PNN – The International Monetary Fund has agreed to Pakistan’s request for a new loan worth seven billion dollars, which it is expected to pay to Islamabad over the next three years, subject to final approval.
According to the report of Pakistan News Network, the Pakistani media, citing the official announcement of the International Monetary Fund, said that the final approval of this loan should be done by the executive board of the International Monetary Fund and timely approval of the necessary financial guarantees from Pakistan’s bilateral partners.
In return for this loan, Pakistan’s coalition government imposed heavy new taxes worth more than 1.7 trillion rupees, mainly on the poor and middle-income groups of the country, and increased the price of electricity by 7.12 rupees per unit to 580 to receive an additional billion rupees from domestic and commercial consumers. Each US dollar is equal to 277 Pakistani rupees.
In return for this loan, the International Monetary Fund seeks to strengthen the financial system, monetary supervision and expand the range of taxes in Pakistan.
This financial institution has announced that the price has decreased in Pakistan over the past year, its foreign exchange reserves have improved and the new loan will also lead to strengthening the livelihood of Pakistani people.
According to Pakistani experts, this will be the country’s 24th loan program from the International Monetary Fund in the next three years, which will impose a heavy burden on Pakistan in the short term.
Earlier, Pakistani Prime Minister Shahbaz Sharif announced that the country will receive a new loan from the International Monetary Fund and this will be the last foreign loan.
He emphasized that Pakistan is determined to strengthen exports and attract foreign direct investment so that it no longer needs loans.