Cash-strapped Pakistan has received $1,023 million from the International Monetary Fund under the extended fund facility programme.
According to the Pak Finance Minister, this amount will be added to Pakistan’s foreign reserves. Following the release, the IMF is set to hold talks with Pakistan over the nation’s upcoming budget. The meeting will focus on how Pakistan will meet the IMF’s budget demands.
The meeting comes only days after the IMF also approved a new $1.4 billion loan for Pakistan under its climate resilience fund programme.
During the meeting, India not only abstained from voting on the bailout packages, it also expressed concern over continued loans to Pakistan besides highlighting Pakistan’s unreliability as a long-time borrower. India also raised concerns over such loans being potentially misused by Pakistan to finance cross-border terrorism.
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