IMF Loan Helps Pakistan Unlock Another $5.6 Billion in Funding
- Bilateral partners commit $3.7 billion, IMF mission chief says
- Pakistan reserves seen to double after inflows this week
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Pakistan is set to draw in $5.6 billion in additional financing after securing a loan from the International Monetary Fund, a move seen as helping the South Asian nation avoid a default and boosting its foreign-exchange reserves.
The new funding includes $3.7 billion of commitments from bilateral partners including Saudi Arabia and the United Arab Emirates, Nathan Porter, the IMF’s mission chief for Pakistan, said in an emailed response to Bloomberg News. Some $3 billion has been disbursed, he said.