The International Monetary Fund (IMF) has added to the economic pressure by requesting that $8 billion be secured over the course of the next seven months to support the repayment of external debt. Pakistan is already having trouble finishing the ninth review of obtaining a $1.1 billion loan.
According to the sources, the initial demand was $6 billion, but after taking into account inflows and outflows, it has now been raised to $8 billion. Pakistan has already received $2 billion from Saudi Arabia and $1 billion from the UAE.
Pakistan has not yet decided whether to agree to this new demand, which was made in February 2023 in order to secure $6 billion in additional loans, given that the current program will end in June 2023. Because of the economic crisis, the program is still not finished.
The finance minister, Ishaq Dar, informed the executive director of the IMF that Pakistan is adhering to the current agreement and will arrange the remaining terms once the IMF board approves the $1.2 billion tranche for the 9th review. Ishaq Dar added that Pakistan would not make risky choices in response to IMF demands.
In 2023, it will be interesting to see how this demand impacts the country’s economy and inflation.
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