Pakistan hopes to acquire $32 billion loan this year

Pakistan hopes to acquire $32 billion loan this year

Renowned economic and political experts said that there was no immediate prospect of declaring an economic emergency in Pakistan because the government still expects to receive $32 billion in loans this year.

While discussing current economic and political issues, anchors Shahbaz Rana and Kamran Yousaf noted that Pakistan’s official foreign exchange reserves had dropped to a four-year low of $6.7 billion, and the critical phase had begun.

During the show, the hosts debated the government’s claims that the country’s economy was stabilizing and that the IMF programme was resuming.

“Pakistan is still hoping to receive a total of $32 billion in foreign funds in the current fiscal year,” Rana said.

Keeping the low level of reserves in mind, Rana stated that Pakistan recently requested $3 billion in cash from Saudi Arabia after its foreign exchange reserves fell to a critical level.

Read More: Pakistan seeks emergency $3b Saudi cash injection

Rana also stated that Pakistan needed at least $32 to $34 billion in the current fiscal year to finance its debt and close the current account deficit gap. He did, however, state that foreign inflows remained at $4.2 billion in the first four months.

The hosts also discussed whether the finance minister would be able to keep his promise to give protesting employees a 150% executive allowance, claiming that the annual impact of ending the injustice was Rs1.3 billion.

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