IMF approves release of 1.13 billion dollars to Pak

[Marxist]

The International Monetary Fund said Friday its executive board has released a loan of 1.13 billion dollars to Pakistan. It was approved after the latest review of Pakistan's economic performance under an 11.3-billion-dollar stand-by arrangement (SBA) to help the South Asian nation address increased balance of payment needs. Disbursements under the arrangement so far have reached about 7.27 billion dollars, the IMF said in a statement. It said that the executive board approved, among other requests, Pakistan's bid for waivers for not observing two performance criteria: overruns on the overall budget deficit and net government borrowing limits from the State Bank of Pakistan. Islamabad approached the IMF in 2008 for a rescue package as the country grappled with a 30-year-high inflation rate and fast-depleting reserves that were barely enough to cover nine weeks of import bills.

http://www.nation.com.pk/pakistan-n...May-2010/IMF-okays-113-billion-in-aid-for-Pak