look news india
Pakistan has not been able to come out of its misery. Inflation has broken the back of the common people in Pakistan. Pakistanis remember their grandmothers while buying flour, pulses, milk, rice and sugar. In such a situation, PM Shahbaz Sharif has once again taken a new loan of 7 billion dollars from the IMF.
Neighboring country Pakistan, which is deeply impoverished, has taken loans from many countries. But, their problems are not getting resolved. That is why the Prime Minister of Pakistan is begging for mercy from the world. Pakistan has once again taken a huge loan of seven billion dollars from the International Monetary Fund. Pakistan hopes that it can now get out of the river of crisis. Pakistan, which is facing a cash crunch, and the IMF have signed a new loan agreement of seven billion dollars.
It is worth noting that this three-year loan package will help Pakistan to overcome its complex economic problems. IMF said in a statement that IMF staff and Pakistani officials have reached an agreement at the staff level, in which the economic viability achieved under the stand-by arrangement will be extended till 2023. Under this, a fund facility of about seven billion dollars has been agreed upon.
Will the IMF lift Pakistan out of poverty?
The IMF has done a great favor to Pakistan by giving it a loan of seven billion dollars. SBA is a short-term loan, which the IMF provides to its member countries facing payment crisis. The Washington-based body said that the cash-strapped country should promote more inclusive and resilient growth to strengthen macroeconomic stability.