The government on Friday paid $260 million to the International Monetary Fund (IMF) as a part of loan repayment, local media reported.
The fresh payment was made to return money Pakistan 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% 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 debts in addition to negotiating a fresh bailout programme.
Thank God! Now we will be able to get fresh loan on our terms.
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That amount was just one installment due (thnks. to PT's reporting style) …
Still in the woods …
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How much can a sovereign state run on its own policies if it has a begging bowl and its true Masters or IMF? Or is it IMF?
Loan repayments of 2008 so what more? Is this country in reality a bankrupt nation?
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