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Thursday, August 18, 2022

Pakistan is craving for money, now its hope rests on them, know how and from where it will raise money

Islamabad (Agency). Pakistan is fascinated by pie-pie. Due to non-receipt of loan from IMF, his trouble is increasing. In such a situation, now his plan is to take loans from different places. According to Pakistan’s Finance Minister Mifata Ismail, the government will raise $ 4 billion from its allies to improve the country’s economy. Ismail has told in a press conference that this will be done to reduce the gap of foreign exchange reserves. According to him, Pakistan has reached the staff level agreement for the IMF loan. He expects to get about $1.18 billion from there.

Expectations from the IMF

According to him, according to the agreement signed in the year 2019, the board will also provide an amount of 1 to 6 billion dollars to Pakistan. The Finance Minister also said that the IMF has accepted the difference of $ 4 billion. He said that this gap would be filled in July itself. With this amount, Pakistan will pay $ 1.2 billion as oil payments to the Allies.

Allies expected to raise $2 billion

He also expressed the hope of foreign investment in the country from $ 1.5 billion to $2 billion by the Allies. Apart from this, supply of gas from other countries will also be possible by paying a few pennies. Ismail has told that the weakness of the rupee against the dollar has created a problem of balance of payment, from which Pakistan will have to get out. Apart from this, Pakistan is looking to raise about $ 6 billion from different places in this financial year.

Expected from WB, ADB, AIIB and IDB

Under this, he will try to get $ 3.5 billion from the Asian Development Bank and about $ 2.5 billion from the World Bank. Apart from this, it will try to get 40-50 million dollars from Asian Infrastructure Investment Bank. Also, the Islamic Development Bank can increase its funding.

PTI government bad situation

Ismail has made it clear that some tough steps will have to be taken to get the country out of the current situation and to avoid default. He fiercely criticized various governments for bringing the country to this state. He said that the country is going through a bad phase only because of the wrong policies of these governments. Ismail said that the government is contemplating to bring down the energy import as well, which will definitely put some burden on the country.

Edited By: Kamal Verma

World Nation News Desk
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