Pakistan to receive $1 bln from IMF in 4 days

MG News | July 04, 2019 at 02:23 PM GMT+05:00

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July 4, 2019 (MLN): Pakistan’s advisor to Prime Minister on Finance, Revenue and Economic Affairs, Mr. Hafeez Shaikh announced at a press conference earlier today that the first tranche of $1 billion under the IMF EFF program will be received in 4 days, i.e. by July 8, 2019.

The Executive Board at International Monetary Fund (IMF) approved the highly anticipated $6 billion bailout package for Pakistan yesterday.

As per the press document released by the Fund on their official web page, they expect the country to seek further financial assistance of $38 billion from its international partners to meet what IMF projects to be Pakistan’s international debt obligations over the course of the program.

Breaking up these projected payments at today’s press conference, Mr. Hafeez Shaikh said that about $8.7 billion are to be raised for repayment of project loans, $18 billion for program loan or budgetary support and around $14 billion for rollover loans.

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