IMF says unaware of Pakistan securing commercial financing at 11% interest rate
The International Monetary Fund (IMF) has clarified that it is unaware of Pakistan securing any commercial financing at an 11% interest rate.
In a statement issued on Thursday, an IMF spokesperson stated that the global lender has not requested Pakistan to pursue such high-interest commercial loans.
The spokesperson further noted that no such financing is necessary to meet the program assurances under Pakistan’s current agreement with the IMF.
Prior to the Executive Board of the International Monetary Fund (IMF) approving the critical $7 billion loan package for Pakistan, it had been reported that the country borrowed from international commercial banks at an interest rate of 11% — one of the highest rates in the country’s history.
This new bailout program, spanning 37 months, marks Pakistan’s 24th IMF assistance package. With its approval, Pakistan will also be eligible to receive funds from other international organizations and countries.
