YEARS
The International Monetary Fund (IMF) has approved a new loan package of seven billion dollars for Pakistan. This allows immediate release of the first loan tranche of no less than $1.1 billion to strengthen Pakistan’s efforts to deal with its current economic crisis.
Whenever any country faces financial crisis, that country looks for help. Help can also come from its partners or the organization that releases economic packages. IMF is also one of them. India’s neighboring country Pakistan, while facing financial crisis, looked towards the IMF many times and extended a helping hand. Begging for help, Pakistan expressed hope that the IMF would give it a little money. Little by little the IMF kept giving money to Pakistan. The house of Pakistan continued. This has been a common process of running a household in Pakistan, irrespective of the government. Again Pakistan looked towards IMF for help and IMF opened its treasury towards Pakistan.
The International Monetary Fund (IMF) has approved a new loan package of seven billion dollars for Pakistan. This allows immediate release of the first loan tranche of no less than $1.1 billion to strengthen Pakistan’s efforts to deal with its current economic crisis.
The PMO confirmed that the Executive Board of the IMF has approved a 37-month Extended Fund Facility (EFF), totaling US$7 billion. This is the 25th IMF program and the sixth EFF received by Pakistan since 1958. The Express Tribune quoted the Finance Ministry as saying that Pakistan will pay about five percent interest rate on the IMF loan. The ministry had sent this statement to the Senate Standing Committee on Economic Affairs. Prime Minister Shehbaz Sharif reiterated on Wednesday that this would be Pakistan’s last IMF program. He made this statement after getting approval for the 24th program in 2023.
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