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

Yunus Must Be Treated Like Hasina, Warn Islamists

Islamist group made these warnings to the interim government, terming the women’s reform body proposals as “anti-Islamic…reports Asian Lite News The radical Islamist group in Bangladesh, Hefazat-e-Islam, has issued a threat, stating

UN: Bring Pahalgam Terrorists to Justice

The members of the Security Council “stressed that those responsible for these killings should be held accountable..reports Asian Lite News The Security Council has “condemned in the strongest terms” the Pahalgam terrorist

Vatican Hosts Final Rites for Pope Francis

The Argentine-born pontiff, the first from Latin America, died less than a month after returning home from a prolonged five-week hospitalisation for double pneumonia….reports Asian Lite News In an outpouring of global

US Backs India’s Hunt for Pahalgam Terrorists

Gabbard’s “hunt down” message comes amidst escalating Indian response to the terrorist attack, saying it had clear “cross-border” links to Pakistan….reports Asian Lite News Tulsi Gabbard, Director of National Intelligence (DNI), on
Go toTop

Don't Miss

May 9 riots: Tensions escalate over arrest of Afghans

The police has arrested over 200 Afghans who were suspected

Will Imran’s PTI be banned?

The Pakistan Muslim League-Nawaz (PML-N)-led ruling alliance held a six-hour-long