Pakistan has decided to seek help from the US to persuade the IMF. Pakistan has not even received the installment of $ 1.1 billion from the IMF.
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Pakistan is facing cash crunch due to rising inflation across the world. The signing of the staff-level agreement between Pakistan and the IMF, which was to be signed, has not been done yet. So now Pakistan international monetary fund (IMF) has decided to ask for help from America. Pakistan has not even received the installment of $ 1.1 billion from the IMF.
According to sources, having failed to persuade the IMF to go ahead with the staff-level deal, Pakistan is left with no option but to seek help from Washington and other Western allies. Let us tell you that the economy of Pakistan is currently facing huge crisis. A few weeks ago, its foreign exchange reserves had reached a very low level of $ 2.9 billion.
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IMF kept this condition
According to a report, Finance Minister Isaac Dar has established contact with American diplomats in Islamabad and requested to help resolve the impasse through the intervention of the US Treasury Department. Regarding this, the IMF has now placed a condition on Pakistan that Pakistan should obtain 200 percent assurance by the end of June 2023 from its friendly countries and multilateral creditors to fill the financing gap of $ 6-7 billion on the external account. Only after this the IMF will consider Pakistan’s agreement.
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Monetary Fund said this
The Monetary Fund has asked Pakistan to seek support from Saudi Arabia, the United Arab Emirates, Qatar and multilateral lenders for external financing needs of six to seven billion dollars by June 2023 to bridge the financial gap. If Pakistan receives 200 percent assurance from its friendly countries by the end of June 2023, then the IMF can sign Pakistan’s agreement.