Islamabad (Urdu Times) : IMF approves $3 billion loan for Pakistan

The Executive Board of the International Monetary Fund has approved a $3 billion loan for Pakistan. In the first schedule released in June, Pakistan was not on the agenda, leading to speculation that the IMF would end on June 30. Funds will not be released under the previous program.
However, on June 29, the IMF and Pakistan signed a $3 billion standby arrangement agreement at the staff level to ease the country’s economic crisis.
This agreement was long awaited by Pakistan whose ailing economy was facing the risk of bankruptcy of the country.
After a delay of nearly 9 months, the deal is subject to approval by the IMF’s Executive Board in mid-July, giving Pakistan some respite due to a severe balance of payments crisis and dwindling foreign exchange reserves. will get
The $3 billion funding over nine months is more than expected for Pakistan, as the country awaited the release of the remaining $2.5 billion of a $6.5 billion bailout package set for 2019, which expired last month. was over. 1.2 billion dollars will be released immediately after approval by the IMF Executive Board.
After the IMF approval, Finance Minister Ishaq Dar said, “Thank God, things are going in the right direction, for which we have been trying for many months and had difficult negotiations.” He said that “Our 2019 And the 2022 program, which was expanded by one year, in which we were expecting 1.9 billion for the ninth review, the rest was going to expire, so in the end, most of our energy was spent on that if we made arrangements that would leave 2.5 billion. If we add the IMF and make a standby agreement, then we have succeeded in this and we have to increase the taxes too.

“We had to do financial reforms and our program was delayed for 3 to 4 years and 4 major steps were not taken in the last few years and I did them when I took charge,” he said.

He said that Saudi Arabia had said at the time of the seventh review that they would help up to two billion and the United Arab Emirates had also said that we would help, so these were 8 to 9 months old promises and now they have fulfilled it. What was fresh again?

Ishaq Dar said that ‘Prime Minister visited Saudi Arabia, United Arab Emirates and China some time ago where I was with him and we raised issues in all these countries’.

To a question, he said, “I am trying that by the end of the term of this government, probably by the end of July, the national reserves will be between 14 and 15 billion dollars, which means that about 5.2 or 5.3 billion will be withdrawn.” If we give 9 to 9.975 then we will be between 14 and 15′.

According to the report, the statement issued by the International Monetary Fund said that the Executive Board of the IMF has approved a standby agreement of 3 billion dollars for Pakistan for 9 months to support Pakistan’s economic stabilization program.

In this regard, it was said that this agreement has been arranged at a time when the Pakistani economy is going through difficult conditions, difficult external environment, disastrous floods and bad policies causing it large fiscal and external deficits, rising inflation. And facing problems like rapidly depleting foreign exchange reserves.

The agreement signed last month required the approval of the IMF’s Executive Board before the release of the first tranche and now the first tranche of $1.2 billion will be released to Pakistan, while the remaining two tranches will be released after two reviews on a quarterly basis. will be released
Speaking at the foundation stone laying ceremony of Shaheen Chowk Flyover in Islamabad earlier, Prime Minister Shehbaz Sharif said that the IMF is confident that like thousands and millions of our brothers who are visiting for Hajj. Rana Sanaullah also prayed with sincerity and Allah Ta’ala removed 22 crore people of Pakistan from the IMF exam. This program will be fully sanctioned and Pakistan will again be on the path of development with confidence and conviction. With the full approval of this program, Pakistan will again embark on the path of development with confidence and conviction. Shahbaz Sharif said that the IMF program is not a halwa and kheer for us, but it is a big tough program, which we had to adopt, the previous government put the state at stake in its last days and to save the politics. Because of a very drastic move that rocked Pakistan’s economy, we put politics on the line and saved the state.

He said that this is the difference between Nawaz Sharif’s politics and PTI’s Imran Niazi, who is anti-Pakistan and anti-Pakistan, while Nawaz Sharif staked his politics and did not care about the coalition government. He staked his politics.

He said that today thanks to our collective efforts and sincere intentions, the state of Pakistan has been saved and now a program has been created, which I call the program of economic development of Pakistan in simple words, the program of restoration of economic development is in front. has come

He said that the government of Pakistan, provincial governments, all institutions, the Pakistan Army and the entire government are participating in this program. Thanks to this program, Pakistan will stand on its own feet. If the youth of the country in textile exports, information technology industry or the sector will go ahead with this program, then Pakistan, which is burdened by the mountain of debt today, will not only come out of it, but Pakistan will not only be in the Islamic world. Rather, it will emerge as a strong and powerful country on the global horizon, for this we have to fill a gap, we have to move forward with courage and youthful spirit.

The Prime Minister said that there are examples of the anti-nationalism that PTI’s Imran Niazi has done to sink the economy of Pakistan in the past year. Who said that the two provinces of Punjab and Khyber Pakhtunkhwa To the Finance Ministers that you should not issue a letter to the IMF that the program will not be completed and will fail.

He said that who said that Pakistan is going to become Sri Lanka by God’s will, the President of Sri Lanka gives this message to the Managing Director of the IMF on climate change in Paris, Pakistan is our friendly country and Sri Lanka has defaulted. After seeing the devastation, I do not want Pakistan to even think of going through this disastrous path, so please help Pakistan fully, this was discussed in front of me.

He said that Imran Niazi was sitting here with his group trying day and night, praying badly that Pakistan would default.