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IMF refused Pakistan $6 billion loan request and has ‘no plan B’.

IMF refused Pakistan $6 billion loan request and has 'no plan B'.

IMF refused Pakistan $6 billion loan request: Pakistan inflation surpasses Sri Lanka to record 37.8%: IMF refuses $6 billion loan request, now has ‘no plan B’. Troubles continued to mount for an embattled Pakistan today, with official data revealing a rise in its annual inflation to a record 37.97% in May. Pakistan’s figure is the highest in South Asia, ahead of Sri Lanka, whose annual inflation stood at 25.2% in May.

IMF refused Pakistan $6 billion loan request: Data released by the Bureau of Statistics showed that alcoholic beverages and tobacco witnessed the highest year-on-year increase of 123.96%, followed 52.92%. The cost of non-perishable foods also rose by recreation and culture at 72.17% and transport at by over 50%.

IMF refused Pakistan $6 billion loan request and has 'no plan B'.

IMF rejects Pakistan’s loan request: Islamabad, with sky-high inflation, now has ‘No Plan B’.

The bureau’s announcement on Thursday worsens the economic crisis in the South Asian country as crucial bailout talks with the International Monetary Fund (IMF) remain stalled and the risk of defaulting on debts looms.

Non-perishable foods and transport costs climbed more than 50% over May 2022, while average inflation for the past 12 months was 29.16%, the data showed. “This level of inflation badly affects poor and middle-class families of the country, whose income is evaporating with each percentage point,” said Mohammad Sohail, a financier in Karachi.

IMF refused Pakistan $6 billion loan request and has 'no plan B'.

IMF refused Pakistan $6 billion loan request: Years of financial mismanagement have pushed Pakistan’s economy to the limit, exacerbated by a global energy crisis and devastating floods that submerged a third of the country in 2022.

IMF refused Pakistan $6 billion loan request: Pakistan’s economy on brink of collapse with May inflation surging to 38 per cent, food prices up 50 per cent.

The IMF has disbursed $3.9 billion of the overall $6.5 billion rescue package, with the remaining amount dependent on the completion of three outstanding reviews. The government’s efforts to salvage the agreement and secure the necessary funding will continue as negotiations with the IMF persist.

IMF refused Pakistan $6 billion loan request and has 'no plan B'.

Prime Minister Shehbaz Sharif’s government is due to present its annual budget next week, and the nation has already downgraded its growth forecast for the year ending June 30 from 5% to 0.3%

According to The Express Tribune, the government is forced to save the agreement after the International Monetary Fund (IMF) rejected Pakistan’s plea to lower the necessity of obtaining $6 billion in extra loans.

IMF refused Pakistan $6 billion loan request: Pakistan’s sole choice, according to Dr. Aisha Pasha, Minister of State for Finance, is to rejoin the IMF, she said at a National Assembly Standing Committee on Finance hearing. The committee also addressed the potential of holding Finance Minister Ishaq Dar in contempt of Parliament for skipping the meeting.

The rate of inflation in Pakistan is at its highest level since 1957 as the country’s economy struggles to recover. The nation now leads all of Asia in terms of inflation rate, surpassing Sri Lanka. The government and the people of Pakistan face serious difficulties as a result of the startling 38% inflation rate as of May 2023.

Pakistan’s Inflation Rises to Record 37.97%, Country Grappling with High External Debt.

IMF refused Pakistan  billion loan request and has ‘no plan B’.

IMF refused Pakistan $6 billion loan request: Dr. Pasha disclosed that Pakistan had urged the IMF to take the current account deficit’s revised statistics into consideration while lowering the external funding requirement, but the request was denied. She went on to say that although a staff-level agreement had been reached, $3 billion was still needed, but the IMF insisted on seeing proof of the $6 billion.

In order to comply with IMF demands, the government has already given up on popular gas and energy subsidies that had offered some respite during the cost-of-living crisis.

Concerns about money are present because elections must take place by October. Muhammad Safeer, a concerned local in an Islamabad bazaar, said, “Everyone is worried.” “From where will we obtain the funds? Individual debt may only increase.

IMF refused Pakistan $6 billion loan request: The government of Shehbaz Sharif is scheduled to release its yearly budget the following week. However, the country has already reduced its growth projection for the fiscal year ending June 30 from 5% to just 0.3%, underscoring the severity of the current economic crisis.

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Radhe

By Radhe

He is an extrovert born and raised in Muzaffarpur, Bihar.Writing for him has always been a way to escape from the sequences of the world and be an outcast. He is already a recognised writer of his age.

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