ISLAMABAD: Pakistan has paid over $ 3.5 billion in curiosity on loans to the Worldwide Financial Fund (IMF) within the final forty years. The gorgeous revelation was made throughout a gathering of the Senate’s Standing Committee on Financial Affairs, chaired by Senator Saifullah Abro, on Thursday on the Parliament Home, the place the Ministry of Finance introduced particulars of the loans and repayments made to the IMF to date.
In accordance with The Specific Tribune, in the course of the briefing by officers from the Ministry of Finance and the State Financial institution of Pakistan, it was disclosed that Pakistan has paid over $ 3.60 billion in curiosity to the IMF.
The paperwork introduced within the assembly revealed that the curiosity paid quantities to over Rs 1,000 billion in Pakistani forex.
It additionally emerged that over the previous 30 years, Pakistan has borrowed roughly $ 29 billion from the IMF and has repaid greater than $ 21.72 billion in the identical interval.
Within the final 4 years alone, Pakistan borrowed over $ 6.26 billion from the IMF and repaid $ 4.52 billion. Moreover, within the final 4 years, Pakistan has paid over $ 1.10 billion in curiosity to the IMF.
In 2024, Pakistan borrowed $ 1.35 billion in Particular Drawing Rights (SDRs) from the IMF and repaid $ 646.69 million in SDRs.
SDRs are a global reserve asset created by the IMF. They’re used to complement the official reserves of member nations and might be exchanged amongst governments for freely usable currencies in instances of want. The worth of SDRs relies on a basket of main worldwide currencies.
The Ministry of Finance officers additionally knowledgeable the committee that Pakistan borrowed $ 19.55 billion SDRs ( $ 25.94b) from the IMF since 1984 and repaid $ 14.71 ( $ 19.51b) billion SDRs, with $ 2.44 ( $ 3.23b) billion SDRs paid in curiosity.
The committee chairman stated on the event that the nation was not being destroyed by itself “however all of us have an element in its destruction”.
The committee later sought particulars of each programme with the IMF, stating that the committee needs to be knowledgeable about what has occurred in every programme, in accordance with the paper
The event comes as Pakistan is near getting one other IMF mortgage of about $ 7 billion, which will probably be supplied in three years.
In accordance with The Specific Tribune, in the course of the briefing by officers from the Ministry of Finance and the State Financial institution of Pakistan, it was disclosed that Pakistan has paid over $ 3.60 billion in curiosity to the IMF.
The paperwork introduced within the assembly revealed that the curiosity paid quantities to over Rs 1,000 billion in Pakistani forex.
It additionally emerged that over the previous 30 years, Pakistan has borrowed roughly $ 29 billion from the IMF and has repaid greater than $ 21.72 billion in the identical interval.
Within the final 4 years alone, Pakistan borrowed over $ 6.26 billion from the IMF and repaid $ 4.52 billion. Moreover, within the final 4 years, Pakistan has paid over $ 1.10 billion in curiosity to the IMF.
In 2024, Pakistan borrowed $ 1.35 billion in Particular Drawing Rights (SDRs) from the IMF and repaid $ 646.69 million in SDRs.
SDRs are a global reserve asset created by the IMF. They’re used to complement the official reserves of member nations and might be exchanged amongst governments for freely usable currencies in instances of want. The worth of SDRs relies on a basket of main worldwide currencies.
The Ministry of Finance officers additionally knowledgeable the committee that Pakistan borrowed $ 19.55 billion SDRs ( $ 25.94b) from the IMF since 1984 and repaid $ 14.71 ( $ 19.51b) billion SDRs, with $ 2.44 ( $ 3.23b) billion SDRs paid in curiosity.
The committee chairman stated on the event that the nation was not being destroyed by itself “however all of us have an element in its destruction”.
The committee later sought particulars of each programme with the IMF, stating that the committee needs to be knowledgeable about what has occurred in every programme, in accordance with the paper
The event comes as Pakistan is near getting one other IMF mortgage of about $ 7 billion, which will probably be supplied in three years.
