November 20, 2023
1 min read

IMF Revises Pakistan’s Loan Requirement to $25B

Sources in Pakistan’s Finance ministry, the IMF had also lowered its inflation projection for the country to 22.8 per cent for this fiscal year, reducing it from 25.9 per cent…reports Asian Lite News

The International Monetary Fund (IMF) has revised Pakistan’s foreign loan requirement to USD 25 billion for this fiscal year, reducing it by USD 3.4 billion, The Express Tribune newspaper reported, adding that it also lowered Pakistan’s economic growth projection to just 2 per cent.

The Express Tribune is an English-language daily in Pakistan.

Sources in Pakistan’s Finance ministry, the IMF had also lowered its inflation projection for the country to 22.8 per cent for this fiscal year, reducing it from 25.9 per cent.

The IMF did not accept the finance ministry’s projections for the current account deficit (CAD), imports, economic growth, inflation and gross financing requirements.

However, it adjusted all these numbers during the first review talks in comparison with the estimates of July this year, as per The Express Tribune.

The revisions to the gross external financing requirements–a sum of money needed to fill the CAD as well as the repayment of maturing debt–and to the macroeconomic projections were made during this week’s first review of the USD 3 billion bailout package.

The international lender remained successful in acquiring a date for the general elections and in return ignored a few critical areas, which in the past had become a cause for the failure of the previous USD 6.5 billion bailout package, as per The Express Tribune.

It also brought the activities of the Special Investment Facilitation Council under its purview.

The finance ministry spokesperson, Qamar Abbasi, did not respond to a request for comments.

The IMF has, in comparison to July 2023, lowered the foreign loan requirements for this fiscal year from USD 28.4 billion to USD 25 billion–a reduction of USD 3.4 billion.

In four months, the government has already borrowed USD 6 billion while it expects rollovers of USD 12.5 billion.

The remaining needs are about USD 6.5 billion in addition to the efforts to secure USD 12.5 billion debt rollovers, said the sources, according to The Express Tribune. (ANI)

ALSO READ: Lawmakers Call on Biden Administration to Assess Human Rights Violations in Pakistan

Previous Story

UP Govt Bans Halal-Certified Products

Next Story

Renewed Conflict in Myanmar Forces 26,000 to Flee: UN

Latest from -Top News

Islamists Rise Under Yunus Rule

After the departure of former Prime Minister Sheikh Hasina in August 2024, Islamic parties in Bangladesh, crushed for years by the Awami League government, have made inroads into the political arena…writes Baidya

TIES WITH CHINA: Is Bangladesh Going Lanka Way?

Plans for nine Special Economic Zones, including Chinese-developed sites in Chattogram and Chandpur, promise jobs but risk creating enclaves where Beijing’s economic priorities overshadow Bangladesh’s….reports Asian Lite News On a humid March

Khaleda Zia’s Son Return Looms as Yunus Faces Heat

The core question remains whether Rahman can provide leadership in politically turbulent times in Bangladesh….reports Asian Lite News Speculation is mounting in Bangladesh over the possible return of Tarique Rahman, son of

India Eyes Top 5 Spot in Global Entertainment

With focused investments, policy support, and infrastructural upgrades, India is on track to position itself as one of the top five live entertainment destinations globally by 2030…reports Asian Lite News Fueled by
Go toTop

Don't Miss

Pak rupee hits new fresh low

The Pakistani rupee has maintained its slump mainly because the

Supreme Court intervenes in Pak assembly dissolution

President Dr Arif Alvi had dissolved the National Assembly on