IMF to give Pakistan $450m in flood aid

By REUTERS

WASHINGTON: The International Monetary Fund will give Pakistan $450 million in emergency flood aid and disburse funds during September, IMF Managing Director Dominique Strauss-Kahn said on Thursday.

Severe flooding in Pakistan has destroyed cropland and livestock and displaced millions of people, causing damage the government has estimated at $43 billion, or almost one quarter of the South Asian nation’s 2009 GDP.

“The IMF ... will be the first agency likely to disperse very rapidly money which is absolutely needed,” he told reporters after a week of discussions with Pakistani officials. “The most important thing is to keep the Pakistani economy .. on track.” Talks with a delegation led by Pakistan’s Finance Minister Abdul Hafeez Shaikh on the terms of an $11 billion IMF loan program left him satisfied with the country’s commitment to reforms, the IMF chief said.

Under the 2008 IMF loan program, Islamabad pledged to implement tax and energy sector reforms and give full autonomy to the State Bank of Pakistan.

“What is important is what was decided by the government to do to improve the economic situation, especially in the tax sector but in other fields also,” said Strauss-Kahn.

“What I heard from the authorities that they really want to move on with the program,” he said.

 

Comments

SAHIL

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450 million usd loan with hard conditions and high interst rate,not aid i blieve.But no choice bcose no muslim country except saudia came for true help.only lip service.Ikhwanul muslimeen(brotherhood) for name sake only.pakistanis have to stand on their own legs.God bless pakistan.

ALAWI FRANCIS

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Even Muslim Iran, Turkey, etc won't lend money to Pakistan at any rate of interest. So say "Thank you" to the IMF with a grateful heart for the loan.

RAJA JUNAID ABBASI

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Yes no body helps Pakistani government. If you have notorious president ..... How can you expect countries and peaople to help..... only God can help us by any mean .....by awaring peaple of Pakistan in order to have sincere and compitant people in government...... make possibalities to get rid of Corrupt peoples either in the Govt of any where.....to spread unity , faith and humanity among themselves....Ameen ya Rabul Alameen .... God Bless Pakistan
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