Pakistan Seeks Restructuring of IMF Loan

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Pakistan’s finance minister held talks at the International Monetary Fund on Thursday to assess the impact of the flooding and to discuss the nation's 11 billion dollar loan package.

[Abdul Hafeez Shaikh, Pakistan Finance Minister]: (English)
"We want to demonstrate our resolve to make difficult decisions. That's why we are looking for our partners in the international community to understand the emerging situation."

The IMF is exploring all options for salvaging Pakistan's economy, including easing conditions on an existing $11 billion loan program and offering further financing under an IMF-sponsored disaster assistance program.

[Gerry Rice, IMF Spokesman]: (English)
"In terms of the meeting, what I can tell you is that they are ongoing at the technical level and focused on getting a better sense of the impact of the floods on the economy."

Pakistan may be eligible for more than 1 billion dollars in new IMF funds.

Meanwhile, Pakistan's army continues to conduct rescue operations in the flooded areas, using army helicopters to airlift stranded people.

Like thousands of villages across Pakistan, Gari Khero, in Sindh province, has been swamped.

Floods have washed away roads and bridges, especially in the Swat Valley.

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