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HomePoliticsWorldPakistan in deep economic crisis, needs $ 51.6 billion external financing

Pakistan in deep economic crisis, needs $ 51.6 billion external financing

The WB and ADB continue to lend project loans but, keeping in view the capacity of Pakistan to implement projects, the disbursement is low

Pakistan is in the throes of a deep economic crisis with the country requiring gross external financing of $ 51.6 billion within a two-year period (2021-2023) in order to fulfil its needs.

Despite placing very conservative estimates assessed by the IMF, Pakistan’s gross external financing requirement stands at $ 23.6 billion in 2021-22 and % 28 billion in 2022-23, reported The News International.

Authorities in Pakistan are making last-ditch efforts to strike a staff-level agreement with the International Monetary Fund (IMF) to bridge the gap of external financing requirements. Without striking a deal with the IMF under the existing $ 6 billion Extended Fund Facility (EFF) during the ongoing parleys in Washington, this massive gross external financing requirement will be at in the wake of the suspension of program loans from other multilateral creditors such as the World Bank (WB) and Asian Development Bank (ADB), reported The News International.

The WB and ADB will continue lending project loans but keeping in view the capacity of Pakistan to implement projects, the disbursement becomes dismally low.

The credit rating agencies may further downgrade the country’s ratings, so generating funds through the issuance of international bonds will become expensive, reported The News International.

The official sources said that the IMF was asking for the removal of distortions into the taxation system and pointed out that different GST exemptions and rates should be aligned with the standard rate of 17%.

The standard GST rate of 17% should be imposed on Petroleum Oil Lubricants (POL) products. The GST rate on fertilizer, tractors and other items should be brought at the standard rate of 17%, reported The News International.

However, Pakistani authorities are opposing such proposals arguing that it would further marginalize the neglected Agri sector.

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PM to visit Gorakhpur on 7th December and dedicate to the nation development projects worth over Rs 9600 crore:

http://nm-4.com/qL7ntk

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Raksha Mantri Shri @rajnathsingh receiving his Russian counterpart General Sergei Shoigu, ahead of India-Russia Inter-Governmental Commission on Military and Military Technical Cooperation (IRIGC-M&MTC) meeting at Sushma Swaraj Bhawan in New Delhi, today.

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