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Wednesday, April 17, 2024  
09 Shawwal 1445  

Final IMF installment likely to be negotiated by new govt

Pakistan has completed 25 out IMF's 26 demands

Pakistan is preparing to host a team of the International Monetary Fund for its second review to unlock another installment of the Stand-by Agreement from the money lender.

The government has completed 25 out the 26 requirements laid out by the Fund. However, the last remaining item concerning legislation related to National Highway Authority, Pakistan Post and Pakistan Boradcasting Corporation cannot be completed as the National Assembly has just been elected.

Finance Ministry officials expect the IMF team’s talks to continue with the new elected government instead of the caretaker government. The visit’s schedule is likely to be decided after the new government takes office.

Successful talks would release the third installment of the SBA worth $1.1 billion.

The SBA was agreed in last July and has helped Pakistan successfully avoid default. However, IMF conditions have led to severe effects on Pakistan’s population which is reeling under historically high infation.

The country had drawn out a total of $10 billion in loans in its first 70 years. Since then, the debt has ballooned to $130 billion.

In the last year alone, the country’s debt has risen by 27.7% or Rs14,000 billion. The total debt in rupees now stands at Rs65,189 billion.

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