and currency reserves will fall
Pakistan’s newspaper The Express Tribune has quoted sources as saying that in the next 72 hours, Pakistan has to repay the loan of $ 500 million. This loan will be repaid to his close friend a commercial bank in China. Because of this, the foreign exchange reserves will go below four billion dollars. Along with this, information about any new help has not been received yet. After the Lunar New Year holidays, Chinese financial institutions will start giving loans to Pakistan. It has been told by sources in the Ministry of Finance that a Chinese commercial bank has to repay a loan of $300 million. This amount will mature in the fourth week of February.
hope for relief
After repaying the Chinese bank loan, the country’s foreign exchange reserves will reach $3.5 billion by the end of this week. On Monday, the central bank gave information about the country’s monetary policy. It was told by the bank that the country needs $33 billion in this financial year. Out of this, fiscal deficit of $10 billion and foreign debt of $23 billion are included. Eight billion dollars have to be repaid within the next five months. According to Governor Jameel Ahmed, foreign aid is expected to arrive in the next few months. In this case, some help will be available.
Finance Minister leaves for Qatar
In the midst of all this, the country’s Finance Minister Ishaq Dar has left for Qatar. Their objective is to gauge the interest of the Gulf country in the strategic sale. Shares of public enterprises have also been sold to raise funds. Pakistan’s authorities are yet to decide what price will be fixed for government institutions. Even after several rounds of talks with Qatar and UAE in April last year, no result could be found in this.
IMF probing request
Last week, Pakistan had asked the International Monetary Fund (IMF) to send a team to Islamabad. His aim was to restart the bailout program which is currently stalled. Till now the IMF has not decided whether its team will go to Pakistan or not. Former Finance Minister of the country Miftah Ismail has said that without the IMF programme, the country would be on the verge of poverty. The experts of the country have warned that the country is getting engulfed in a huge economic crisis. Inflation is rising to record levels and the risk of penury has increased. He said that due to one crisis after another, homes, offices and hospitals are moving towards a big catastrophe.