Pakistan Economy Crisis: The International Monetary Fund (IMF) has put another condition for giving loan to poor Pakistan. Since the beginning of February, discussions are going on between Pakistan and the IMF regarding the release of a loan of $1.1 billion. The fund is part of the $6.5 billion bailout package approved by the IMF. If IMF issues this loan, then Pakistan’s economy can get a revival.
Pakistan has made many economic changes to get loan from IMF. In this, ranging from imposing tax on electricity, huge increase in fuel prices and increase in other taxes. No amount has been released by the IMF to Pakistan, for which discussions are going on between the two. Meanwhile, the IMF has placed a new condition.
What was the condition set by the IMF
According to PKRevenue’s report, the International Monetary Fund has sought external finance assurance before taking any step to release the bailout installment to Pakistan. This means that Pakistan will have to give assurance on external funding. IMF Director of Strategic Communication Julie Kozak said that before issuing the next bailout to Pakistan, it has to be seen whether we have finance assurance or not.
IMF demands $ 7 billion assurance
IMF is demanding an assurance of 7 billion dollars from Pakistan, but the Finance Minister of Pakistan is talking about keeping it up to 5 billion dollars. According to Pakistan’s Geo News, after the deal with the IMF, the foreign exchange reserves of that country will increase.
Pakistan going through high inflation
Significantly, the IMF is discussing with the authorities to release bailout funds for Pakistan. At present, there are many challenges in Pakistan like slow economy growth, huge debt and high inflation rate, due to which the cost of things has reached a high level.
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