International Monetary Fund (IMF) has accepted Pakistan’s request for grant of more loan and approved $4 billion.
$2 billion would be granted to Pakistan during current fiscal year and remaining $2 billion next year.
According to the Ministry of Finance, IMF has accepted Pakistan’s request of loan 200 percent more than its original quota, under which IMF will provide more 4 billion dollars loan to Pakistan.
Sources said that the final approval of 4 billion dollars loan will be granted at a meeting of IMF executives which will be held on 7th of August 2009.
Besides Pakistan is also looking to secure the 3rd tranche of its loan of $840 million and IMF has agreed to disburse the third installment of loan to Pakistan under standby loan facility.
International Monetary Fund has decided to pay $4billion loan to Pakistan but it did not explain where the amount would be spent.