Pakistan The condition is getting worse day by day. Pakistan has to resort to one loan after another to feed the people. Experts say that for how long will Pakistan’s economy survive with the help of loans? The public is troubled by skyrocketing inflation. The government cannot think of anything except taking loans. Let us tell you that once again the International Monetary Fund (IMF) has given loan to Pakistan. IMF has approved immediate assistance of US $ 1.1 billion under the relief package to Pakistan. IMF said that Pakistan needs to take tough steps to bring its economy back on track.
An amount of three billion US dollars has been received so far
The decision in this regard was taken by the Executive Board of the International Monetary Fund (IMF). It took this decision after completing the second and final review of Pakistan’s economic reform program supported by the IMF Additional Arrangement (SBA). With this, the amount payable under SBA has reached approximately US$3 billion. All board members supported the release of the final installment. However, India abstained from voting. IMF Deputy Managing Director Antoinette Sayeh said Pakistan should take advantage of this hard-won stability given the challenges ahead. We must move beyond the current system with sound macroeconomic policies and structural reforms to achieve strong, inclusive and sustainable growth.
Loan approved on Shahbaz Sharif’s appeal
He said continued external support will also be important. The IMF official said there is a need to accelerate structural reforms to achieve strong, long-term inclusive growth and job creation, and to provide continued protection to the most disadvantaged through an adequately financed Benazir Income Support Programme. The IMF official said that this loan will be given to Pakistan this week. The loan was approved a day after Pakistan Prime Minister Shehbaz Sharif met IMF Managing Director Kristalina Georgieva in Riyadh, Saudi Arabia. In his first meeting with the IMF chief after being re-elected as prime minister, Sharif also discussed Pakistan’s demand for another IMF program as the country still needs help from the global lender to get its economy back on track. needed.
Hoping to visit Pakistan in May
The IMF team is expected to visit Pakistan in May. During this time he will begin negotiations on a new Long-Term Extended Fund Facility (EFF) of between US$6 to eight billion, with the possibility of an increase through climate financing. However, the exact shape and time frame will be determined only after consensus is reached on the key framework of the next program in May 2024. If secured, it will be the 24th IMF bailout for Pakistan.
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