News Column

Pak receives $555.9 million loan tranche from IMF

June 28, 2014


Islamabad, June 28 (ANI): Pakistan has reportedly received 555.9 million dollars loan tranche from the International Monetary Fund (IMF), confirming the country's compliance with the conditions of its IMF loan program.

According to Dawn, the IMF saved Pakistan from possible default by agreeing last September to lend it 6.8 billion dollars over three years.

However, the country has been warned that it would stop receiving the money if it fails to institute reforms, including cracking down on tax evasion and privatising loss-making state companies.

The country has been forced to seek foreign aid for maintaining its schools and hospitals because of fewer numbers of citizens filing income tax returns.

Pakistan's tax authorities in April said they would publicly shame defaulters by publishing taxpayers' details in a directory for the first time, the report said. (ANI)

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Source: Asian News International

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