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The International Monetary Fund i.e. IMF had increased 11 conditions for the new installment of the loan.
The Government of Pakistan is planning to take a loan of $ 4.9 billion (about 41,000 crore rupees) from international banks to save its sinking economy.
This loan is being taken after the loan of $ 1 billion (₹ 12 thousand crore) from the International Monetary Fund i.e. IMF this month.
This loan will be used to meet financial needs and increase foreign exchange reserves. Pakistan is interacting with four big international banks for debt.
Loan demanding from China’s bank
Pakistan is talking to China’s ICBC bank for $ 1.1 billion and Standard Chartered and Dubai Islamic Bank for a loan of $ 500 million.
Along with this, a guarantee is being sought from the Asian Development Bank (ADB) for $ 500. Pakistan had set its economic development target of 3.6% for FY 2024-25. But development was done at the rate of 2.68%.
Preparation to take a loan of ₹ 22,000 crore at 7-8% interest
According to Pakistan’s Ary News, the government will take a short-term loan of $ 2.64 billion (Rs 22,000 crore). Which will have to pay 7-8% annual interest.
Apart from this, the government plans to take loans for a long period of $ 2.27 billion (Rs 18,900 crore).
Pakistan wants to increase defense budget with loan money
Earlier, the IMF has described the increased tension between India and Pakistan after the Pahalgam terror attack as a threat to the bailout program. Along with this, 11 new conditions have been imposed on Pakistan to release the next installment of the loan. Now the total conditions on Pakistan for loan have increased to 50.
In the first review meeting of the bailout program, the IMF said that if the tension continues or increased, Pakistan’s defense budget could become a burden on loans. It has already increased by 12% to 2.414 lakh crore Pakistani rupees.
The Pakistani government is adamant on increasing it by 18% to 2.5 lakh crores of Pakistani rupees. IMF is considering it a sign of fund misuse.
Gave a loan of ₹ 12 thousand crore on 9 May
The Executive Board of the International Monetary Fund (IMF) gave a new loan of $ 1.4 billion (about ₹ 12 thousand crores) to Pakistan on 9 May under the Climate Regilitation Loan Program. Also, the first review of the help of $ 7 billion (about ₹ 60 thousand crore) being found under Expected Fund Facility (EFF) has also been approved. With this, Pakistan will get $ 1 billion (about ₹ 8,542 crore) in the next installment.
A total disbursement of $ 2 billion has been done under this review approval of $ 7 billion. Pakistan will not get any amount immediately from the resilience loan.
India said- funding terrorism is dangerous
Imf of imf In the meeting of the Executive Board, India expressed concern over the funding being given to Pakistan and said that Pakistan used it to spread terrorism across the border. India did not join the review opposing voting. India issued a statement saying-
Giving a continuous sponsorship to cross -border terrorism sends a dangerous message to the global community. It risks the reputation of funding agencies and donors and makes fun of global values. Our concern is that funds coming from international financial institutions like IMF can be misused for military and state -sponsored terrorist objectives.
India had said- IMF peeps deep inside itself before giving help to Pakistan
India’s Foreign Secretary Vikram Egypt said on Thursday- I think this is a decision that the members of the (IMF) board should take deep inside themselves and see the facts.
On Thursday (May 8), a day before the IMF meeting, India’s Foreign Secretary Vikram Egypt said that the IMF board should look deeply inside itself before giving relief to Pakistan and keep in mind the facts. In the last three decades, IMF has given many major assistance to Pakistan. No programs run by it have reached a successful result.
What does IMF executive board do?
IMF is an international institution that helps countries, advises and monitors their economy. The core team of this institution is the Executive Board. This team sees which country to give loans, which policies have to be implemented and how to work on the economy of the world.
It consists of 24 members called Executive Director. Every member represents a country or group of country. India has a separate (independent) representative. Who speaks in the IMF from India. It also sees that the policies of IMF should not harm the country. If the institution is going to give loan to a country, then give opinion on India on behalf of India.
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Read this news related to Pakistan’s economic condition …
Today’s Excellener: ₹ 21.6 lakh crore loan on Pakistan, vacant vault; 11 thousand crores were about to get, India is also going to stop
Every child of Pakistan is born with a loan of 86.5 thousand rupees at this time. Be it the import bill of oil and gas or everyday expenses like salary and subsidy, the entire economy of Pakistan is running on debt. But now India can vote against the loan from IMF to Pakistan.
