by Shiraz Nizami Nawaz government has struck a deal with International Monetary Fund for $5.3 billion extended loan facility, intended to rebuild foreign exchange reserves, pull the plug on energy crisis and a sliding currency in Pakistan. Though, it was a contradiction of PML (N)’s election manifesto, but the government’s finance minister says there was no way out to retire from past liabilities. The country had long been discussing a fresh bailout package from the IMF after abandoning $11.3 billion loan program in 2011 after the PPP led government refused to carry out strict financial reforms. The program, which is worth $5.3 billion, will carry a floating interest rate of 3% and would be payable over a longer period than conventi...
August 30, 2013 at 11:31 am | News Desk