What is International Monetary Fund (IMF)?
The IMF was established in 1944 at the United Nations Monetary and Financial Conference held in Bretton Woods, New Hampshire, USA. The main purposes of setting up the IMF were to restore a sound international monetary system, to promote international trade and investment, and to facilitate the expansion and balanced growth of international commerce. The IMF is based in Washington D.C., United States. It is a unique organization, with both an intergovernmental structure and a strong institutional framework that gives it independence from governments. It is owned by its 189 member countries
which makes it neither a world government nor an intergovernmental organization
and works closely with other international organizations such as the World Bank, the World Trade Organization (WTO), and the United Nations (UN).
The International Monetary Fund (IMF) is an international financial institution established on October 27, 1945 to provide loans to its member countries who may be experiencing balance of payments difficulties. This agency also provides financing for economic development projects around the world. Pakistan’s charges at IMF include external current account deficit and inflation rates.
What is Imf Pakistan?
The IMF Pakistan is the country office of the International Monetary Fund (IMF) in Pakistan. It was established in 1976 as an autonomous entity within the Ministry of Finance, and is located in Islamabad. The IMF-Pakistan has a staff strength of 137, including 19 expatriate staff members. The country office implements the IMF’s policies and projects through technical assistance and training programs, provides advice on economic issues to authorities at both federal and provincial levels, monitors macroeconomic developments, advises on fiscal and monetary issues and performs other tasks as may be required to fulfill its mandate under the Articles of Agreement of the IMF.
What is Exim Bank?
Exim Bank is a State Bank of Pakistan-owned financial institution which was established in 1960 with a view to facilitating foreign trade for import and export-oriented industries by providing them finance at competitive rates. Its operations are governed by the Export Finance Act 1959 (Amended 1972) as amended from time to time by National Assembly legislation.
Pakistan Total Loan From IMF?
Similarly, as of October 2021, the external Debt of Pakistan is now around US$171.75 billion. Pakistan owes US$11.3 billion to Paris Club, US$33.1 billion to multilateral donors, US$7.4 billion to International Monetary Fund, and US$12 billion to international bonds such as Eurobond, and Sukuk. Source: Wikipedia
Pakistan Imf Loan History
Pakistan has received two IMF loans in the past, totaling $6.7 billion, in December 1991 and February 2000. The conclusion of the first loan was announced on December 5, 1991, when Under Secretary Lawrence H. Summers of the U.S. Treasury and IMF Managing Director Michel Camdessus signed an agreement for a stand-by credit to Pakistan over a three-year period (from 1991 to 1994). Pakistan received $3.9 billion under that agreement, with disbursements being made between December 1991 and September 1994. With this credit, Pakistan was able to stabilize its economy and make a successful transition from a fixed exchange rate regime to an open market one.
The second loan (Stand-By Arrangement) worth $2 billion was approved by the Executive Board on February 24, 2000, for three years with disbursements beginning in April 2000. The second three-year arrangement was extended for another year by the Executive Board on January 20, 2002, at its meeting. This is a Stand-By Arrangement that has been renewed once and it will be automatically renewed every year until 2020 when they are expected to reach their maturity date of 2021.
Pakistan Imf Loan History by Year (Table)
|Pakistan External Debt – Historical Data|
|Year||Current US $||Annual % Change|