IMF Revises Pak's Foreign Loan Requirement to $25 Billion: Report

The IMF has revised down Pakistan’s foreign loan requirements to $25 billion for the ongoing fiscal year – reducing it by $3.4 billion in a big relief for its cash-starved economy, according to a media report on Saturday.

The Washington-based global lender also lowered the economic growth projection to just 2%, turning down the government’s external as well as macroeconomic forecasts, The Express Tribune newspaper reported.

The International Monetary Fund’s delegation wrapped two-week-long talks with Pakistani officials on November 15 and announced that a staff-level agreement has been reached to enable it to release $700 million in the second tranche of an already agreed $3 billion loan.