Pakistan to receive US$1.17 bln in new IMF loan ...Middle East

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Pakistan to receive US$1.17 bln in new IMF loan
NEW DELHI: Pakistan will receive about US$1.17 billion in new funding from the International Monetary Fund (IMF) after it accepted strict loan conditions of the multilateral agency.The IMF said its team has reached a “staff-level agreement” with the Pakistan authorities for the conclusion of the combined seventh and eight reviews of the Extended Fund Facility (EFF)-supported programme.“Subject to Board approval, about $1,177 million will become available, bringing total disbursements under the programme to about $4.2 billion,“ IMF team head Nathan Porter said in a statement.“Pakistan is at a challenging economic juncture,“ he said, highlighting domestic and external factors that led to risin

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