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We fulfilled the conditions, now we have two loans; Pakistan started growling at the IMF as its honour was saved at the mercy of three countries

The economic condition of neighboring country Pakistan remains bad. In such a situation, Pakistan has sought financial help from the International Monetary Fund (IMF) to deal with the economic crisis. There has been a discussion about getting a bailout package from the IMF for a long time, but before giving the loan, the IMF had imposed many conditions on Pakistan, due to which the bailout package was getting stuck. Now the way to get the bailout package seems to be clear as the IMF has finally included the 37-month Extended Fund Facility (EFF) to give Pakistan a bailout package in the agenda of its Executive Board meeting to be held on September 25.

Meanwhile, Prime Minister Shahbaz Sharif has praised his friendly countries for helping Islamabad to get the bailout package. In a statement issued on Thursday, the global lender, IMF, said that its executive board will discuss the approval of the EFF agreement to give Pakistan a bailout package of $ 7 billion on September 25. The statement said that the International Monetary Fund is going to implement the terms of the 37-month agreement with Islamabad.

Let us tell you that Pakistan and IMF had reached an agreement on a 37-month loan program in July itself, but IMF had put a hitch in it and said that until Pakistan rolls over the old loan of $ 12 billion, it cannot be given a new bailout package of $ 7 billion. According to insiders, Pakistan already has cash deposits of $ 5 billion from Saudi Arabia, $ 4 billion from China and $ 3 billion from UAE. This amount is separate from the Chinese commercial loan of $ 4.5 billion.

This is Pakistan, a policeman killed a man in the police station for criticising Prophet Muhammad

Dawn’s report said that now the Prime Minister of Pakistan, expressing gratitude to the friendly countries, has asked the IMF to approve a bailout package of $ 7 billion. Top official sources have also confirmed that Pakistan has sent a request to the IMF to consider approval of $ 7 billion under the 37-month EFF. For this, now Pakistan will have to submit a Letter of Intent (LoI) to the Executive Board of the IMF, which will contain a written commitment that the Government of Pakistan will comply with all the conditions of the fund program.

Prime Minister Shahbaz Sharif, while addressing the federal cabinet meeting, has said that we have to get rid of the debts. Now Pakistan should stand on its own feet. He has expressed hope that the upcoming $7 billion IMF package will be the country’s last bailout package.

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