Pakistan returns $417m to IMF


Despite depressive economic situation in the country, Pakistan on Friday repaid $417 million as the first installment to the International Monetary Fund (IMF) from foreign currency reserves held by the State Bank of Pakistan (SBP). An official who wished not to be named said the government would pay back total amount of $1.2 billion to the IMF during the current fiscal year 2011-12, of which first installment of $417 million had been paid on Friday, while the second installment of $ 783 million would be paid on June 30 this year.