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Saturday, June 29, 2013
Pakistan repays $260m to IMFISLAMABAD: The government on Friday paid $260 million to the International Monetary Fund (IMF) as a part of the loan repayment.
The fresh payment was made to return the money Pakistan had borrowed under a bailout package signed in November 2008.
The last IMF repayment of $391 million was made at the end of May.
Heavy debt repayments to the IMF have been putting a dent in the central bank’s reserves, which have declined by nearly 20 percent in the current fiscal year, putting pressure on the rupee.
An IMF mission is currently in Islamabad to review the county’s ability to pay back its money in addition to negotiating a fresh bailout programme. online
Courtesy www.dailytimes.com.pk