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Update: Apr 20, 2021 12:56 AM STI
Islamabad [Pakistan], April 20 (ANI): As Pakistan’s financial debt continues to mount, the World Bank has set tough conditions for $ 1.5 billion loans, such as increased electricity tariffs , the introduction of new energy and fiscal policies, putting the government headed by Imran Khan in a difficult situation which already requires a revision of the agreement with the International Monetary Fund (IMF).
Citing sources, The Express Trtibune reported that the country’s finance ministry is requesting three budget support loans totaling $ 1.5 billion from the World Bank by the end of June.
The loans are part of the overall external financing requirement of $ 27 billion for the current fiscal year, according to the sources.
Pakistan has called on the World Bank to provide $ 500 million each under the Resilient Institutions for a Sustainable Economy (RISE-II), Securing Human Investments for Transformation (SHIFT-II) and the Agenda for Sustainable Economy (SHIFT-II). affordable and clean energy (PACE), according to sources.
Outgoing Finance Minister Hammad Azhar chaired a meeting on Friday to review the state of the terms the World Bank had proposed for granting the loans. In the absence of non-debt inflows, the government’s dependence on foreign loans is intensifying and it recently borrowed $ 2.5 billion in floating Eurobonds, The Express Tribune reported. .
Some of the conditions the World Bank has set are also part of the IMF program, which the IMF Fund relaunched three weeks ago, but the government now wants to renegotiate it.
New Finance Minister Shaukat Tarin has publicly stated that he wants to renegotiate the deal with the IMF, according to The Express Tribune. (ANI)
