Pakistan IMF loan history 1947 To 2023
How many loans Pakistan got from IMF?
PakistanPakistan in worst shape. Sharif government went to IMF on urgent basis for the first time and reached an agreement to get two amounts of US$265,370,000 and US$113,740,000 on October 20, 1997.[3]
On 29 November 2000, an amount of US$465,000,000 was drawn as standby arrangement.[5] One year later, Pakistan again went to IMF for US$861,420,000 under the extended fund facility on 06 December 2001.[5]
In 2008, Yousaf Raza Gillani received the largest-ever $7.6 billion loan from the IMF,[6] however a total sum of $4,936,035 had been withdrawn.[5]
Pakistan was provided by the IMF with financial assistance amounting to $4,320,000 through an Extended Fund Facility on September 04, 2013.[5]
In 2018, Imran Khan became Prime Minister of Pakistan. For this, they arranged friendly loans from Saudi Arabia, United Arab Emirates and China to avoid tough IMF conditions.[7] In 2019, when economic conditions worsened, they went to IMF for the twenty-second time for a loan of US$1 billion.[8] IMF gave loan based on conditions such as hike in energy tariffs, removal of energy subsidy, increase in taxation, privatization of public entities and fiscal policies to the budget.[7]
On 30 June 2023, the IMF and Pakistan have reached an agreement at the staff level for a stand-by arrangement worth $3 billion. This agreement comes at a critical time for Pakistan, as it was facing the risk of defaulting on its financial obligations.[9]
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