IMF To Boost Pakistan's Bid For World Bank, ADB Budget Support

The International Monetary Fund has agreed to facilitate the provision of a letter of comfort that would help Pakistan secure up to $1 billion worth of budget support from the World Bank and the Asian Development Bank, a senior Pakistani official said Tuesday (April 26).

Pakistani Federal Finance Minister Hafeez Sheikh added that IMF has also agreed to continue assessment of and dialogue on Pakistan’s economic performance, the Daily Times reports.

Sheikh likewise said the U.S. is releasing $381 million in 2011 for post-flood reconstruction efforts and for programs under the U.S. Kerry-Lugar aid law for the Asian country, the newspaper adds.

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About the author

  • Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.