*ISLAMABAD: **After IMF, Pakistan to get yet another huge loan worthbillions of dollars.*
*After the approval of $6 billion loan from International Monetary Fund,Special Advisor to Prime Minister on Finance Hafeez Shaikh said on Thursdaythat the bailout package will bring stability to the economy. *
Sharing the details of the IMF package with media alongside Minister ofState for Revenue Hammad Azhar, Shaikh said following the deal, othermonetary organizations will also provide funds to the country. “AsianDevelopment Bank (ADB) intends to give additional $3.2 billion toPakistan,” he said.
The World Bank (WB) will also grant extra money to Pakistan, the advisorassured adding that these funds will also be given for the budgetarysupport.
The approval of the bailout package reflected the trust of IMF in theleadership of Pakistan and its policies, he continued.
Asian Development Bank (ADB) intends to give additional $3.2 billion toPakistan
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Shaikh admitted the historic swelling in the country’s debts and said “wehave to put efforts to pay our loans, we will have to cut our expensesbesides taking difficult decisions” to fix the economic situation.
He said the monetary fund will provide $2 billion annually to Pakistan as apart of the $6 billion package and the first installment of $1 billion willbe received by July 8.
The IMF loan was sought under the ‘accident facility’ and its interest ratewill remain below three percent, the SAPM told the media.
Shaikh elucidated that there was no condition of privatization in the IMFdeal, however, a comprehensive plan will be chalked out for governmentinstitutions.
