Pakistan Economy Crisis: Pakistan has become the fourth largest borrower of the International Monetary Fund. Pakistan has approved a loan of three billion dollars from the IMF. However, with the global lender, it was on standby mode for the next nine months. After several rounds of talks, the IMF had expressed its willingness to give a loan of 3 billion dollars. After this it has become the biggest borrower of IMF.
Pakistan is facing a huge economic crisis. The country, which is facing its worst economic crisis since independence in 1947, was ranked fifth in the list of countries with the highest borrowing from the International Monetary Fund (IMF) as on 31 March 2023. According to The Express Tribune Newspaper, Pakistan will move to fourth place in the list when it will get another US$3 billion over the next nine months under a stand-by arrangement with the Washington-based global lender on Thursday.
Which country took maximum loan from IMF?
The deal, which still needs approval from the IMF board, comes after a delay of eight months. Earlier, in terms of taking loan from IMF, Argentina is at the first place with $ 46 billion. After this, Egypt was in second place with $ 18 billion. While Ukraine is at the third place with US $ 12.2 billion and Ecuador was at the fourth place with US $ 8.2 billion, but now Pakistan will leave it behind with $ 10.4 billion.
Pakistan is Asia’s largest IMF borrower
With a loan of US $ 10.4 billion from the IMF, Pakistan will become the fourth largest IMF lender in the world, surpassing Ecuador. Significantly, despite the money owed to a total of 93 countries, the top 10 debtor borrowers of the IMF, including Pakistan, hold 71.7 percent of the $155 billion. It has been said in a report that Pakistan also has the book of being the largest IMF borrower in the Asian region.
These countries also borrowed from IMF
Other Asian countries that have borrowed from the International Monetary Fund include Sri Lanka, Nepal, Uzbekistan, the Kyrgyz Republic, Armenia (West Asia) and Mongolia. According to IMF data, till March 31 this year, the global lender has issued a loan of US $ 155 billion to balance the world’s financial situation and support the weak economy.
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