Islamabad: Pakistan, on Wednesday, welcomed the incoming USD 6 billion bailout package sanctioned the International Monetary Fund (IMF), and expects inflows of USD 38 billion from other foreign lenders in the next three years, according to a news source.
Prime Minister’s (PM) Adviser on Finance and Revenue Dr Abdul Hafeez Sheikh stated that the approval of this reform programme spanning over 39 months by the IMF executive board would lead to stability in Pakistan. He added that the disbursement of the IMF loan will improve the country’s standing, and will lead to more funds from international bodies like the World Bank and the Asian Development Bank. The latter has agreed to dispense USD 2.1 billion out of its committed total of USD 3.4 billion this year. The World Bank, however, has agreed to provide support for purely budgetary purposes.
Sheikh gave a brief breakdown of the USD 38 billion loans expected, but did not reveal the details and sources. According to him, USD 8.7 billion has been lined up against project loans, USD 4.2 billion for programme loans, USD 14 billion for rollover loans, and around USD 8 billion in commercial loans. These loans would cover a wide range of sectors.