Geo Business

Pak will be able to repay IMF loans: Hafeez

WASHINGTON: Pakistan will have no trouble repaying a loan from the International Monetary Fund (IMF), finance minister said on Monday. "I think that there is no danger or threat of Pakistan not having the funds to pay back the IMF," Abdul Hafeez Shaikh told reporters at an event in Washington. "It's not even an issue that is a concern for us at this point," he said after attending the IMF and World Bank meetings over the weekend. The IMF has helped prop up Pakistan's economy with an $11 billion loan, of which the country has received $8 billion. Although the loan package ends Sept. 30, Pakistan does not plan on seeking the remaining funds because it has enough foreign exchange reserves. "Pakistan's reserves are higher than they would have been," Shaikh said. Shaikh said he "felt" that his country would be able to weather the economic hits. "Where we want to go, is to get back to 5 to 6 percent growth so we can accommodate our young people looking for jobs," he said. (Reuters)