'Default threat': Amph sets new bet for Pakistan

 July 20, 2022


ISLAMABAD: The International Monetary Fund (IMF) is reviewing Saudi Arabia's commitment to finance Pakistan before the global lender provides fresh funds to the South Asian country, ARY News reported on Bloomberg. Reported regarding.

Bloomberg, quoting informed sources, said that the IMF wants to ensure that Saudi Arabia will provide $4 billion in funding to Pakistan to ensure that Islamabad is able to recover after the IMF loan. No matter the funding.

Cold Transfers included exclusive drawing rights, added circuses.

The case is very important because, while the IMF is due to lend Pakistan $1.2 billion, it will not be enough for Prime Minister Shehbaz Sharif's government to avoid a debt default.

According to the report, Pakistan needs at least $41 billion in the next 12 months for debt repayments and increase in foreign exchange reserves. "If there is a risk of default, the IMF's board may not approve the release of cash," it added.

Earlier on July 14, the International Monetary Fund (IMF) and Pakistan reached a staff-level agreement for the release of USD 1.17 billion under the joint 7th and 8th reviews of the Pakistan Expanded Fund Facility (EFF).

The statement was subject to the approval of the AMF Executive Board.

Additionally, to support program implementation and meet higher financing needs in FY23 as well as mobilize additional financing, the IMF Board extended the EFF and increased access to SDR 720 million by the end of June 2023. Will consider. This will bring the total reach under the EFF to approximately US$7 billion.

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