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IMF approves 1.2 billion dollar aid for Pakistan | In an effort to bail out Pakistan's sluggish economy, the International Monetary Fund (IMF) has approved an aid of
1.2 billion dollars for the troubled country. "It is of course important that
Pakistan has full support from donors because they've had shocks to their economy
over the past year," Carline Atkinson, IMF's Director for External Affairs, told
a briefing here. An official at the Pakistan Embassy in Washington said that the
whole amount would be deposited in Pakistan's foreign exchange reserve by Friday.
The IMF expects Pakistan to bring its fiscal deficit down to 4.9 per cent by the
end of the current financial year. In its review, the fund also concluded that
Pakistan was on track for meeting its revenue improvement targets. This is not
the first time that the IMF has come to Pakistan's rescue. In 2008 the international
authority had helped it to avert a balance of payments crisis. Last month, the
IMF had pointed out that Pakistan's economy was showing signs of recovery, however,
it underlined that risks were still there. |
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