Pakistan set to become 4th biggest IMF debtor
Pakistan: will become the fourth largest International Monetary Fund (IMF) borrower in the world after receiving additional loans of $3 billion in the next nine months under the standby arrangement from the global lender.According to the lender’s data, as on March 31, 2023, Pakistan was ranked fifth in the list of countries with the highest borrowing from the IMF.However, after receiving another $3 billion in the next nine months under the standby arrangement made two days ago, Pakistan will move to the fourth place in this list.
Earlier, in terms of loans from the IMF, Argentina ranked first with $46 billion, Egypt stood at second place with $18 billion, Ukraine came in third with $12.2 billion, Ecuador took the fourth spot with $8.2 billion, and Pakistan was at fifth position with $7.4 billion.Now with loans worth $10.4 billion, Pakistan will overtake Ecuador to become the world’s fourth-largest IMF borrower.According to the IMF statistics as of March 31 this year,The global lender had issued loans of $155 billion or 115.2 billion special drawing rights to balance the world’s
financial position and support weak economies.This dollar figure was calculated by using IMF data on the value of a on March 31 this year that stood at $1.345.The is used as a unit of account by the global lender to assess the value of support it extends to its member countries.Despite there being a total of 93 countries owing it money, the IMF’s top 10 debtors, including Pakistan, still account for the lion’s share 71.7% of the outstanding balance of $155 billion.
Pakistan also holds the title of being the largest IMF borrower in the Asian region.Other Asian countries that borrowed from the IMF, including Lanka, Nepal, Uzbekistan, the Republic, Armenia (West Asia) and Mongolia, are far behind Pakistan in terms of taking.
