IMF Denies Telling Pakistan to Get $600 Million Loan At 11% Interest

The International Monetary Fund (IMF) has clarified that it did not tell Pakistan to get a commercial loan from a bank at an interest rate of 11 percent. “That’s not in our knowledge that commercial buying at 11% Hass been undertaken and such financing is not necessary for program financing assurances,” an IMF spokeswoman told ProPakistani. Earlier this month, Pakistan secured a $600 million commercial loan from a European bank at the highest interest in its history. It was reported at the time that this financing was pivotal to securing $7 billion in bailout from IMF. The lender’s executive board approved the bailout on Wednesday. The Ministry of Finance had initially hesitated to finalize the agreement due to concerns over its impact on future foreign commercial borrowing but ultimately went ahead with it