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Pakistan Bailout Package: Despite all the opposition of India, the IMF has approved a $ 1.3 billion bailout package for Pakistan. A statement issued by Pakistan’s PM office said that the Prime Minister …Read more
The IMF has sanctioned a loan of $ 1.3 billion to Pakistan.
Highlights
- IMF approved a $ 1.3 billion loan to Pakistan.
- Despite India’s opposition, the IMF approved the loan.
- Prime Minister Shahbaz Sharif thanked the IMF.
New Delhi. Despite all the opposition of India, the International Monetary Fund (IMF) has approved Pakistan’s bailout package. The Pakistan government has given this information late on Friday night. The statement issued by the Pakistan PM’s office said that Prime Minister Muhammad Shahbaz Sharif has expressed satisfaction over the approval of the first installment of $ 1 billion (about 11 thousand crore rupees) by the IMF for Pakistan.
The IMF Executive Board has approved the first installment of $ 1.3 billion after reviewing a loan of $ 7 billion (about 60 thousand crore rupees) for Pakistan. This loan is given for a period of 2 years. This approval from the IMF has come at a time when India requested to review the loan given to Pakistan. India had also lodged its concern and protest against this bailout package, but IMF officials have agreed to give Pakistan the first instance of the loan. In this way, Pakistan has so far sanctioned a loan of $ 2.3 billion out of $ 7 billion. Even before this, a bailout package of $ 1 billion was given.
Why did India protest
Opposing Pakistan’s bailout package, India has given 3 major reasons to the IMF. India has said that since 1989, Pakistan has taken loans from IMF 28 times in 35 years. I have availed the program of IMF 4 times in the last 5 years. However, Pakistan does not use this fund properly. This is the reason that despite getting a bailout package continuously, his economy is getting upset. The IMF should investigate whether Pakistan has used the first package or not.
Army will use this fund: India
India had said in its opposition that the intervention of its army is quite high in Pakistan’s economic policies. This pursues the risk that the army can use the IMF bailout package there. India reminded that the United Nations report in the year 2021 has also revealed that Pakistan is a kind of military-based business country and the two are complementary to each other. Pakistan’s army interferes with the economic policies there, so this debt sought in the name of improving economy should not be sanctioned.
Funds can be used against us
India has said that if it gets a bailout package from the IMF amidst the ongoing military tension with Pakistan, it can use it to buy military action and war equipment. However, the IMF has given the green signal to the loan of $ 1.3 billion for Pakistan, bypassing all these concerns of India.
Pramod Kumar Tiwari likes to cover the stock market, investment tips, tax and personal finance. Explains complex subjects very easily. In newspapers, dozens of columns have also been written on personal finance. Journalist …Read more
Pramod Kumar Tiwari likes to cover the stock market, investment tips, tax and personal finance. Explains complex subjects very easily. In newspapers, dozens of columns have also been written on personal finance. Journalist … Read more