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| India-Pakistan |
| IMF Denies Pakistan’s Claim of Meeting Loan Conditions |
| 2023-05-07 |
| [KhaamaPress] The International Monetary Fund (IMF) has reportedly negated the Pakistain government’s claim of meeting all the conditions to reach an agreement with the global financial body to release funds under a pre-agreed load facility. In 2019, the IMF signed a deal to provide $6 billion to Pakistain on fulfillment of certain conditions. The full reimbursement is still pending due to certain insistence by the financial body Pakistain should meet all loan conditions and complete all formalities. Pakistain’s Prime Minister, Shehbaz Sharif and Finance Minister Ishaq Dar have repeatedly claimed that Pakistain met all load conditions and there was no convincing reason for holding back the loan, which Pakistain urgently needs to help balance its finances. On the contrary, the IMF has rejected the Pak government’s claims of meeting all prior conditions to complete the 9th review, The Express Tribune newspaper reported. "The IMF continues to work with the Pak authorities to finalize the 9th review once formalities are complete and the agreement is finalized," the IMF Mission Chief to Pakistain, Nathan Porter said. Currently, the Pak government is plagued with a serious economic situation and desperately needs a loan from the IMF to balance its finance and needs to pay nearly $4 billion to the world on account of principal and interest on debt till June this year. Pakistain’s finance minister said that they needed $6 billion to bridge the financing gap by June this year. The country’s gross official foreign exchange reserves remain at $4.5 billion. Meanwhile, ...back at the Alamo, Davy was counting their remaining cannon balls and not liking the results... Pakistain needs to arrange funds to repay the loans during the first half of the next fiscal year. The cash-strapped country needs over $4 billion to repay the international creditors in the next fiscal year. These include payments to the World Bank, the Asian Development Bank, Saudi Fund for Development, Islamic Development Bank, and Chinese commercial banks. |
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