Pakistan Want Help From US To Releasing More Than One Billion Dollars IMF Loan | Pakistan To US: Pakistan appealed to America
Pakistan To IMF: Pakistan is in urgent need of loan to handle the economy going into the trough. For this, the Government of Pakistan has demanded an amount of more than one billion dollars from the International Monetary Fund. However, this amount has not been released to him yet. That’s why Pakistan has now sought support from America.
According to the Pakistani newspaper Dawn, the Pakistani government has asked the US to release a $1.1 billion loan to rebuild the country after last year’s devastating floods. On Thursday (January 26), Dawn reported that the International Monetary Fund (IMF) and Pakistan had signed a $6 billion bailout in 2019. This amount was promised last year along with $1.1 billion, which was aimed at reducing the budget deficit before the loan was issued.
Foreign exchange reserves balance of three weeks
Let us tell you that despite taking many decisions, instead of recovering, the Pakistani economy is going into more losses. The interest rates here are already at 17 per cent. Pakistan’s inflation rate has reached 24.5 per cent in December, and foreign exchange reserves are barely enough to cover three weeks of imports. Because of this, South Asian nation Pakistan is in urgent need of external help. Pakistan’s Finance Minister Ishaq Dar met the US Treasury delegation on Wednesday (January 25). On which Dawn quoted sources as saying that Ishaq Dar told the US officials that Pakistan will honor its international commitments and is in the process of taking very tough decisions like increasing the prices of natural gas and electricity.
16.3 billion dollars needed
Pakistan’s Finance Minister Ishaq Dar has said that his country needs ‘life air’ as the industry and agriculture sector go through challenging times after the devastating floods. Last year’s severe floods submerged many parts of the country. At least 1,700 people died in this. Although this had already caused a lot of damage to the economy of Pakistan. Right now Pakistan needs around $16.3 billion to improve its economic condition. This month, international partners pledged to provide more than half of the money.
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