Pakistan is going through an economic crisis at the moment. It doesn’t seem to be getting any help from the IMF either. Home Minister Rana Sanaullah said that despite making the country dance to its tune, the IMF did not give any loan.
Islamabad, ANI. Pakistan’s Interior Minister Rana Sanaullah said on Sunday that the International Monetary Fund (IMF) did not release the tranche for the USD 6 billion bailout package under its Extended Funds Facility, despite the country dancing to its tune. In response to a question about the IMF, Sanaullah said that the government has also accepted the conditions, which we were not in favor of.
Geo News reported that Home Minister Sanaullah urged the IMF to release the installment without any delay so that the country can free itself from the difficult situation. Sanaullah said that Pakistan is going through a difficult situation in terms of its economy at this time. He said that for the sake of the country, we have to take difficult decisions, due to which the country is moving towards betterment.
The previous government did nothing but take revenge.
Referring to the previous government led by the Pakistan Tehreek-e-Insaf (PTI) regime, Sanaullah said the country was ruled by a group that did nothing but take revenge.
Meanwhile, Pakistan plans to borrow 5.5 trillion Pakistani rupees (PKR) from international lenders in the current fiscal to maintain its foreign exchange reserves, repay past loans and finance the current account deficit.
- Earlier, in the annual budget for 2022-23, the Pakistan government had estimated that they would borrow only PAK 3.17 trillion from international sources.
- However, the budget did not include funding from the International Monetary Fund (IMF), Saudi Arabia and SAFE China Deposit, the Pakistani newspaper The Nation.
- The estimated international borrowing volume has now increased to PKR 5.5 trillion after incorporating funding from the aforesaid sources.
- This new borrowing will be 74 percent more than the previous estimates of the government.
- According to the report of ‘The Nation’, the current government is still struggling to arrange dollars and it also needs external financing of US $ 41 billion in the next financial year.
Will borrow on a large scale sir
In order to increase the foreign exchange reserves to US$ 18 billion in the coming financial year, the government will have to repay the previous debt of US$ 21 billion. Therefore, the government plans to borrow heavily in the current financial year.