Washington, DC (BBN) – The International Monetary Fund will review its loan program in Pakistan following the worst floods in the country’s history.
“The floods which have hit Pakistan in recent weeks and brought suffering to millions of people will also pose a massive economic challenge to the people and government of Pakistan,” an IMF statement said on Saturday.
It also said the scale of the tragedy means that the country’s budget and macroeconomic prospects, which are being supported by an IMF financed program, will also need to be reviewed.
“In this context, we look forward to meeting with Pakistani government officials in Washington next week to evaluate the macroeconomic impact of the floods, assess the measures they are taking to address this impact, and discuss ways in which the IMF can assist Pakistan at this difficult juncture,” the IMF added.
The IMF has so far disbursed over US$7.3 billion in aid to Pakistan.
BBN/SI/AD-21Aug10-7:14 pm (BST)