Defense News , Pakistan :- In Pakistan, where the economy is facing big problems, the International Monetary Fund (IMF) has given a thumbs up to the country's plan to fix its economic issues. The IMF's group of leaders finished checking the plan and agreed to immediately give Pakistan $700 million, according to a report by ARY News.
This decision by the IMF is based on an agreement made between the IMF and Pakistan on November 15, 2023. This agreement shows that Pakistan is serious about making important changes to improve its situation.
The approval from the IMF leaders is a result of hard work by Pakistan's temporary Finance Minister Shamshad Akhtar and Army Chief General Asim Munir. They have been trying their best to boost the country's economy.
The current program with the IMF is for $3 billion, and it is supposed to finish in April 2024. However, there is still about $8 billion left to be given. The IMF had already given $1.2 billion in July.
With the recent approval, Pakistan is set to receive another $700 million from the IMF. Officials from the Finance Ministry are confident that Pakistan has met all the goals set by the IMF and should see positive outcomes.
Back in November of the previous year, Pakistan and the IMF reached an agreement on the first review under the program. This agreement shows that Pakistan is committed to fixing its financial issues by making changes like reducing costs in the energy sector, improving the financial system, and attracting investment for job creation.
The total debt for Pakistan reached a huge amount of 63,399 trillion Pakistani Rupees by the end of November last year. This was reported by ARY News, citing an official report. The report shows an increase of over 12.430 trillion PKR during the time of the previous government and the current temporary government.
In November 2023, the overall debt was 63.390 trillion PKR, including 40.956 trillion PKR in domestic loans and 22.434 trillion PKR in international loans. This is a significant increase from November 2022 when the total debt was 50.959 trillion PKR, as reported by ARY News.
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