Wednesday, March 20, 2024

ANOTHER IMF BAILOUT: Pakistan

Islamabad, Pakistan – Pakistan and the International Monetary Fund (IMF) have reached a staff-level agreement for the release of $1.1bn from a $3bn bailout package the indebted country needed to avert a sovereign default.
“The IMF team has reached a staff-level agreement with the Pakistani authorities on the second and final review of Pakistan’s stabilization program,” the IMF said in a statement on Wednesday. 

Pakistan, IMF reach staff-level deal to release $1.1bn from bailout package

The funds are the final tranche of a $3bn programme agreed upon last year to avert a default, as Islamabad seeks another long-term bailout.
Pakistan is desperately seeking financial assistance from global lenders and bilateral partners to shore up its $350bn economy, which has been under severe strain for two years.
  • Its economy is particularly burdened by debt obligations, which amount to more than $130bn of external debt. 
  • The foreign reserves are a paltry $8bn, enough to cover eight weeks of imports in a country that relies on imported goods to fuel its economy.
Meanwhile, inflation, despite a gradual decline, is still at 23%, as the currency has lost more than 50 percent of its value against the US dollar in the last two years.
To fight the crisis, Finance Minister Muhammad Aurangzeb recently said the government is looking for a “longer, larger” IMF bailout package once the current deal expires.
A sales tax on petroleum product could lead to inflationary impact. [Arshad Arbab/EPA]
The Pakistani government is also seeking a new IMF bailout package [File: Arshad Arbab/EPA]

Economist Safiya Aftab told Al Jazeera the successful completion of the IMF programme means the government is “seriously attempting to start bringing about [policy] reforms which the IMF has been asking for”.

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Who is Muhammad Aurangzeb, the man tasked with fixing Pakistan’s economy?


ADDENDUM
International Monetary Fund

Total IMF Credit Outstanding
Movement From March 01, 2024 to March 19, 2024


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(in SDRs)

Note: This data is subject to regular formal reviews and may be subject to change or adjustment due to pending transactions which may not have yet been confirmed.

MemberTotal IMF Credit Outstanding as of 02/29/2024Total DisbursementsTotal RepaymentsTotal IMF Credit Outstanding as of 03/19/2024
Afghanistan, Islamic Republic of373,896,00000373,896,000
Albania177,825,84400177,825,844
Angola3,079,316,668003,079,316,668
Argentina32,450,000,0000032,450,000,000
Armenia, Republic of261,918,43504,192,587257,725,848
Bahamas, The136,800,000022,800,000114,000,000
Bangladesh1,360,446,57006,820,0201,353,626,550
Barbados412,475,00200412,475,002
Benin671,743,80000671,743,800
Bosnia and Herzegovina239,731,25005,284,375234,446,875
Burkina Faso297,374,00000297,374,000
Burundi103,100,00001,000,000102,100,000
Cabo Verde55,220,0000055,220,000
Cameroon1,072,260,000001,072,260,000
Central African Republic210,908,00000210,908,000
Chad522,413,00000522,413,000
Colombia3,750,000,0000468,750,0003,281,250,000
Comoros18,251,6750018,251,675
Congo, Democratic Republic of1,446,800,000001,446,800,000
Congo, Republic of291,600,00000291,600,000
Costa Rica1,723,885,000046,175,0001,677,710,000
Cote d'Ivoire1,994,585,704001,994,585,704
Djibouti31,800,0000031,800,000
Dominica12,740,0000012,740,000
Dominican Republic298,375,00000298,375,000
Ecuador5,866,016,668039,141,6665,826,875,002
Egypt10,980,529,1770010,980,529,177
El Salvador179,500,00000179,500,000
Equatorial Guinea76,537,0000076,537,000
Eswatini, The Kingdom of68,687,5000068,687,500
Ethiopia411,787,50000411,787,500
Gabon637,325,00000637,325,000
Gambia, The104,886,25000104,886,250
Georgia446,500,00000446,500,000
Ghana2,087,474,500014,944,5002,072,530,000
Grenada22,004,0000022,004,000
Guinea312,388,70000312,388,700
Guinea-Bissau39,369,4000039,369,400
Haiti184,824,90000184,824,900
Honduras458,705,750017,902,375440,803,375
Jamaica524,537,528191,450,0000715,987,528
Jordan1,496,577,667001,496,577,667
Kenya2,566,263,300002,566,263,300
Kosovo56,788,5000056,788,500
Kyrgyz Republic166,499,20000166,499,200
Lesotho29,090,0000029,090,000
Liberia166,212,20000166,212,200
Madagascar637,569,20000637,569,200
Malawi331,923,00000331,923,000
Maldives21,200,0000021,200,000
Mali362,742,60000362,742,600
Mauritania259,072,00000259,072,000
Moldova, Republic of579,870,00500579,870,005
Mongolia165,024,45809,037,500155,986,958
Montenegro, Republic of45,375,0000045,375,000
Morocco1,344,250,000001,344,250,000
Mozambique516,880,00000516,880,000
Myanmar473,732,50000473,732,500
Namibia191,100,00000191,100,000
Nepal324,495,00000324,495,000
Nicaragua130,000,000010,833,750119,166,250
Niger356,694,00000356,694,000
Nigeria1,534,062,500001,534,062,500
North Macedonia, Republic of291,127,50000291,127,500
Pakistan5,971,520,836005,971,520,836
Panama235,500,00000235,500,000
Papua New Guinea394,820,00000394,820,000
Rwanda367,909,98000367,909,980
St. Lucia21,400,0000021,400,000
St. Vincent and the Grenadines20,079,9500020,079,950
Samoa16,200,0000016,200,000
Sao Tome & Principe24,398,8630024,398,863
Senegal1,197,281,250001,197,281,250
Serbia, Republic of949,460,00000949,460,000
Seychelles94,600,7500094,600,750
Sierra Leone355,330,20006,074,000349,256,200
Solomon Islands17,540,50501,733,75015,806,755
Somalia72,000,0000072,000,000
South Africa2,288,400,000002,288,400,000
South Sudan246,000,00000246,000,000
Sri Lanka1,166,812,512001,166,812,512
Sudan991,551,00000991,551,000
Suriname197,000,00000197,000,000
Tajikistan, Republic of139,200,00000139,200,000
Tanzania739,900,00000739,900,000
Togo232,548,00051,380,0000283,928,000
Tonga13,800,0000013,800,000
Tunisia1,142,584,631001,142,584,631
Uganda902,500,00090,250,0000992,750,000
Ukraine8,944,705,8400542,675,8338,402,030,007
Uzbekistan, Republic of206,768,75000206,768,750
Vanuatu2,550,000002,550,000
Yemen, Republic of9,750,00004,875,0004,875,000
Zambia419,640,00000419,640,000
Total112,822,841,518333,080,0001,202,240,356111,953,681,162


Disclaimer
The information provided is for your convenience and is not intended to replace other official IMF reports and statements.

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