Pakistan to repay $8 bn to IMF

August 5th, 2011 - 5:34 pm ICT by IANS  

Islamabad, Aug 5 (IANS) Pakistan will have to repay to the International Monetary Fund (IMF) by the 2014-15 fiscal the $8 billion it has received from the global lending agency, a media report said.

“Pakistan will have to repay $8 arab (billion) in loans received under the Standby Arrangement (SBA) from the IMF within the next four years up to fiscal year 2014-15,” the Urdu daily Jang reported Friday,

The State Bank of Pakistan (SBP) will have to begin repaying instalments of the $1.4 billion loan in the financial year starting Feb 24, 2012, the report said.

According to the repayment schedule agreed with the IMF, the first instalment of $41.3 crore ($413 million) - or 258 million Special Drawing Rights (SDR) - will have to be paid to the IMF on Feb 24, 2012. The repayment will come from foreign currency reserves held by the SBP, daily Jang said.

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