Pakistan waiting for IMF loan
Karachi-based brokerage firm Arif Habib Ltd was quoted as saying that if Pakistan is able to complete the current review, the pressure on the rupee will ease to some extent. However, this would be possible only if Pakistan joins any other IMF programme. The report said that the fall in the rupee was due to the challenges faced in loan repayment. Pakistan is waiting for an agreement with the IMF to release the $1.1 billion tranche.
The country’s debt program, which has been stalled for more than six months, is ending on June 30. On the other hand, Prime Minister Shehbaz Sharif has used all his might to persuade the IMF. Shahbaz Sharif has met the IMF Chief several times and now the Government of Pakistan claims that it may get the next installment of the loan soon. Pakistan is burdened with a debt of about $30 billion to China, which is continuously increasing. Pakistan has now handed over Karachi port to UAE for the sake of money.