The International Monetary Fund (IMF) has stopped the installment of $ 1.2 billion to be given to Pakistan this month. According to media reports, the IMF has put very strict conditions in front of the Shahbaz Sharif government to reduce expenditure and increase revenue. Recently, a team from IMF visited Pakistan and analyzed the economy there. This was the 9th review session and after this, the world economic body decided to stop the installment of $ 1.2 billion.
As a country, the danger of bankruptcy has once again arisen in front of Pakistan. He has to pay 72 thousand crore rupees in the form of loan installments in December and January itself. If he does not pay this installment, then the default will be fixed.
where is the matter stuck?
In August, the IMF agreed to provide $ 9 billion in installments to Pakistan. This was the 23rd time in Pakistan's 75-year history that it had to reach out to the International Financial Body to avoid bankruptcy.
Out of $9 billion, Pakistan has so far received only $2 billion. The reason for this is that IMF gives loans on very strict terms and it has a fixed program. It has to be accepted by the concerned country at all costs. Due to political compulsions, the Shahbaz Sharif government is not able to fulfill these conditions. This is the reason why the IMF has also stopped the installment.
Government is under severe pressure
According to a report in 'The Express Tribune'- IMF had sought a detailed report from the Government of Pakistan regarding revenue and income. Pakistan also presented the report, but the IMF team was unhappy with it. According to him, the government was neither able to reduce imports nor was it successful in increasing revenue. In such a situation, the new installment which was to be released this month was stopped.
Two days ago, a statement by Finance Minister Ishaq Dar increased Pakistan's problems. Dar had said in an interview – IMF cannot tell us what to do and what not. We cannot follow his dictation.
who will help now
The biggest question is who will be able to rescue Pakistan from the trouble that has befallen it. Dar said in this interview – A friendly country has assured us of help. We hope that we will get this help soon.
When Ishaq was asked which country was helping, he refused to name the country. Dar had also expressed the hope that crude oil and petroleum products in the country would now be imported from Russia. This was also confirmed by Petroleum Minister Musaddiq Malik on Monday. He had said- Russia has agreed to give us crude oil, petrol, and diesel at a 30 to 40% discount.
Surprisingly, the Russian government did not make any statement in this regard. In February, then-Prime Minister Imran Khan also went to Russia and he also claimed that oil products would be bought from Russia at an affordable price on the lines of India. This has not been possible till today.
72 thousand crores will have to be given till January only
In December and January 2023 itself, Pakistan will have to pay Rs 72,000 crore. In the last 11 months, Pakistan's foreign exchange reserves are continuously decreasing. This situation is also when Pakistan has continuously received loans from IMF and Asian Development Bank in recent months.
Increasing debt and decreasing foreign exchange have put Pakistan in a dangerous situation. The Government of Pakistan is making every possible effort so that it does not have to take more loans. Various tactics are being adopted to keep the ever-increasing imports under control.
The even bigger problem is that Pakistan's forex reserves (foreign exchange reserves) are only $ 7.5 billion at present. Of these, about $3.5 billion belongs to Saudi Arabia. China has deposited $ 2 and UAE has deposited $ 1.5 billion as a guarantee deposit. These can be withdrawn on 36 hours' notice. Apart from this, the Government of Pakistan cannot even spend this money without the written approval of these three.
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