ISLAMABAD, AUGUST 2: Pakistan has since 1984 paid the International Monetary Fund (IMF) interest of SDR 2.815 billion ($3.7 billion). This was disclosed in front of the Senate Standing Committee on Economic Affairs, which was also informed that Pakistan has received SDR 21.789 billion from the IMF since 1958, compared to the SDR 29.673 billion that has been sanctioned.
The Committee, chaired by Saifullah Abro, voiced unhappiness of the information presented during their discussion of Pakistan’s receipt of IMF money from the first program until June 2024.
The Committee suggested to EAD that program-specific information about IMF funding, such as the total amount received and Pakistan’s annual interest payment percentage, be given to the Committee.
The committee was informed that Pakistan has participated in 24 IMF programs to far. Pakistan signed off on its first program in 1958, and the 2023 SBA was its final agreement. In addition to these initiatives, Pakistan has made use of a number of the Fund’s one-time resources, most notably during the COVID-19 epidemic and the 2010 floods.
Based on accessible statistics, Pakistan has received SDR 21,789.28 million from the IMF since 1958, in contrast to the sanctioned sum of SDR 29,673.15 million. The main amount that is still owed is SDR 6369.11 million.
The Committee discussed the project-by-project external debt that the federal government or provincial governments undertook via multilateral, bilateral, and United Nations organizations had received.
Dr. Kazim Niaz, the Secretary of the Ministry of Economic Affairs, gave a briefing on the 298 projects in total, 146 of which are multilateral and 152 of which are bilateral. He went on to say that there are more multilateral ventures than bilateral ones.
63 of the multilateral projects are funded by the World Bank, 54 by the Asian Development Bank, 6 by IFAD, 14 by the Islamic Development Bank, and 21 by the European Union. Of the bilateral projects, China funds sixteen, Saudi Arabia funds thirteen, and sixty
15 by Korea, and by Germany, France, Italy, and the UK. Loan and Grant initiatives are the two categories into which these initiatives are separated.
