Islamabad: The IMF has asked the government to arrange $ 8 billion to repay its foreign debt under the ninth review bailout package pending for seven months. This thing was said on behalf of the organization on Saturday. According to the news agency, the IMF said that the next loan amount will be given only when the government of Pakistan repays the foreign debt.
The US$ 1 billion staff-level agreement between the IMF and Pakistan is pending since November. However, despite Saudi Arabia and the United Arab Emirates (UAE) giving guarantees to the IMF, the chances of Pakistan getting a bailout package of US $ 6.5 billion are slim. Because IMF has been shying away from issuing installments again and again.
Pakistan’s path became even more difficult
Pakistan’s government has not discussed the demand of the IMF to repay foreign debt for the next financial year 2023-24. IMF has increased Pakistan’s foreign debt repayment amount from US$ 6 billion to US$ 8 billion. At the same time, the government said that with this extended fund, the possibilities of the ninth review have been reduced considerably. At the same time, Foreign Minister Ishaq Dar issued a statement saying that Pakistan will not take tough decisions on the demand of IFF.
Pakistan’s future in the hands of the IMF
According to the report of the Pakistani newspaper Tribune, it is entirely up to the IMF to sign the staff-level deal or not. Pakistan’s Foreign Minister issued a statement saying that we have fulfilled the pre-IMF conditions. Now we are not in a position to fulfill the new conditions. IMF’s attention now Pakistan has not shied away from repaying its dues. At the same time, Pakistan is not focusing on increasing foreign exchange reserves.
