By Karachi: Pakistan would go to International Monetary Fund (IMF) in order to clear their debts despite creating an atmosphere of developing Bond Floating Efforts, some official sources disclosed.
According to the recent reports by some of official resources, Pakistan is yet to paid her outstanding debts of $25 million owed since 2005. Proclaimed by states’ official News Channels, out of the sum of $45 million, the current government has so far tried to relieve the state from debts by paying $20 million since 2015, making it to remain a huge balance of $25 million to pay IMF. In addition to this, recent economic report indicates that External Debt in Pakistan has increased to 85052 USD Million in the third quarter of 2017 from 82981 USD Million in the second quarter of 2017. This further shows that the debt averaged 52551.19 USD Million from 2002 until 2017, reaching an all time high of 85052 USD Million in the third quarter of 2017 and a record low of 33172 USD Million in the third quarter of 2004.
The current economical condition of Pakistan seemed not clear up till that moment when democracy floated at surface level and things didn’t seem good for the national economy as Pakistan would again look up to International Monetary Fund (IMF) to balance the crisis.
Analysts said, “The current interest return on bonds issued by the government will not be enough to ensure a stable economy. As a result it is projected that caretaker government will have to look towards IMF for its rescue.”
Furthermore, the economist and State Bank of Pakistan took some positive steps to look at during the start of 2017. KSE-100 index hit an all-time high of 53,000 points.
However, to the surprise of many, economy was hit hard after mid-year. Towards the end, 100-index touched lowest of the year, closing at 40,500 on 29th December 2017. Rupee’s value also fell against dollar as trade deficit continued to increase.
Reporter: Syeda Faiza Bukhari