Islamabad: Prime Minister Shehbaz Sharif has reached France, where he is expected to meet the Managing Director of the IMF, Kristalina Georgieva, at the summit to be held in Paris on June 22 and 23 regarding the “New Global Financial Pact”.
According to Express News, the Pakistani ambassador, senior French officials and Pakistani diplomatic officials warmly welcomed the Prime Minister at the Paris airport. Prime Minister Muhammad Shahbaz Sharif is visiting France at the invitation of French President Emmanuel Macron.
During his visit to France, the Prime Minister will participate in the Global Financing Pact summit, which is being hosted by France and is being attended by the heads of state and government of more than 50 countries.
Federal Ministers Sherry Rehman, Sardar Ayaz Sadiq, Maryam Aurangzeb and Special Assistant Tariq Fatemi are part of the high-level delegation along with the Prime Minister. During the visit, the Prime Minister will also attend a dinner hosted by the French President. The Prime Minister will also hold bilateral meetings with the heads of various countries during his visit.
Earlier, a member of the federal cabinet told The Express Tribune that Pakistan has requested a meeting with IMF Director Cristalina Georgiou on the sidelines of the conference. Federal Information Minister Maryam Aurangzeb did not give any answer when asked about this.
Earlier, Prime Minister Shehbaz Sharif has also written three letters to the managing director of the International Monetary Fund (IMF) over the phone to restore the six and a half billion dollar IMF program.
In the “New Global Financial Pact” conference held in France, the issues of climate change, energy, public health and economic problems, especially considering the rehabilitation of debt-ridden countries, were examined in addition to helping them overcome their short-term difficulties. will go
Also read: Pakistan sought Britain’s help to restore the IMF agreement
According to the statistics released by the Ministry of Finance, the value of international loans received by Pakistan during the current financial year has reduced to a mere 8.4 billion dollars, which is 37% less than the loans received last year. This is due to the failure of the MF to restore the program because after that other countries and international organizations are also not giving aid.
The government of Pakistan had estimated to borrow 19.1 billion dollars to cover the budget deficit during the current fiscal year, but it could only borrow 5.5 billion dollars. Three and a half billion dollars are left and only enough for one month’s imports. During the current financial year, the Asian Development Bank gave the highest loan to Pakistan which was 2 billion dollars.
The World Bank also gave one and a half billion dollars, while it was expected to receive 2.6 billion dollars. Pakistan could not get the aid of one billion and 10 million dollars received under the RISE-II and PACE-II programs. Pakistan received 553 million dollars in aid, which was more than the expected aid of 542 million dollars.
Also read: There is an extraordinary delay in the issuance of loans by the IMF, Prime Minister
The Islamic Development Bank gave 16.1 million dollars for the purchase of oil. The government also estimated that it would get 970 million dollars from Saudi Arabia and it was expected that this amount could increase to 1 billion 10 million in the form of loan oil. To meet with China Vali’s aid was estimated at 48 million dollars, but he gave 128 million dollars.
After the downgrading of Pakistan’s rating by international credit agencies, it is becoming more difficult to get assistance from international institutions. For this reason, the door to the issuance of Eurobonds has also been closed. Got commercial loans.
Pakistan has received only $1.20 billion loan from the IMF, although the government had hoped to receive $3.5 billion from it. If the IMF program is not restored by June 30, the remaining amount will lapse. It was expected to get 1.63 billion dollars from the certificates, but only 743 million dollars have been received from them.
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