Pakistan Economy: Pakistan is yearning for help, IMF’s heart is not sweating even after seeing the pauper … again new condition for loan
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According to a report published on pkrevenue, the IMF has now sought External Financing Assurances before taking the next step to release the bailout tranche to Islamabad. The fund that is being negotiated between the IMF and Pakistan is part of the $6.5 billion bailout package that was approved in 2019. This fund can save Pakistan from default.
What did the IMF say?
Addressing a press briefing, IMF Director of Strategic Communications Julie Kozak said timely financial support from external partners would be critical to the authorities’ efforts and the review to be successful. He said ensuring that there is adequate funding to support the officers is a top priority. There will be a Staff Level Agreement (SLA) after some remaining points are met. We need to make sure that we have those financial assurances to be able to take the next step with Pakistan.
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Other countries have got help
The IMF wants Pakistan to get assurances of up to $7 billion. Pakistani Finance Minister Ishaq Dar says it should be closer to $5 billion. According to the news of Geo News, this agreement will also open the way for other bilateral and multilateral funding to increase Pakistan’s foreign exchange reserves. While Pakistan is struggling to get financial help from the IMF, the lender has announced help for Sri Lanka and Bangladesh.
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