InfoAnda - Pakistan secures IMF loan of at least 7.6 billion dollars

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Pakistan secures IMF loan of at least 7.6 billion dollars AFP - Sunday, November 16 KARACHI (AFP) - - Pakistan announced Saturday it will receive a loan of at least 7.6 billion dollars from the International Monetary Fund, the Fund's first rescue in Asia since the global financial crisis began. Shaukat Tarin, top finance adviser to Pakistan's premier, said the financial crisis had severely impacted the country's foreign exchange reserves as he announced the package, aimed at staving off a balance of payments crisis. "We have reached an agreement with the IMF with the help of our friends and other officials," Tarin told a news conference, adding Pakistan would receive four billion dollars this year as part of the 23-month IMF deal. Pakistan needs up to 4.5 billion dollars (3.5 billion euros) to deal with a balance of payments crisis that has raised the prospect of the violence-hit nation defaulting on its foreign debts. "The impact of the financial crisis in the world and the difficulties we faced at home impacted gravely, particularly to our foreign exchange reserves which were 16.4 billion dollars in October 2007 and now are less than 7 billion dollars," Tarin said. He added that the interest rate on the IMF programme will be 3.51 to 4.51 percent and Pakistan will repay the loan over five years starting from 2011. Pakistan's finances have "deteriorated significantly", according to an IMF report released last month, due to recent political instability, Islamic militant violence, and high oil and food prices. While the Islamic republic has almost run out of foreign currency reserves to cover its import bill, the rupee has lost 25 percent of its value this year and the stock market has dropped 35 percent. "The Pakistani authorities have developed a policy package to help the country meet its serious balance of payments difficulties," IMF chief Dominique Strauss-Kahn said in a statement announcing the 7.6 billion dollar loan. He said Pakistan had two main objectives, the first was "to restore the confidence of domestic and external investors by addressing macroeconomic imbalances through a tightening of fiscal and monetary policies." The second goal was "to protect the poor and preserve social stability through a well-targeted and adequately funded social safety net," Strauss-Kahn said. "Both objectives are an integral part of Fund support for Pakistan," he added, urging donor countries to work together to support the country. Pakistan's financial experts and the business community said they were relieved by the IMF aid. "The IMF assistance will stabilise our weakening currency and restore the confidence of foreign investors and the local business community," financial expert Muzmmil Aslam told AFP. "What we have to do now is to get ourselves disciplined in financial matters," Aslam said. But businessman Majyd Aziz, former chief of the Karachi chamber of commerce, said Pakistan remained mired in decreasing exchange inflows and rising imports. "The IMF's assistance will certainly help us, but I see tough times ahead for our people when the IMF will dictate its conditions to our government in the future," Aziz said. The government had said it would only apply to the IMF as a last resort because the Fund would only give credit under strict conditions, such as elimination of subsidies. Pakistan's precarious financial situation has caused worldwide alarm due to its role as a key ally in the US-led "war on terror" and its position as the Islamic world's only nuclear power. A group of bilateral donors known as the "Friends of Pakistan" -- including China, the United States, Britain and the UAE -- are also scheduled to meet in Abu Dhabi on November 17 to decide on economic aid to help stabilise the nuclear-armed South Asian power. The move to shore up the Pakistani economy is the first in Asia by the IMF since financial woes spread across the globe triggered by the US sub-prime mortgage crisis. The fund is also nearing agreements to make emergency loans to Iceland and Ukraine and discussing an aid package with Hungary in moves that would increase its direct involvement in helping to contain the global crisis. During the 1997-98 financial crisis in Asia, the IMF loaned billions of dollars to Indonesia, Thailand and South Korea to cover their foreign exchange denominated debt. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy World leaders agree action plan for reform, global growthAFP - 59 minutes ago UAW leader says blame economy for Detroit 3 woesAP - Sunday, November 16 Japan's Aso backs dollar-centred currency systemAFP - Sunday, November 16 G20 leaders agree reform action plan, pledge to boost growthAFP - Sunday, November 16 Related Articles: Business GM lobbying hard for U.S. bailout -Wall St JournalReuters - 55 minutes ago World leaders agree action plan for reform, global growthAFP - 59 minutes ago G20 leaders call for Doha breakthrough by year endReuters - 1 hour 43 minutes ago EU faces recession threatAP - 2 hours 36 minutes ago UAW leader says blame economy for Detroit 3 woesAP - Sunday, November 16 Enlarge Photo Pakistan secures IMF loan of at least 7.6 billion dollars Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Obama rumored to favor Clinton as top diplomat Bin Laden is isolated, focused on his own security: CIA Earth would be heading to a freeze without CO2 emissions Ancient 4,300-year-old pyramid discovered in Egypt US space-funeral company plans to launch lunar cemetery View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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