ISLAMABAD: Prime Minister Shehbaz Sharif has left for France where he is expected to meet IMF Managing Director Kristalina Georgieva at the summit to be held in Paris on June 22 and 23 regarding the “New Global Financial Pact”.
A federal cabinet member told The Express Tribune that Pakistan has requested a meeting with Cristalina Georgiou on the sidelines of the conference. Federal Information Minister Maryam Aurangzeb did not give any answer when asked about this.
Earlier, Prime Minister Shehbaz Sharif has also written three letters to the managing director of the International Monetary Fund (IMF) over the phone to restore the six and a half billion dollar IMF program.
In the “New Global Financial Pact” conference held in France, the issues of climate change, energy, public health and economic problems, especially considering the rehabilitation of debt-ridden countries, were examined in addition to helping them overcome their short-term difficulties. will go
Also Read: Pakistan Seeks UK Help To Revive IMF Agreement
According to the statistics released by the Ministry of Finance, the value of international loans received by Pakistan during the current financial year has reduced to a mere 8.4 billion dollars, which is 37% less than the loans received last year. This is due to the failure of the MF to restore the program because after that other countries and international organizations are also not giving aid.
The government of Pakistan had estimated to borrow 19.1 billion dollars to cover the budget deficit during the current fiscal year, but it could only borrow 5.5 billion dollars. Three and a half billion dollars are left and only enough for one month’s imports. During the current financial year, the Asian Development Bank gave the highest loan to Pakistan which was 2 billion dollars.
The World Bank also gave one and a half billion dollars, while it was expected to receive 2.6 billion dollars. Pakistan could not get the aid of one billion and 10 million dollars received under the RISE-II and PACE-II programs. Pakistan received 553 million dollars in aid, which was more than the expected aid of 542 million dollars.
Also Read: Inordinate delay in disbursement of loan by IMF, PM
The Islamic Development Bank gave 16.1 million dollars for the purchase of oil. The government also estimated that it would get 970 million dollars from Saudi Arabia and it was expected that this amount could increase to 1 billion 10 million in the form of loan oil. To meet with China Vali’s aid was estimated at 48 million dollars, but he gave 128 million dollars.
After the downgrading of Pakistan’s rating by international credit agencies, it is becoming more difficult to get assistance from international institutions. For this reason, the door to the issuance of Eurobonds has also been closed. Got commercial loans.
Pakistan has received only $1.20 billion loan from the IMF, although the government had hoped to receive $3.5 billion from it. If the IMF program is not restored by June 30, the remaining amount will lapse. It was expected to get 1.63 billion dollars from the certificates, but only 743 million dollars have been received from them.