2023-11-19 13:43:04
Pakistan Finance Minister Shamshad Akhtar said that Pakistan will still need financial assistance from the International Monetary Fund. This remark was made while talking to the media on November 16. ” The country’s economy is still weak. Will have to rely on the IMF once more. “We will approach the International Monetary Fund for a loan soon,” the minister said. The minister’s comments came shortly following Pakistan reached an agreement with the IMF for a $700 million payout under an ongoing project.
Elections will be held in Pakistan next February. In the same year, the country had to repay a debt of regarding one billion dollars. According to the statement issued by the IMF on November 15, the country is trying to recover from the economic crisis. The IMF announced this following discussions with the leadership of the interim government in Pakistan.
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The term of Pakistan’s interim government is due to expire in February. At the same time, Akhtar said that the interim government will hold talks with the IMF once more as loan assistance is needed. Akhtar also said that the country’s foreign reserves will increase in December. Meanwhile, Pakistan has put on hold plans to raise funds from the global bond market. The minister also said that the government is investigating other sources of funding.
Meanwhile, IMF support has influenced the survival of the interim government led by Prime Minister Anwar-ul-Haq Kakkar. Prime Minister Anwar-ul-Haq Kakar is trying to secure a $6.3 billion loan from the Asian Development Bank, the World Bank and the Islamic Development Bank. Pakistan is also trying to borrow regarding $10 billion from other countries through bilateral negotiations. Investors were also optimistic regarding Pakistan’s economic recovery.
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