Canada Global(Web News) IMF reduced the estimate of loans required by Pakistan. According to sources, the International Monetary Fund estimated Pakistan’s external debt demand during the current fiscal year and the next fiscal year to be 124 billion dollars.
which is 8 billion dollars less than the previous estimate. It should be remembered that 4 months ago, the IMF estimated it at 131 billion dollars, while the total external debt of the government will reach 103 billion dollars, which is 5 billion dollars less than the previous estimate.
The IMF has released this estimate for the current fiscal year 2023-24 and the next fiscal year 2024-25. These estimates will be further discussed in the talks to be held in February or March next year. It should be clear that Pakistan’s The main reason for the decrease in demand for external loans is the reduction in the current account deficit, lower repayment of external loans and debt restructuring by China. Sources say that another reason for the decrease in estimates is the State Bank’s open market. There is a purchase of dollars due to which the demand for external loans is decreasing.
It should be noted that according to the data of the Central Bank, Pakistan’s external debt has reached 128 billion dollars as of September. The current estimates of the IMF show that export earnings, foreign direct investment and remittances will also increase in the next few years. will not be able to meet gross import requirements during the fiscal year, leading to government default on old loans. Repayment will require new loans.
