington, Dec 24: The International Monetary Fund has approved an aid of 1.2 billion dollars to bail out Pakistan's slow economy.

Addressing to media here, Carline Atkinson, IMF's Director for External Affairs said, "It is of course important that Pakistan has full support from donors because they"ve had shocks to their economy over the past year."

According to an official at the Pakistan Embassy in Washington, the whole amount would be deposited in Pakistan"s foreign exchange reserve by Friday, Dec 25.

The IMF expects Pakistan to bring its fiscal deficit down to 4.9 per cent by the end of the current financial year.

In 2008 the IMF had helped Pakistan to avert a balance of payments crisis.

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