ISLAMABAD: International Monetary Fund (IMF) has clarified that it is unaware of Pakistan securing any commercial financing at an 11 percent interest rate.

In statement issued, an IMF spokesperson stated that global lender has not requested Pakistan to pursue such high-interest commercial loans. Spokesperson noted that no such financing is necessary to meet programme assurances under Pakistan’s current agreement with IMF. Prior to Executive Board of International Monetary Fund approving critical $ 7 billion loan package for Pakistan, it had been reported that country borrowed from international commercial banks at an interest rate of 11 percent-one of highest rates in country’s history.

  This new bailout programme, spanning 37 months, marks Pakistan’s 24th IMF assistance package. With its approval, Pakistan will also be eligible to receive funds from other international organisations and countries.  China, Saudi Arabia, UAE and Kuwait have also provided crucial support by deferring Pakistan’s loan payments for one year.