India Opposes IMF's Fresh Loans to Pakistan, Abstains From Voting

India on Friday contested the International Monetary Fund's (IMF) decision to provide a $2.3 billion bailout package to Pakistan, citing its poor track record of misusing development funds, and abstained from a vote on it at the IMF board's meeting.

- Rajeev Jayaswal

NEW DELHI:

The meeting approved the Extended Fund Facility (EFF) lending program ($1 billion) and a fresh Resilience and Sustainability Facility (RSF) lending program ($1.3 billion), a government statement said. "As an active and responsible member country, India raised concerns over the efficacy of IMF programs in the case of Pakistan given its poor track record, and also on the possibility of misuse of debt financing funds for state-sponsored cross-border terrorism," the finance ministry said.