Pakistan Economy Crisis: The International Monetary Fund (IMF) on Saturday asked Pakistan to arrange $ 8 billion under the ninth review bailout package. According to the report of The Express Tribune, the amount of $ 8 billion is a part of the outstanding amount of the loan. Under the bailout package of the IMF, the remaining amount will be given only when this amount is repaid.
Despite support from Saudi Arabia and the United Arab Emirates (UAE), this demand is further reducing the chances of the US $ 6.5 billion bailout package being opened. Significantly, a staff-level deal to release an installment of US $ 1.1 billion from the IMF package is being postponed since November.
Pakistan’s path will not be easy
The Express Tribune said the Washington-based financial body has sought additional funds from the earlier position of USD 6 billion to USD 8 billion to service debt for May-December 2023. The lender has worked out the requirement of $8 billion considering all the projected inflows and outflows for the period. At the same time, Pakistan’s Finance Minister Ishaq Dar says that Pakistan will not take tough decisions on the demand of IFF.
This deal dependent on IMF
Ishaq Dar said that it is entirely up to the IMF to sign the staff-level deal or not? He said that we have already fulfilled the conditions of the IMF. Not in a position to complete now. IMF’s attention now Pakistan has not shied away from repaying its dues. At the same time, Pakistan is not focusing on increasing foreign exchange reserves.
The report of IANS states that the IMF has said that Pakistan is going through a huge financial crisis, due to which it needs to raise funds. In such a situation, the demand for extra funds is necessary.