IMF agrees to give Pakistan $5 billion loan

Discussion in 'Pakistan' started by Blackwater, Jul 2, 2013.

  1. Blackwater

    Blackwater Veteran Member Veteran Member

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    [​IMG]

    ISLAMABAD (Online) - International Monetary Fund’s clutches have expanded further as the Fund agreed to pay $5 billion loan to Pakistan, media reported on Monday.

    The loan agreement on fresh loan was reached after two days of talks in Islamabad.

    The Ministry of Finance has also confirmed the breakthrough.

    During talks, the government officials addressed IMF’s reservations over energy sectors and taxation side.

    The authorities assured IMF that tax collection target has been set at Rs 2475 billion during the new fiscal year through expansion in the tax net, whereas, subsidy will be reduced step by step.

    IMF was also told that remittance of power tariff and line losses will also be brought down.

    The Fund s mission will stay in Pakistan till Tuesday.



    Dunya News: Pakistan:-IMF agrees to give Pakistan $5 billion loan ...
     
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  3. rock127

    rock127 Maulana Rockullah Senior Member

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    So IMF agrees to grant funds to terrorists.

    This would be quickly channeled to all the Terrorist Inc's Pakis got.
     
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  4. ladder

    ladder Senior Member Senior Member

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    So all those dialogues of not succumbing to the IMF conditions were hoax?
     
  5. Blackwater

    Blackwater Veteran Member Veteran Member

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    Chalo bheekhariyo ko bheekh mil gayi:taunt::taunt:

    On topic

    Few Q arises===

    IMF asked pakis to raise TAX. who will pay tax??

    50% poor people or wadere(landlord/politicians/bureaucrats??

    Already electricity prices risen to 16 to 20 PKR/Unit

    Mobile usage in pak are also heavily taxed. 100 ka recharge me 50 only credit :rofl::rofl:

    price of Petrol or CNG ?? @ farhaan pls shed light
     
  6. Blackwater

    Blackwater Veteran Member Veteran Member

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  7. Decklander

    Decklander New Member

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    Good for India. The defence budget hike of Pakistan goes to dumps now. IMF puts such strong conditions that Pak will remember forever.
     
  8. Blackwater

    Blackwater Veteran Member Veteran Member

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    Pakistan will not compromise on defense. no matter what. that''s why they are begging 11 B$$ to fund their army and develop NASR futher:taunt1::taunt1:
     
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  9. Decklander

    Decklander New Member

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    IMF will this money in installments and they will ensure compliance with end use clause. If Pak breaks the agreement, they won't get further money.
     
  10. Yusuf

    Yusuf GUARDIAN Administrator

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    Which way did India vote?
     
  11. Blackwater

    Blackwater Veteran Member Veteran Member

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    Pakistan had successfully fooled IMF in the past
     
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  12. Decklander

    Decklander New Member

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    Which way did they vote!! Don't you remember we helped them get into SC as a temp member and within 10days of that they used that position against us in the border incident of Jan this year.
     
  13. Keshav Murali

    Keshav Murali Back to studies :( Senior Member

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    Not pleased.

    IMF must really ask for their money back before further loans. Otherwise they will have no money left.

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    $11 billion, really? Is so much money needed for Pak?

    Hope Sharif really fixes Pakistan up or at least rids us of Taliban.
     
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  14. thakur_ritesh

    thakur_ritesh Administrator Administrator

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    Was very much on the cards. US-Pak relations have got stronger, and with Kerry in as the Sect of State, this relationship is only bound to further get stronger. IMF is only a tool, no more.

    There will be further assistance on the way in numerous forms including military hardware and training and it seems Pakistan for now is getting the things its way.
     
  15. Blackwater

    Blackwater Veteran Member Veteran Member

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    @alpha_1

    EU envoys asked to urge IMF to raise loan amount

    [​IMG]


    ISLAMABAD: Pakistan urged the heads of 16 European diplomatic missions on Tuesday to use their influence to persuade the board of directors of the International Monetary Fund (IMF) to extend a $7.3 billion loan programme instead of $5.3bn offered by it.

    At a meeting with a delegation of the heads of missions of 16 EU members, Finance Minister Ishaq Dar also sought their support for arranging finances for the Diamer-Bhasha dam which was top priority project.

    The delegation — led by Ambassador and head of EU delegation to Pakistan Lars-Gunnar Wigemark — comprised heads of missions of Austria, Belgium, Bulgaria, Czech Republic, Denmark, France, Germany, Greece, Hungary, Italy, Poland, Portugal, Romania, Spain, Sweden and United Kingdom.

    According to a handout, the delegation asked the minister if human rights was a low priority issue for the government. Mr Dar responded that the government had decided to reduce the number of ministries and have a cabinet of 28 members instead of 49 allowed by the constitution. “The clubbing of human rights division (with another ministry) should not be read as lack of any determination on the part of the government to uphold human rights. There shall be no compromise on human rights,” he said.

    He told the delegation that Pakistan was committed to its international obligations and negotiations with the IMF were designed to achieve this objective.

    During a short span of one month, he said, the budget had been presented and passed, the issue of circular debt had been addressed and a programme with the IMF had been successfully negotiated.

    The government has also presented a medium-term economic framework for three years, setting benchmark and timelines for targets set by it.

    Mr Dar said the future of Pakistan economy depended on resource mobilisation and revenue generation because the debt inherited by the government stood at nearly Rs14.5 trillion as the previous government had borrowed Rs2 trillion in just one year for financing non-development expenditures and tariff differential.

    He said the PML-N government had reduced non-salary expenditure by 30 per cent as part of an austerity plan, abolished secret funds and set a target of 25 per cent increase in revenue for next year.

    Mr Dar said the budget for 2013-14 envisaged fiscal adjustments of Rs507bn, including Rs207bn from taxation measures and Rs300bn from measures like IT connectivity, good governance, expansion of tax net, removal of SROs and plugging of leakages.

    He said the Federal Board of Revenue had been provided access to bank accounts but to guard against misuse of the authority, fine for tax evasion had been increased ten times.

    The minister said the government faced the challenge of settling circular debt of $5bn which should have been taken care of by the previous government or the caretaker set-up. “We have paid $3.2bn to private power producers and intend to settle the balance of $1.8bn preferably by the end of this month”.

    He said Pakistan’s successful negotiation with IMF had cast a positive impact on the national and international market, adding that international financial institutions, banks and multinational institutions were now approaching the government for fresh assistance.

    The previous government, he said, had deferred tariff rationalisation for political reasons and the PML-N government had to “take one of the most painful decisions of tariff rationalisation”.

    Ambassador Wigemark expressed EU’s support for the government and the initiatives taken by it in positive and right direction. The EU, he said, would extend technical assistance to the government and support its efforts to revive the economy and ensure good governance, rule of law and welfare of people.

    About the fiscal deficit, the minister said the government had inherited 8.8 per cent fiscal deficit which would be reduced to 6.3 per cent in next budget while medium-term framework envisaged a further reduction to four per cent.

    EU envoys asked to urge IMF to raise loan amount - DAWN.COM
     
    Last edited by a moderator: May 10, 2015
  16. Blackwater

    Blackwater Veteran Member Veteran Member

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    So pakistan has started (proxy begging):rofl::rofl::rofl::rofl:


    [​IMG]


    that is BEGGING
     
  17. AVERAGE INDIAN

    AVERAGE INDIAN EXORCIST Senior Member

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  18. dhananjay1

    dhananjay1 Regular Member

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    Grass just looks good, it's not really very edible. :rofl:
     
  19. Blackwater

    Blackwater Veteran Member Veteran Member

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    now Pakistanis think, begging is their birth/ moral right. Now they force other nation to contribute in their Beg
     
  20. Alpha1

    Alpha1 Regular Member

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    The nukes still bug you a lot dont they? :D
     
  21. Alpha1

    Alpha1 Regular Member

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    Who told you 50 balamce for 100rs?
    Besides it is still very very cheap!
     

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