The Country is severing serious balance payment difficulties. Total amount of the package is $7.6 billion in 23 months standby arrangement. Pakistan is facing economic crisis tied to struggling the country against Islamic Militants. The loan carried an interest rate of between 3.5 and 4.5 percent and will be received in two years period.
Earlier this year, the government has cut its massive subsidies on fuel and essential goods that pushed a deficit of budget to over 7% of GDP in the year through June.
In attempting to fight the country’s inflation, On November 12, The State Bank of Pakistan raised its benchmark rate by 2% to 15%. It’s the most interest rate in more than a decade.
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Sources :
- Bloomberg: Pakistan Agrees to $7.6 Billion IMF Bailout Program (Update1), November 15, 2008 05:32 EST
CNN Money: $7.6 billion IMF loan for Pakistan, November 15, 2008: 9:09 AM ET
Breitbart: IMF, Pakistan agree on $7.6 bil. emergency financing package+, November 15 09:53 AM
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