Pakistan seeks U.S. help in unlocking $1.1 bln IMF loan – Dawn & More Trending News

 

Jan 26 (Reuters) – Pakistan has sought help from Washington to unlock a stalled International Monetary Fund programme that may launch $1.1 billion to its strained economic system because the nation rebuilds after final 12 months’s devastating floods, Dawn newspaper stated on Thursday.

The IMF and Pakistan signed a $6 billion bailout in 2019, that was topped up with one other $1.1 billion final 12 months, however that got here with situations connected, aimed toward decreasing the finances deficit earlier than the loan is launched.

With rates of interest already at 17%, inflation hitting 24.5% in December, and international reserves barely ample to cowl three weeks of imports, the South Asian nation is in dire want of exterior financing.

Finance Minister Ishaq Dar met a visiting U.S. Treasury delegation on Wednesday. He advised them that Pakistan would honour its worldwide commitments and was in the method of taking “very tough decisions” akin to growing pure fuel and electrical energy costs, Dawn reported, citing sources.

“However, he pointed out, Pakistan required breathing space as the industry and agriculture had passed through most challenging times after the devastating floods,” the report in the Pakistani English-language newspaper stated.

The finance ministry didn’t instantly reply to a request for remark.

Last 12 months’s extreme floods submerged swathes of the nation, killed not less than 1,700 individuals, and battered its already strained economic system.

Rebuilding prices have been estimated at $16.3 billion and worldwide donors this month pledged to finance greater than half of that.

Reporting by Shivam Patel in New Delhi
Editing by Tomasz Janowski

Our Standards: The Thomson Reuters Trust Principles.

Pakistan seeks U.S. help in unlocking $1.1 bln IMF loan – Dawn

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Pakistan seeks U.S. help in unlocking $1.1 bln IMF loan – Dawn

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