IMF loan surges by 20pc, as rupee erodes

KARACHI: International Monetary Fund (IMF) loan has increased by 20 percent due to the persistent fall in the value of rupee against dollar during the last four years, Geo News reported on Wednesday.

 

Pakistan has already paid back $2.28 billion to IMF, while $6.00 billion still remains outstanding.

 

Sources close to the ministry of finance said that due to continued depreciation of rupee against dollar, the amount of Pakistan’s IMF loan rose by 20 percent, as when the loan was taken dollar valued at nearly Rs79, which has by now jumped to Rs96.

 

Besides, Pakistan is paying 1 to 2.5 percent interest on IMF loan annually. Pakistan thus far has already paid back $2.28 billion against IMF loan including the interest.

 

Pakistan had taken over $7.5 billion loan from IMF in 2008, following deterioration of its balance of payment position.

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