Pakistan Economic Crisis: Poor Pakistan has been trying to get its bailout package from the International Monetary Fund for a long time, but this path is not easy for it. In such a situation, Pakistan is demanding financial help from its ‘friend’ countries. Now a relief news has come for the troubled Pakistan. The United Arab Emirates has approved a financial aid of $ 1 billion to Pakistan (UAE Give Loan to Pakistan) and paperwork is now underway to get the money.
Finance Minister gave information
Giving information on this matter, Pakistan’s Finance Minister Ishaq Dar said that after talks with UAE officials, an agreement has been reached on financial assistance of $ 1 billion to Pakistan and its information has also been given to the IMF. Now the paperwork is being completed between the State Bank of Pakistan and the officials of the United Arab Emirates. Along with this, he also told that China has already paid $ 1.3 billion to Pakistan. Out of that, China will rollover a loan of $300 million. In such a situation, efforts are being made to increase the Forex Reserves of Pakistan with this money.
IMF program — 9th Review Update:
UAE authorities have confirmed to IMF for their bilateral support of US $ One billion to Pakistan.
State Bank of Pakistan is now engaged for necessary documentation for taking the said deposit from UAE authorities.
— Ishaq Dar (@MIshaqDar50) April 14, 2023
Country facing major economic crisis
Pakistan is facing the worst economic crisis in 75 years. In such a situation, Pakistan is making every effort to get a package of $ 1.1 billion from the International Monetary Fund. This money is a part of the IMF’s bailout of $ 6.5 billion in the year 2019. Pakistan has been waiting for this package from the IMF since the month of November last year. Giving information on this matter, the Finance Ministry has said that we have agreed to meet all the demands of the IMF.
UAE has given financial help to Pakistan in January also
Significantly, UAE had earlier rolled over a loan of $2 billion to Pakistan in the year 2023. For this ‘poor’ Pakistan had received huge financial help. While on one hand there is a danger of defaulting over Pakistan, on the other hand the general public of the country is in a bad condition due to inflation. In the month of Ramadan, inflation in Pakistan has broken the record of 50 years. There is a fight among the people for the flour being distributed by the government. There has even been a stampede to get free flour from many places.
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