IMF praises Pakistan over repayments

[A.Rafay]

KARACHI: The International Monetary Fund (IMF) on Friday applauded Pakistan’s track record of repaying its debt obligations and was confident that the trend was likely to continue.

“Pakistan has an excellent track record on paying its obligation to the IMF on time and in full. We have every expectation that this will continue in the future,” an IMF spokeswoman told Dawn.

The State Bank of Pakistan paid the seventh installment of SDR258.4 million, or about $394m, to the IMF last month, taking the total to $2.522 billion of the amount paid back to IMF since February.

Pakistan has to pay SDR 4.14bn, or $6.13bn, from Feb 2013 to Sept 2015, which has become a critical issue as the central bank’s reserves went down to $8.51 billion during the week that ended on Dec. 7.

“There have been no discussions with the authorities regarding any rescheduling of IMF repayments,” said the spokeswoman.

There have been reports quoting Pakistan finance officials about talks with the IMF regarding deferred repayments due to constant depreciation of the rupee and depleting foreign exchange reserves.

The rupee hit a fresh record low of Rs97.98 to the dollar in the interbank market on Friday. The IMF in its latest report also said that the State Bank’s monetary policy should focus on containing inflation and external risks.

IMF praises Pakistan over repayments | DAWN.COM

 

[W.11]

the opposition should exploit the PPP's non returned debt of 4 billion, when PPP came pakistan had foreign reserves and had no debt, now just as PPP leaves after 5 years pakistan has debt of 4 billion, people shouldnt vote for PPP at all

 

[F.O.X]

the opposition should exploit the PPP's non returned debt of 4 billion, when PPP came pakistan had foreign reserves and had no debt, now just as PPP leaves after 5 years pakistan has debt of 4 billion, people shouldnt vote for PPP at all

My Friend you Really need to do some research .

 

[farhan_9909]

the opposition should exploit the PPP's non returned debt of 4 billion, when PPP came pakistan had foreign reserves and had no debt, now just as PPP leaves after 5 years pakistan has debt of 4 billion, people shouldnt vote for PPP at all

Agreed

bt the depth is over 60billions my friend

 

[Sugarcane]

the opposition should exploit the PPP's non returned debt of 4 billion, when PPP came pakistan had foreign reserves and had no debt, now just as PPP leaves after 5 years pakistan has debt of 4 billion, people shouldnt vote for PPP at all

Correction - Pakistan had debt was out of IMF's clutches - This govt. have accumulated hell of foreign and local debts in five years and filled their piggy bank accounts in swiss.

 

[TheRafael00000]

Pakistan need to 'reintroduce' tax system to it's people. I don't know why people of Pakistan don't pay their taxes. Most concerning report is even the lawmakers don't pay the taxes!

 

[xyxmt]

the opposition should exploit the PPP's non returned debt of 4 billion, when PPP came pakistan had foreign reserves and had no debt, now just as PPP leaves after 5 years pakistan has debt of 4 billion, people shouldnt vote for PPP at all

you should concentrate of driving my friend

 

[American Pakistani]

the opposition should exploit the PPP's non returned debt of 4 billion, when PPP came pakistan had foreign reserves and had no debt, now just as PPP leaves after 5 years pakistan has debt of 4 billion, people shouldnt vote for PPP at all

Pakistan's debt in 2007 = 36 billion $.
Pakistan's debt in 2008 = 48.5 billion $.
Pakistan's debt in 2012 = 65 billion $.

Almost doubled... so who else need democrazy?

 

[VelocuR]

Pakistan need to 'reintroduce' tax system to it's people. I don't know why people of Pakistan don't pay their taxes. Most concerning report is even the lawmakers don't pay the taxes!

Yes, right. Well, these people don't want to improve Pakistan or care their country. It is just some mentality taxes are bad or sin. They are happy with the way it is without paying taxes.

 

[Beskar]

I hope paisay wapis lenay koi team na bhej dain

 

[Dr. Strangelove]

Pakistan's debt in 2007 = 36 billion $.
Pakistan's debt in 2008 = 48.5 billion $.
Pakistan's debt in 2012 = 65 billion $.

Almost doubled... so who else need democrazy?

pmln and pti
i m afraid they will take it to 130bn$

 

[Bobby]

Pakistani Rupee century is not far also.....

 

[Major.]

Their news paper seem to mislead public.

gulftoday.ae | Pakistan seeks deferment of IMF repayments

ISLAMABAD: Amid assurance from the United States for disbursement of $600 million shortly, Pakistan is seeking to defer repayments to the International Monetary Fund (IMF) for the current fiscal year.

During a meeting here on Friday, US Ambassador to Pakistan Richard Olson and Senior Adviser to US Special Representative for Afghanistan and Pakistan Robin Raphel told Finance Minister Dr Abdul Hafeez Shaikh that the Coalition Support Fund amounting to $600m will be released without delay.

The US would also launch $80m investment fund for Pakistan’s small and medium enterprise sector in January 2013, provide $200m for Diamer-Bhasha dam, and encourage Overseas Private Investment Corporation to participate in the country’s development and support projects of up to $1 billion.

A finance ministry official said senior government functionaries took up the issue of deferred repayments with the IMF during a recent visit to the US. He said an IMF team was likely to visit Islamabad this month to discuss the repayment schedule.

The option to seek a temporary moratorium on repayments was being contemplated because of declining exchange rate, caused by depletion of foreign exchange reserves.

Answering a question, he said that since the IMF rules did not allow rescheduling of its loans and a new IMF programme could not be negotiated by an outgoing government in the absence of an existing one, the only option left was to delay certain repayments becoming due between now and the end of fiscal year, on June 30.

Pakistan has to repay about $1.7b during the current financial year. A major repayment of $1.1b is becoming due in February, in addition to a minor repayment during the current month and another one, of $500m, in May.

The official said Pakistan had requested the IMF to allow deferment of a couple of repayments which would become due during the period of transition from the current government to the interim government and then on to the next government. He said the expected disbursement of about $600m by the US over the next couple of weeks would strengthen Pakistan’s foreign exchange reserves and ease the balance of payment position.

 

[manofwar]

beggars are happy for paying money

Repaying is not begging idiot...........you should know the Difference. Even our country was once in a similar, perhaps even worse condition. Or do you forget 1991?? You should praise their efforts instead of trolling

 

[ashok321]

Pakistan is living beyond means, always borrowing to stay afloat, and borrowing as if there is no tomorrow.....and when the money lands in pakistani banks, its squandered.......the magic figure of 100 rupees per dollar rubicon would be crossed sooner than later.