Pakistan IMF Loan: Pakistanis are not beggars, why such misbehavior … IMF changed loan conditions then Shahbaz government furious – amid biggest economic crisis pakistan is not happy with imf changing its minds shifting goalposts
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Terms changed without notice
According to the media, the IMF changed at least four preconditions and that too without any notice. These terms created trouble just as the staff level agreement for the bailout package was about to be done. It has been told from the sources that the authorities are very angry with the organization because of the latest situation. He has termed the whole situation as misbehavior with Pakistan. A senior official said, ‘We are members of the IMF, not beggars or if so, then cancel our membership.’ Another official said that the situation at present is exactly like that of 1998. At that time also the economic conditions of Pakistan were very bad. Things had gone from bad to worse due to the nuclear tests and the country was on the verge of bankruptcy.
IMF’s irrational terms
The four points of the IMF loan program that have not been fulfilled include increasing the interest rate of the Central Bank. These included increasing the exchange rate, giving written assurances to meet the foreign financial gap with friendly countries and increasing the prices of electricity to Rs 3.39 per unit per unit. It has been said to increase this price hike through a financial bill. An official has termed all these points as completely illogical.
Low income group will be affected
Officials said that the IMF wants to publicly help the poor. But he is insisting on such measures, due to which the low income group will definitely be affected badly. Despite this disappointment, officials have speculated that the staff-level agreement could reach a conclusion next week. Along with this, financial help can also be received from some countries. Some countries have taken more time than the estimated time. However, he has not hesitated to admit that apart from the lack of credibility and trust, there is also a lack of diplomatic efforts. Because of this, the situation is getting worse.
Help from China, Saudi Arabia and UAE
According to an official, the foreign exchange reserves of the State Bank of Pakistan may increase from $ 3.1 billion to $ 10 billion by the end of June. It has been told by sources that the authorities are going to get an amount of $ 1.3 billion from Chinese banks in three installments. Of this, $700 million has already been secured. After this, the amount of $ 500 million and then $ 300 million will be received in the next few days. An amount of more than three billion dollars can also be received from Saudi Arabia and the United Arab Emirates (UAE).
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