Islamabad, November 18 (Language) IMF has reduced Pakistan’s external debt requirements for the current financial year to US $ 25 billion.
The multilateral agency has given a big relief to Pakistan’s economy which is suffering from cash crunch and has reduced it by 3.4 billion US dollars. This information was given in a report of Express Tribune newspaper on Saturday.
According to the report, the Washington-based global lender slashed the economic growth forecast to just two per cent, rejecting the government’s economic forecasts.
An International Monetary Fund (IMF) delegation concluded two-week-long talks with Pakistani officials on 15 November. This was followed by the announcement of a staff-level agreement under which US$700 million would be released as the second tranche of the previously agreed US$3 billion loan.
The report said that compared to July this year, the IMF has reduced the external borrowing requirements for the current financial year from US $ 28.4 billion to US $ 25 billion. The government has already borrowed US$6 billion in four months.