Pakistan to repay $8 bn to IMFAugust 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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Tags: bn, currency reserves, daily jang, fiscal year, foreign currency, instalment, instalments, international monetary fund, international monetary fund imf, islamabad, loans, repayment schedule, sba, special drawing rights, state bank, state bank of pakistan, state bank of pakistan sbp