- A 9th review of Pakistan’s $7 billion loan program has been pending since September
- If the review is successful, around $1 billion will be released to the cash-strapped nation
Shehbaz Sharif, Pakistan’s prime minister, said a team of IMF officials was due in Pakistan within “two, three days” for the 9th review of Pakistan’s $7 billion loan program.
As Pakistan’s foreign exchange reserves plummet below $4 billion, national currency hits record lows, and inflation reaches decades-high levels, it has been embroiled in an economic crisis for months.
Pakistan’s central bank (State Bank of Pakistan) reported, that it’s foreign exchange reserves are less than half what they were a year ago for the week ending January 07, 2023.
The nation’s primary concerns include paying for medicine, food, and energy and servicing foreign debt.
PM Sharif said in a ceremony that he received a call from the IMF managing director last evening. I told her there is no likelihood of a default, but she should send her delegation so that the 9th review can be completed, and we can receive the funds from the IMF.
“The team will arrive in two or three days, she said.”
According to PM Sharif, the Chinese premier told IMF Managing Director Kristalina Georgieva that Beijing stands by Pakistan, and the IMF should also help the South Asian nation.
The IMF launched a $6 billion loan program in Pakistan in 2019, later expanding to $7 billion.
It is anticipated that around $1 billion will be released to the cash-strapped country as a result of the 9th review, which has been pending since September last year.
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