IMF mortgage for Pak: India flags misuse of funds for cross-border terrorism

In a press release, the Washington-based world lender mentioned its Govt Board concluded the preliminary evaluation of Pakistan’s financial reform programme below the Prolonged Fund Facility (EFF) association.

“This determination permits for a direct disbursement of round USD 1 billion (SDR 760 million), bringing complete disbursements below the association to about USD 2.1 billion (SDR 1.52 billion), the company mentioned.

India opposed the IMF’s proposal to increase recent loans of USD 2.3 billion to Pakistan, saying they may very well be misused for financing state-sponsored cross-border terrorism.

India registered its protest on the board of IMF, which met on Friday to evaluation the EFF lending programme for Pakistan.

New Delhi abstained from voting on the essential IMF assembly.

India identified that rewarding continued sponsorship of cross-border terrorism sends a harmful message to the worldwide neighborhood, exposes funding businesses and donors to reputational dangers, and makes a mockery of world values, the Indian finance ministry mentioned in a press release.

India’s opposition on the IMF comes at a time when army battle between India and Pakistan has intensified.