Bloomberg News

Pakistan Won’t Seek IMF Loan Earlier Than Planned, Ministry Says

October 14, 2011

Oct. 14 (Bloomberg) -- Pakistan’s finance secretary hasn’t said the country would be seeking a new program with the International Monetary Fund earlier than planned, the finance ministry said, clarifying a report in the Dawn newspaper.

“The country is on course with regard to its strategy regarding its relationship with the IMF,” the ministry said in a statement yesterday evening after Dawn reported on Oct. 12 the government may enter a new program later in the year. Dawn cited a presentation the country’s finance secretary gave to a panel of lawmakers on Oct. 11.

The Washington-based fund suspended disbursements to Pakistan in May 2010 after the country failed to meet conditions attached to a $11.3 billion loan. The country didn’t seek a new program after the previous one expired on Sept. 30.

Pakistan is also likely to achieve its budget deficit target of 4 percent this year, the finance ministry said in the statement.

--Editors: Naween A. Mangi, Stephanie Phang

To contact the reporter on this story: Haris Anwar in Islamabad at hanwar2@bloomberg.net

To contact the editor responsible for this story: Stephanie Phang at sphang@bloomberg.net


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