*ISLAMABAD – Pakistan seeks $38 billion foreign funding to keep afloat, theInternational Monetary Fund has projected the need for the country in nextthree years. *
International Monetary Fund (IMF) loan programme seeks $38 billion inforeign funding over three years to keep Pakistan afloat.
Pakistan received $1.5 billion or Rs237 billion worth of foreign loans infirst two months of the current fiscal year, higher by 108% over the sameperiod of the previous year, aimed at meeting the country’s financingneeds, Express Tribune has reported.
Bilateral and multilateral creditors and commercial banks disbursed $1.49billion in loans in the July-August period of the fiscal year 2019-20,according to statistics compiled by the Ministry of Economic Affairs.
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The disbursements were higher by $774 million or 108% compared with loansof $714 million received in July-August FY19.
In addition to loans of $1.5 billion, Pakistan also obtained $132.3 millionworth of foreign grants from the United Kingdom, the United States, andJapan.
