DHAKA: Pakistan on Thursday welcomed a US$6.7 billion loan from the International Monetary Fund (IMF), but economists warn it can only be a stop-gap measure unless Islamabad enacts uncomfortable economic reforms.

The IMF executive board authorised a three-year loan, making an initial US$540 million available to the Pakistani authorities.

The remaining amount will be evenly paid out over the duration of the programme, subject to the completion of quarterly reviews, the Washington-based global lender said.

‘We welcome the timely decision by the IMF board in approving the loan,’ Rana Asad, a spokesman for the Pakistani finance ministry, told media, reports The Strait stImes.

BDST: 1514 HRS, SEPT 05, 2013
RoR/Jck