Tarin asks IMF additional $4 billion loan for 'more insurance' against recession

[Naveed Yaseen]

NEW YORK (July 15 2009): Pakistan has asked some $4 billion in additional financing from the International Monetary Fund as an "insurance" against the economic crisis, a top Finance Ministry official said on Tuesday. "The world has not come out of recession, so I might as well have more insurance," Finance Ministry chief Shaukat Tarin told investors in an event organised by the Asia Society in New York.

Pakistan has already signed a $7.6 billion loan deal with the IMF in November to avert a balance of payment crisis. Now the South Asian country is requesting additional financing worth two times its quota, or $3.1 billion, plus $1 billion worth of capital increase in the fund, Tarin told Reuters on the sidelines of the event.

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