Pakistan Seeks US Help In Releasing $1.1 Billion IMF Loan: Report
NDTV
Last year's severe floods submerged swathes of the country, killed at least 1,700 people, and battered its already strained economy.
Pakistan has sought support from Washington to unlock a stalled International Monetary Fund programme that would release $1.1 billion to its strained economy as the country rebuilds after last year's devastating floods, Dawn newspaper said on Thursday.
The IMF and Pakistan signed a $6 billion bailout in 2019, which was topped up with another $1.1 billion last year, but that came with conditions attached, aimed at reducing the budget deficit before the loan is released.
With interest rates already at 17 per cent, inflation hitting 24.5% in December, and foreign reserves barely sufficient to cover three weeks of imports, the South Asian nation is in dire need of external financing.
Finance Minister Ishaq Dar met a visiting US Treasury delegation on Wednesday. He told them that Pakistan would honour its international commitments and was in the process of taking "very tough decisions" such as increasing natural gas and electricity prices, Dawn reported, citing sources.
