It has been made clear by the International Monetary Fund (IMF) that it is not aware of any commercial credit that Pakistan has obtained at an interest rate of 11%.
An IMF representative said in a statement released on Thursday that Pakistan has not been asked to pursue these kinds of high-interest commercial loans by the international lender.
The spokesperson went on to say that Pakistan’s present agreement with the IMF does not require such finance in order to satisfy the program commitments.
It had been claimed that Pakistan had borrowed from international commercial banks at an interest rate of 11%, one of the highest rates in the nation’s history, prior to the Executive Board of the International Monetary Fund (IMF) accepting the crucial $7 billion loan package for Pakistan.
