The International Monetary Fund (IMF) has put another economic weight by putting forward the condition of arranging $8 Billion in the next seven months to support external debt repayments. While Pakistan is already struggling to complete the 9th review of securing $1.1 billion loan.
As per the sources, the initial demand was $6 Billion and now it has been increased to $8 billion taking into consideration the inflows and outflows. Meanwhile Pakistan has already secured $1 billion from UAE and $2 billion from Saudi Arabia.
Pakistan has yet to decide whether to accept this new demand considering the current programme will close by June 2023 which was put forward in February 2023 of arranging $6 billion fresh loans. Due to the economic crisis the programme is yet incomplete.
Ishaq Dar, the finance minister, conveyed to the executive director IMF that Pakistan is meeting the current agreement and will arrange the remaining once IMF board accepts 9th review with $1.2 billion tranche. Ishaq Dar further stated that Pakistan will not take difficult decisions to meet the calls of IMF.
How will this demand affect the inflation and economic situation of the country is yet to be seen in 2023.
