Pakistan's $3.6 Billion Interest Payment to IMF
Pakistan has paid over USD 3.6 billion in interest on IMF loans over the past 40 years, as revealed by the finance ministry. This disclosure was made during a recent meeting of the Senate’s Standing Committee on Economic Affairs. The meeting detailed the country’s borrowing and repayment history with the IMF, highlighting significant figures and recent developments.
Total Interest Paid: Over USD 3.6 billion in the last 40 years.
Interest in Pakistani Rupees: Amounts to over Rs 1,000 billion.
Recent Years: Over USD 1.10 billion paid in interest in the last four years.
Historical Borrowing: Approximately USD 29 billion borrowed from the IMF over the past 30 years.
Recent Borrowing: USD 6.26 billion borrowed in the last four years, with USD 4.52 billion repaid.
Recent Repayments: USD 646.69 million repaid in SDRs in 2024.
Borrowed SDRs: USD 19.55 billion SDRs (USD 25.94 billion) borrowed since 1984.
Repaid SDRs: USD 14.71 billion SDRs (USD 19.51 billion) repaid.
Interest on SDRs: USD 2.44 billion SDRs (USD 3.23 billion) paid in interest.
New IMF Loan: Pakistan is set to receive a new IMF loan of approximately USD 7 billion over the next three years.
Committee Chairman: Senator Saifullah Abro criticized the systemic issues contributing to the country’s financial challenges.
Future Requests: The committee has requested detailed information on each IMF programme Pakistan has participated in.
At the COP30 Leaders’ Summit in Belém, Brazil, India officially joined the Tropical Forests Forever…
Gujarat has become the first Indian state to roll out a dedicated genome sequencing initiative…
The rule of law means that everyone, including the government, must follow the law equally…
Pakistan’s democracy is under serious strain as the government pushes forward the controversial 27th Constitutional…
Happiness is subjective, shaped by individual experiences and city dynamics. Recently, Time Out surveyed over…
In a strategic shift, the Reserve Bank of India (RBI) is flying home large volumes…