IMF Loan Pakistan: Which enmity is the IMF taking out from Pakistan, soft for other countries, strict attitude adopted for the country in trouble? – no relief for pakistan by imf even after organization eases rules for others
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Pakistan is waiting for help
To get out of the economic crisis, Pakistan is eagerly waiting for the help from the IMF. But the organization is also not budging from its stand. An official statement has been issued by the IMF. This statement proves how the organization is preparing to relax its rules for other member countries. It has been told by the IMF that every year the loan limit under the Fund’s General Resource Account will be raised to 200 per cent. This limit will be for 12 months i.e. one year. At present this figure is 145 per cent.
Loan rules made easy
After the changes made by the IMF, the member countries will be able to get funds easily. After this new rule, they will be able to get funds in times of crisis even without strict rules. Last month, five lending countries were able to use their reserves after the new rules from the IMF. These countries had extended their hand to help the poor countries. According to the IMF statement, the fund’s staff will be able to re-appoint the executive board for 12 months. Under the proposal that has come, this board will take a decision on the proposal to maintain the upper limit of loan. But a decision can be taken only after looking at the circumstances.
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The government of Pakistan is trying hard to get the $1.1 billion IMF bailout package. She is also making efforts to fulfill every demand of IMF. If officials are to be believed, the government is quite nervous as it is facing a lot of difficulties in convincing the IMF for the loan. Pakistan has cut interest rates. Along with this, the expenditure of the government has also been reduced. On March 4, Finance Minister Ishaq Dar had said that Pakistan is going to get a package of $1.3 billion. He told that this package will be given by Industrial and Commercial Bank of China Limited (ICBC). With the help of this fund, it will help in increasing the foreign exchange reserves of the country.
How to get loan from IMF
Dar had told that the State Bank of Pakistan (SBP) currently has foreign exchange reserves of $ 3.82 billion. When the money lying with commercial banks is included in this, then this amount will reach about $ 9.26 billion. IMF has asked Pakistan to give assurance on reducing the payment deficit. It has asked Pakistan to assure that this deficit will be covered by its financial year ending in June. So that the next installment of IMF loan can be obtained.
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