Categories: Business

Pakistan To Seek 2 Billion Dollar In New Loans From World Bank, ADB | Pakistan again ready to ask for new loan, will ask two billion dollars from World Bank and ADB


Pakistan To Seek 2 Billion Dollar In New Loans From World Bank, ADB

Islamabad The Pakistan government, which is struggling with cash crisis, has now planned to ask for two billion dollars of new debt from global financial institutions. This information was given in a media report on Wednesday. Pakistan needs help to combat the corona virus epidemic, while the state's treasury is rapidly deteriorating.

The Express Tribune reported that the new loan Pakistan has asked for from the World Bank and the Asian Development Bank (ADB) is higher than the loan sought from the G20 countries. Islamabad has asked for 1.8 billion dollars from G20 countries. ADB and Pakistan have agreed a Kovid-19 emergency loan of Rs 30.5 crore to purchase medical equipment and disburse funds to poor women. Now the Asian Development Bank will increase the loan amount on commercial terms.

Pakistan received an emergency loan of US $ 1.39 billion from the International Monetary Fund last month and $ 200 million from the World Bank. It is estimated that Pakistan's public debt will increase to 37,500 billion Pakistani rupees or 90 percent of gross domestic product (GDP) by June this year.

The report said that Pakistan will spend 2,800 billion rupees on repaying the debt only this year, which is 72 percent of the estimated tax collections of the Federal Board of Revenue. When the Pakistan Tehreek-e-Insaf (PTI) government came to power two years ago, the public debt was Rs 24,800 lakh crore, which is growing rapidly. In Pakistan, 469 new cases of corona virus were reported during the last 24 hours. A total of 45,898 people have been infected so far and 985 have died.

This post was published on May 20, 2020 6:37 pm

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