ISLAMABAD: Pakistan has paid over $ 3.5 billion in interest on loans to the International Monetary Fund (IMF) in the final forty years. The gorgeous revelation was made throughout a gathering of the Senate’s Standing Committee on Economic Affairs, chaired by Senator Saifullah Abro, on Thursday on the Parliament House, the place the Ministry of Finance introduced particulars of the loans and repayments made to the IMF to date.
According to The Express Tribune, in the course of the briefing by officers from the Ministry of Finance and the State Bank of Pakistan, it was disclosed that Pakistan has paid over $ 3.60 billion in interest to the IMF.
The paperwork introduced in the assembly revealed that the interest paid quantities to over Rs 1,000 billion in Pakistani forex.
It additionally emerged that over the previous 30 years, Pakistan has borrowed roughly $ 29 billion from the IMF and has repaid greater than $ 21.72 billion in the identical interval.
In the final 4 years alone, Pakistan borrowed over $ 6.26 billion from the IMF and repaid $ 4.52 billion. Additionally, in the final 4 years, Pakistan has paid over $ 1.10 billion in interest to the IMF.
In 2024, Pakistan borrowed $ 1.35 billion in Special Drawing Rights (SDRs) from the IMF and repaid $ 646.69 million in SDRs.
SDRs are a global reserve asset created by the IMF. They are used to complement the official reserves of member nations and will be exchanged amongst governments for freely usable currencies in occasions of want. The worth of SDRs is predicated on a basket of main worldwide currencies.
The Ministry of Finance officers additionally knowledgeable the committee that Pakistan borrowed $ 19.55 billion SDRs ( $ 25.94b) from the IMF since 1984 and repaid $ 14.71 ( $ 19.51b) billion SDRs, with $ 2.44 ( $ 3.23b) billion SDRs paid in interest.
The committee chairman mentioned on the event that the nation was not being destroyed by itself “but we all have a part in its destruction”.
The committee later sought particulars of each programme with the IMF, stating that the committee must be knowledgeable about what has occurred in every programme, in accordance to the paper
The improvement comes as Pakistan is shut to getting one other IMF mortgage of about $ 7 billion, which might be supplied in three years.
According to The Express Tribune, in the course of the briefing by officers from the Ministry of Finance and the State Bank of Pakistan, it was disclosed that Pakistan has paid over $ 3.60 billion in interest to the IMF.
The paperwork introduced in the assembly revealed that the interest paid quantities to over Rs 1,000 billion in Pakistani forex.
It additionally emerged that over the previous 30 years, Pakistan has borrowed roughly $ 29 billion from the IMF and has repaid greater than $ 21.72 billion in the identical interval.
In the final 4 years alone, Pakistan borrowed over $ 6.26 billion from the IMF and repaid $ 4.52 billion. Additionally, in the final 4 years, Pakistan has paid over $ 1.10 billion in interest to the IMF.
In 2024, Pakistan borrowed $ 1.35 billion in Special Drawing Rights (SDRs) from the IMF and repaid $ 646.69 million in SDRs.
SDRs are a global reserve asset created by the IMF. They are used to complement the official reserves of member nations and will be exchanged amongst governments for freely usable currencies in occasions of want. The worth of SDRs is predicated on a basket of main worldwide currencies.
The Ministry of Finance officers additionally knowledgeable the committee that Pakistan borrowed $ 19.55 billion SDRs ( $ 25.94b) from the IMF since 1984 and repaid $ 14.71 ( $ 19.51b) billion SDRs, with $ 2.44 ( $ 3.23b) billion SDRs paid in interest.
The committee chairman mentioned on the event that the nation was not being destroyed by itself “but we all have a part in its destruction”.
The committee later sought particulars of each programme with the IMF, stating that the committee must be knowledgeable about what has occurred in every programme, in accordance to the paper
The improvement comes as Pakistan is shut to getting one other IMF mortgage of about $ 7 billion, which might be supplied in three years.
