Pakistan UAE IMF: Big relief to Pakistan, UAE will give $ 1 billion, poor country will now get loan from IMF? – pakistan crisis in hindi pakistan inches closer to imf deal as uae confirms 1bn dollar support
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Ishaq Dar said that Pakistan is now completing the necessary paperwork to get the money from the UAE. Pakistan claims that after the confirmation of the UAE, now the way has been cleared for it to get a loan from the IMF. However, till now the IMF has not told when the next installment of loan will be given to Pakistan. Dar tweeted that the State Bank of Pakistan is now working on the necessary documentation to get the loan from the UAE.
Loan from IMF necessary to avoid default
Earlier in the meeting with the IMF, Pakistan had requested that it should show some leniency towards it and sign the staff level agreement. However, the IMF is not yet telling the deadline for giving the loan. At the same time, Pakistan’s foreign exchange reserves are continuously drying up and the economic situation in the country is getting worse. This request was made by the Pakistani Finance Minister himself. However, the IMF had shown them a bluff. IMF once again raised the issue of petrol subsidy.
Both Pakistan and the IMF gave their respective views on the $6 billion loan. If Pakistan has to avoid default, then it will have to get this amount by the month of June. Earlier, Saudi Arabia had informed the IMF that it was ready to give $ 2 billion. Pakistan is requesting loans from all over the world including China. If Pakistan has to avoid default, then it is necessary to get loan from IMF in any case. Pakistan would have defaulted by now but China helped it at the last moment. China has given the maximum loan to Pakistan.
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