Summary The government will repay the seventh installment of $78 million to the IMF on Friday.
The International Monetary Fund would be paid the said amount in foreign currency by the State Bank of Pakistan.
A Finance Ministry official told Online here on Wednesday that the government had repaid the sixth installment of $144.5 million to the International Monetary Fund on November 7 while the seventh installment worth $78 million would be paid tomorrow on Friday.
The government has so far paid back a total of $145.92 billion to IMF excluding the amount of seven installment. The official further said a total of $250 million will be paid off to the lender in the next month.
The official said the country’s foreign exchange reserves will continue to face pressure due to re-payment of IMF loans in the next more than three years as Pakistan is likely to go to the International Monetary Fund (IMF) in fresh loan in current fiscal year 2012-13 to seek loan for the retirement of IMF’s Stand-by Arrangement (SBA) facility.
Pakistan will repay $7.6 billion to the IMF till the end of fiscal year 2014-15. The $11.3 billion SBA program had expired on September 30, 2011 and the last two trenches of $3.7 billion could not pay to Pakistan by IMF following Islamabad’s failure to pursue key reforms as well as the emergence of the revenue figures fiasco.
Pakistan had enter into a $11.3 billion programme in 2008 with IMF and got disbursements of about $7.6 billion, but failed to get the remaining $3.7 billion due to slippages in performance criteria, leading to suspension of the programme in May 2010 and was ended unsuccessfully on September 30,2011.
