Pakistan to lend $200mn to Sri Lanka: Report

Pakistan is preparing to provide a loan worth $200 million to Sri Lanka, upon receiving a USD $1 billion loan repayment from the International Monetary Fund (IMF). According to reports, Pakistan has suspended the tax exemptions of Rs. 350 billion to revive the International Monetary Fund's loan programme, and has taken steps to increase the target of tax collection from Rs. 271 billion to Rs. 6100 billion. In addition to that, the Executive Committee of the International Monetary Fund (IMF) has granted the approval to release the loan repayment worth $1 billion, taking into account several measures adopted by Pakistan such as reducing $200 billion from its Development Budget and increasing the prices of electricity and gas prices. Upon receiving the $1 billion loan repayment from the IMF, the country expects to lend Sri Lanka a sum of USD $ 200 billion to purchase Rice and Cement, reported Pakistani media.