New Delhi/IBNS, May 10 -- India on Friday opposed the International Monetary Fund (IMF)'s proposal to extend fresh loans of USD 2.3 billion to Pakistan, saying the funds could be utilised for financing state-sponsored cross-border terrorism.

New Delhi abstained from voting at the crucial International Monetary Fund meeting.

As an active member country, India raised concerns over the efficacy of IMF programmes in the case of Pakistan, given its poor track record.

India registered its protest at the board of IMF, which met on Friday to review the Extended Fund Facility (EFF) lending programme (USD 1 billion) and also considered a fresh Resilience and Sustainability Facility (RSF) lending programme (USD 1.3 billion) for Pakistan.

"While ...