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The IMF says it needs affirmations from Pakistan that its equilibrium of installments shortage is completely supported for the monetary year finishing off with June.
Kristalina Georgieva, the head of the IMF, said on Thursday that she had “hope” that Pakistan would finish the current loan program.
“My expectation is that with the generosity of everybody, with the execution of what has been as of now concurred by the Pakistani specialists, we can finish our ongoing system effectively,” she told columnists at the IMF central command in Washington, DC.
“We have been working very hard with the authorities in Pakistan within the context of our current program to ensure that Pakistan has the policy framework that enables it to avoid what you’re talking about, which is getting to the point where Pakistan’s debt may become unsustainable.” We are not there yet, and it is better not to arrive,” Georgieva added.
Play Video Video Duration: 01:05 Death and desperation in Pakistan’s food lines The IMF also predicted in its World Economic Outlook report on Tuesday that Pakistan will grow by just 0.5% this year, down from 6% in 2021-2022. In addition, the country will experience annual inflation of 27%.
Pakistan joined an IMF program worth $6 billion in 2019, which was increased to $6.5 billion last year. In August of last year, as part of a combined seventh and eighth review, it received its most recent tranche of $1.17 billion.
For the most recent loan package, the global lender has made a number of demands, including removing the artificial cap on the value of the Pakistani rupee in the market, eliminating subsidies, raising taxes, and providing guarantees of financial support from friendly nations.
Recently, a top money service official said the IMF has likewise gotten a responsibility from Saudi Arabia in regards to subsidizing of $2bn for Pakistan.
Pakistan’s struggling economy is badly hurt by record-breaking inflation and a shrinking foreign exchange reserve, so the IMF program must resume.
The most recent data from Pakistan’s central bank indicate that the country’s foreign exchange reserves are just above $4 billion, sufficient for four weeks’ worth of imports.
Food prices are spiraling out of control, and the Muslim-majority nation is experiencing one of the worst economic crises in its 75-year history. Over 20 people have died since the beginning of the holy month of Ramadan due to stampedes at centers that distribute free food to the most vulnerable members of the community.
“There is a high probability of default if the IMF loan does not arrive. However, despite the program and our economy, there is no respite, and people’s circumstances will only get worse in the coming days. Having said that, we simply cannot choose not to have the IMF program,