July 4, 2023
1 min read

Pakistan poised to be 4th biggest IMF debtor

Pakistan will move to the fourth place in this list when it receives another $3 billion in the next nine months under the Stand-with the Washington-based global lender on Thursday….reports Asian Lite News

Debt-ridden Pakistan will become the fourth largest IMF borrower in the world after securing a $3 billion bailout package in the next nine months.

Pakistan, which is facing its worst economic crisis since independence from Britain in 1947, was on March 31, 2023, ranked fifth in the list of countries with the highest borrowing from the International Monetary Fund (IMF), The Express Tribune newspaper reported, citing the global lender’s data.

However, Pakistan will move to the fourth place in this list when it receives another $3 billion in the next nine months under the Stand-with the Washington-based global lender on Thursday.

The deal comes after an eight-month delay and offers some respite to Pakistan, which is battling an acute balance of payments crisis and falling foreign exchange reserves.

According to Geo News, the federal government has taken a slew of policy measures since an IMF team arrived in Pakistan earlier this year, including a revised 2023-24 budget last week to meet the lender’s demands.

Other adjustments demanded by the IMF before clinching the deal included reversing subsidies in power and export sectors, hikes in energy and fuel prices, jacking up the key policy rate to 22 per cent, a market-based currency exchange rate and arranging for external financing.

It also got Pakistan to raise over 385 billion rupees (USD 1.34 billion) in new taxation through a supplementary budget for the 2022-23 fiscal year and the revised budget for 2023-24.

The painful adjustments have already fueled all-time high inflation of 38 per cent year-on-year in May, as per Geo News.

ALSO READ: China all for forging nuke ties with Pakistan

Previous Story

Zelensky urges Biden to support Ukraine’s NATO membership

Next Story

Taiwan tracks Chinese jets, naval ships around country

Latest from -Top News

Indian-American Takes Office as Head of NIH

Born in Kolkata, India, Dr. Bhattacharya earned both his BA and MA degrees in economics from Stanford University, followed by a doctorate in medicine and a PhD in economics from the same

Trump-Putin bhai, bhai

The closer Trump and Putin get Britain, France and other Western countries which, since the end of the Second World War, have seen America as an ally, will have to rethink their

Mali embraces solar power for rural areas  

The border village of Karan and its 3,000 people used to go days without electricity. Now, enough power is available around the clock to run small video gaming centers and boost commercial
Go toTop

Don't Miss

Alvi: Imran prefers jail rather than ‘any deal’

Arif Alvi stressed that ‘real freedom’ can only be achieved

US takes note of report accusing India of killings in Pak

The Guardian report claimed that the Indian intelligence agency RAW