2023-07-12 15:44:36
Pakistani Prime Minister Shehbaz Sharif with IMF Managing Director Kristalina Georgieva in Paris on June 22. He had then pleaded the cause of his country. PRESS INFORMATION DEPARTMENT/via REUTERS
The loan of 3 billion dollars prevents the country from bankruptcy but does not solve the crisis of over-indebtedness.
In Delhi
Islamabad had been waiting for this for over a year. On Wednesday, the board of directors of the International Monetary Fund was to approve the agreement finalized by its teams on June 29, which provides for the payment of a loan of 3 billion dollars over nine months.
This decision comes at a crucial time for Pakistan. With 4.4 billion dollars of foreign exchange reserves in the coffers of the Central Bank as of June 30, this nuclear power has enough to cover barely a month of imports. It drags a foreign debt of 125 billion dollars, which the Chinese program of major works, launched in 2015, has aggravated without boosting growth or job creation. According to the Bloomberg agency, which quotes an IMF report, the debt with regard to China amounts to 30 billion. As a result, Pakistan is flirting with payment default and a shortage of foreign currency.
Worse, the authorities failed to complete the program they had concluded with the IMF in 2019…
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