IMF praises Pakistan over repayments

Published Dec 15, 2012 03:19am

- File Photo

KARACHI: The International Monetary Fund (IMF) on Friday applauded Pakistan’s track record of repaying its debt obligations and was confident that the trend was likely to continue.

“Pakistan has an excellent track record on paying its obligation to the IMF on time and in full. We have every expectation that this will continue in the future,” an IMF spokeswoman told Dawn.

The State Bank of Pakistan paid the seventh installment of SDR258.4 million, or about $394m, to the IMF last month, taking the total to $2.522 billion of the amount paid back to IMF since February.

Pakistan has to pay SDR 4.14bn, or $6.13bn, from Feb 2013 to Sept 2015, which has become a critical issue as the central bank’s reserves went down to $8.51 billion during the week that ended on Dec. 7.

“There have been no discussions with the authorities regarding any rescheduling of IMF repayments,” said the spokeswoman.

There have been reports quoting Pakistan finance officials about talks with the IMF regarding deferred repayments due to constant depreciation of the rupee and depleting foreign exchange reserves.

The rupee hit a fresh record low of Rs97.98 to the dollar in the interbank market on Friday. The IMF in its latest report also said that the State Bank’s monetary policy should focus on containing inflation and external risks.

More From This Section

Comments (1) (Closed)


Masood
Dec 15, 2012 10:29pm
I find it really funny that the country made overpayments to IMF, another election stunt by the government probably wants to show that they are doing so good economically that the country is able to make extra payments. On the other hand the Govt is begging for funds from other countries including Iran for the IRAN Pak GAS pipeline project (on the papers they are definitely stating that if they get the funds they will spend on this gas project but behind the scene probably much of the funds will end up in some Swiss Banks).