IMF deal with Pakistan still holds, external financing requirements undisclosed.

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The International Monetary Fund (IMF) has denied reports that it has sought $8bn in additional financing from Pakistan. The fund has been in talks with Pakistan to provide $6.5bn in bailout funds to the cash-strapped South Asian nation. Reports emerged in the Pakistani Express Tribune in late May, which claimed that the IMF had increased its demand for financing from $6bn to $8bn, to ensure debt repayments. However, IMF Resident Representative in Pakistan, Esther Pérez Ruiz, has said that such reports are not true. Obtaining commitments on external financing from friendly countries is expected to be an essential requirement before the IMF approves any release of bailout funds. The United Arab Emirates, Saudi Arabia and China have all made pledges to assist Pakistan. Pakistan has also reversed its plans to use a fuel cross-subsidy, which had concerned the IMF. Despite being heavily indebted, Finance Minister Ishaq Dar has insisted that Pakistan will not enter into default.

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