Pakistan‚ IMF agree on new debt arrangements

Pakistan and the International Monetary Fund have agreed to sign agreement regarding new debt arrangements.

According to Ministry of Finance‚ negotiations between the two sides continued for two weeks‚ which remained successful.

Under the proposed agreement‚ IMF will issue over five billion dollars soft term loan to Pakistan.

The agreement in this regard will be signed by Finance Minister Ishaq Dar and IMF officials later on Thursday.

Reports suggested that Pakistan and the IMF have agreed on all terms and conditions for providing 300 percent quota equivalent to $5.3 billion bailout package to cash-starved Islamabad under a 36-month Extended Fund Facility (EFF).

IMF will present Pakistan’s case before its Executive Board around August 1, 2013 or one month later in September.

The Ministry of Finance had earlier stated to complete the talks by Wednesday evening however a press statement later said the talks will be concluded on Thursday.

The PML-N leaders had earlier announced not to approach the IMF for at least four months and will focus on improving economy. However, it sought the IMF money to what Ishaq Dar says to repay the IMF loan.

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Posted by Tahir Khan on Jul 4 2013. Filed under Business, Latest News, National, Pakistan. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.