(July 06-2023) Brig. (retd) Aslam Khan, Chairman of Pakistan Economy Watch (PEW) on Thursday said few days are left for the meeting of the Executive Board of the IMF for the review and possible ratification of the Staff Level Agreement with Pakistan.
This meeting has been scheduled to be held on July 12 during which there is a strong possibility of approving a loan of three billion dollars and releasing the first instalment of one billion and ten crore dollars, he said.
The approval of IMF loan will open the way for more loans and investments for Pakistan, which will improve the situation, he added.
In a statement issued here today, Aslam Khan said that the government should start a diplomatic campaign to get the international community and friendly countries to implement their commitments in addition to obtaining new loans.
He said that after the agreement, the possibility of getting 3 billion dollars from Saudi Arabia and the United Arab Emirates and new loans from China have become brighter.
Besides, 1.5 billion dollars will be raised through Eurobond, 4.6 billion dollars will be obtained from commercial banks, $2.4 billion will be received from IMF and $2.7 billion will be brought in from other multilateral partners.
Aslam Khan said that various countries had pledged $9 billion in aid for the rehabilitation of flood-affected people, but no money has been received so far, requiring efforts on the part of the government.
He said Saudi Arabia, the United Arab Emirates Qatar and Azerbaijan have also promised a total of 15 billion dollars in investment, for which serious efforts are needed.
Gulf countries are also interested in investing in various fields including energy, oil refineries, mining, agriculture and IT, and they would feel secure after approval of Staff Level Agreement by the IMF board.
The agreement is likely to reduce costs and improve financial management, which will improve the confidence of investors, he said.
