Amid a major economic crisis, Pakistan has sought the help of the United Statesp

Pakistan is not expected to get loan from International Monetary Fund (IMF) soon. While its foreign exchange crisis is getting deeper. In this financial year, Pakistan has to repay the debt of about eight billion dollars. Apart from this, current account related liabilities also have to be met. While there is much less amount left in its foreign exchange reserves.

Meanwhile, the IMF has sought information from Pakistan about its current budgetary position. The IMF has said that it will start negotiations on releasing the loan sanctioned to Pakistan only after receiving full details about Pakistan's financial position by December 31, 2022. The concern of the Government of Pakistan has increased due to this attitude of the IMF.

What Pak Government Official Says

A senior official of the Government of Pakistan told the newspaper The News- 'To repay the debt and fill the current account deficit in the current financial year, up to ten billion dollars of foreign exchange is required. It is not possible to raise it without the help of the IMF.'

An official of Pakistan's Finance Ministry confirmed to the same newspaper that the IMF has sought additional information on Pakistan's financial condition.

Meanwhile, the Government of Pakistan has planned to eliminate the cyclical debt of the gas sector. The IMF had stipulated to do so. Eliminating this loan means that government loans will not be available for importing gas. Therefore, its sale within the country will have to be in proportion to the value of the import in the international market. This means that there will be a sharp increase in the price of natural gas in Pakistan.

How IMF Reacted To Pakistan Letter

The fiscal year in Pakistan is from July to June. Till next June 30, the government of Pakistan will have to raise about $10 billion to meet its foreign exchange liabilities. If this does not happen, Pakistan will be forced to default (being unable to repay the loan). Citing this, the Government of Pakistan had recently sent a request letter to the IMF for immediate loan release. In response, the IMF has sought additional information.

Last year, the IMF had agreed to give about seven billion dollars to Pakistan under its extended credit facility. But imposing several conditions, he had said that he would release the loan amount only after fulfilling those conditions. Meanwhile, the economic condition of Pakistan is getting worse.

The State Bank of Pakistan has accepted in its latest monetary policy document that Pakistan's challenges are increasing on the front of meeting foreign liabilities. According to government figures, Pakistan has to repay $ 23 billion to foreign lenders in this financial year. Out of this, he has fulfilled the liability of $ 15 billion. He has to repay the remaining eight billion dollars in debt. In addition there are current account liabilities. According to officials, Pakistan's current account deficit could be up to nine billion dollars in this financial year.

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