Geneva Conference: Pakistan got a loan at 1% interest for 40 years: Secretary Planning Commission
Islamabad: Secretary Planning Commission Zafar Ali Shah says that Pakistan has received a loan for 40 years at a one percent interest rate to rehabilitate flood victims.
Briefing the media at the Geneva Conference, Planning Commission Secretary Zafar Ali Shah said that during the current fiscal year, Pakistan will receive 3 billion dollars, from next month, funds will also start coming from the World Bank, the Asian Development Bank, and the Asian Infrastructure and Investment Bank.
Zafar Ali Shah said that these banks have given the loan for 40 years, the loan is for the relief and rehabilitation of the flood victims and it has been given at a one percent interest rate.
Secretary Planning Commission said that the government will spend 8 billion dollars on the flood victims in 3 years, the government has spent one and a half billion dollars so far to help the flood victims.
He said that the government's negotiations with the IMF are ongoing, and the government will try to control the falling growth rate during the current financial year.
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