• Login
  • Home
  • Pakistan
  • International News
  • Business
  • Sports
  • Entertainment
  • Opinion
No Result
View All Result
  • Home
  • Pakistan
  • International News
  • Business
  • Sports
  • Entertainment
  • Opinion
No Result
View All Result
Times of Pakistan
No Result
View All Result
Home Business Economy

Pakistan repays $394m to IMF

ToP by ToP
November 22, 2012
in Economy
0
International Monetary Fund

International Monetary Fund

0
SHARES
7
VIEWS
Share on FacebookShare on Twitter
International Monetary Fund

ISLAMABAD: Following its legal obligations, the cash-starved government of Pakistan on Wednesday repaid another instalment worth $394 million to International Monetary Fund (IMF) on the account of Standby Arrangement (SBA) programme.

Pakistan has repaid $2.52 billion to the IMF in seventh instalments since February 2012. Sources said that Islamabad would repay the eighth instalment worth $1.1 billion to the International Monetary Fund (IMF) in February 2013 that would further deplete the country’s foreign exchange reserves, which are already under severe pressure. Foreign exchange of the country had already declined to around $14 billion in November 2012 from higher side of over $18 billion mainly due to heavy repayment to IMF.

Sources further said that country’s foreign reserves could go down to around $10 billion at the end of ongoing financial year 2012-13 after heavy repayments of $2.9 billion to the IMF during the ongoing financial year 2012-13. The country’s foreign exchange reserves would come further under pressure in next financial year 2013-14 when Pakistan would repay $3.4 billion to $3.8 billion to the IMF and there would be no other option but to seek fresh loan from the Fund in order to avert looming balance of payment crisis.

However, the government has not decided yet to approach to IMF for fresh programme to return the earlier loan. “The government has not decided yet to go to IMF for new programme”, said Rana Asad Amin, spokesperson of the Finance Ministry while talking to Media. He further said that we are engaged with IMF as like other member countries.

According to sources, a similar situation of foreign exchange reserves had compelled the government in 2008 to seek a $7.6 billion IMF bailout package, which was increased to $11.3 billion but the country was not eligible for the last two disbursements of $3.2 billion due to failure to comply with the performance criteria. The government was failed to bring reforms in General Sales Tax (GST) and power sector, which became the reason in suspending the programme. – Nation

Tags: International Monetary Fundlegal obligations
Previous Post

Kickstarter sued over 3D Systems’ printer patent

Next Post

Flowers, fancy birds attract people

ToP

ToP

Related Posts

anti-money laundering
Economy

Pakistan Improves Risk Score on Global Anti-money Laundering Index

by Jameel Ahmad
March 7, 2023
Dar vows revival of critically-damaged economy
Economy

Dar vows revival of critically-damaged economy

by Jameel Ahmad
September 28, 2022
Pakistan’s earns $199 million from IT services’ export during July 2022
Economy

Pakistan’s earns $199 million from IT services’ export during July 2022

by Jameel Ahmad
September 23, 2022
Foreign exchange: SBP reserves go down by $75mn in a week
Economy

Rupee continues to sink, falls to Rs232 against USD

by Jameel Ahmad
July 25, 2022
Pakistan earns US $434 million by exporting transport services in 7 months
Pakistan

Pakistan earns US $434 million by exporting transport services in 7 months

by Jameel Ahmad
April 12, 2022
IMF to continue support Pakistan after ‘new gov’t is formed’
Economy

IMF to continue support Pakistan after ‘new gov’t is formed’

by Jameel Ahmad
April 6, 2022
National Assembly Approves Rs8.487tr Budget for next Fiscal year with Majority Vote
Economy

National Assembly Approves Rs8.487tr Budget for next Fiscal year with Majority Vote

by Jameel Ahmad
June 30, 2021
Next Post
Flowers, fancy birds attract people

Flowers, fancy birds attract people

Popular Stories

  • Farhan Ali Qadri

    Naat Khawan ‘Farhan Ali Qadri’ Arrested

    0 shares
    Share 0 Tweet 0
  • PM Imran launches Ehsaas Emergency Cash Information Portal

    0 shares
    Share 0 Tweet 0
  • Govt makes 21-year record of Toshakhana Public

    0 shares
    Share 0 Tweet 0
  • Watch Video: Indian Father Buried His Ten Year Old Daughter Alive

    0 shares
    Share 0 Tweet 0
  • The Suffering Soul in the Scientific Age

    0 shares
    Share 0 Tweet 0
Times of Pakistan

About Times Of Pakistan

kralbetbetturkeyikimislibahis1xbetm.infohipas.infohttps://www.wiibet.com/restbetcdn.com

Other Categories

  • Beautiful Pakistan
  • Fashion News
  • Funny News
  • Viral Videos
  • Weird News

Recent Posts

  • Govt’s Subsidy Plan Raises Red Flags
  • Imran Khan Dials Down Anger, says ready to Mend Fences
  • Standoff at Imran Zaman Park residence enters second day as skirmishes resume

Times Of Pakistan © 2021. Design & Developed by E2E Solution Providers.

No Result
View All Result
  • Home
  • Pakistan
  • International News
  • Business
  • Sports
  • Entertainment
  • Opinion

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In