8 Aug 2009

IMF boosts loan to Pakistan by $US3.2 billion

1:34 pm on 8 August 2009

The International Monetary Fund has approved an additional $US3.2 billion loan to Pakistan to help the country weather the global economic crisis.

The IMF said the extra funds for the loan program to Pakistan would "help the country address increased balance of payment needs."

The fund's deputy managing director Murilo Portugal said in a statement on Friday that the financing was temporary, until the revenue reforms bear fruit.

Last year, the fund approved a 23-month loan of $US7.6 billion, of which $US4 billion has already been disbursed, as part of a program to help the South Asian nation weather the global crisis.

The IMF has increased credit lines in recent months to other countries including Belarus and Armenia, saying the impact of the global crisis was worse than expected.