Pakistan's long-standing relationship with IMF: An Overview

MG News | June 29, 2023 at 09:58 AM GMT+05:00

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June 29, 2023 (MLN): The current IMF program, approved in July 2019, with a total value of $6 billion, later broadened to $6.5bn is set to expire on June 30, 2023.

As of now, Pakistan has drawn $3.9bn from this program, with approximately $2.6bn remaining undrawn.

It is worth noting that Pakistan's total external debt stands at around $125bn as of March 31, 2023.

Cumulatively, Pakistan has borrowed a total of $23 billion, most of which has been repaid.

The country has a long-standing relationship with the International Monetary Fund (IMF) and became a member in 1950.

Since then, Pakistan has received numerous loan approvals from the IMF, with the total amount approved since 1958 reaching $33bn.

The outstanding loan to the IMF as of March 31, 2023, stands at approximately $7.488 billion.

Over the years, Pakistan has opted for 22 loans from the IMF, with only two of these programs completing successfully.

The first program, approved in March 1966, amounted to $37 million.

The second program, approved in September 2013, had a value of $6.7bn.

Both programs were executed within their respective timeframes.

During the tenure of the Pakistan Peoples Party (PPP), the IMF approved the largest loan of $10.7bn. However, only $7.328bn was drawn from this loan.

The second-largest loan, amounting to $6.7bn, was approved during the Pakistan Muslim League-Nawaz (PML-N) tenure and was successfully completed on schedule.

Pakistan: History of Lending Commitments

Facility	Date of arrangement	Expiration date 4/	Amount agreed	Amount drawn	Amount Outstanding	Avg. SDR/USD	Amount agreed in USD	Amount agreed in USD
Extended Fund Facility	3-Jul-19	2-Oct-22	4,268,000	1,044,000	2,018,256	1.386658	5,918,256	3,900,000
Extended Fund Facility	4-Sep-13	30-Sep-16	4,393,000	4,393,000	3,793,000	1.526326	6,705,150	6,705,150
Standby Arrangement	24-Nov-08	30-Sep-11	7,235,900	4,936,035	0	1.484693	10,743,090	7,328,497
Extended Credit Facility	6-Dec-01	5-Dec-04	1,033,700	861,420	0	1.268648	1,311,401	1,092,839
Standby Arrangement	29-Nov-00	30-Sep-01	465,000	465,000	0	1.277342	593,964	593,964
Extended Fund Facility	20-Oct-97	19-Oct-00	454,920	113,740	0	1.369976	623,229	155,821
Extended Credit Facility	20-Oct-97	19-Oct-00	682,380	265,370	0	1.369976	934,844	363,551
Standby Arrangement	13-Dec-95	30-Sep-97	562,590	294,690	0	1.485318	835,625	437,708
Extended Credit Facility	22-Feb-94	13-Dec-95	606,600	172,200	0	1.38382	839,425	238,294
Extended Fund Facility	22-Feb-94	4-Dec-95	379,100	123,200	0	1.38382	524,606	170,487
Standby Arrangement	16-Sep-93	22-Feb-94	265,400	88,000	0	1.414021	375,281	124,434
Structural Adjustment Facility Commitment	28-Dec-88	27-Dec-91	382,410	382,410	0	1.352297	517,132	517,132
Standby Arrangement	28-Dec-88	30-Nov-90	273,150	194,480	0	1.352297	369,380	262,995
Extended Fund Facility	2-Dec-81	23-Nov-83	919,000	730,000	0	1.162964	1,068,764	848,964
Extended Fund Facility	24-Nov-80	1-Dec-81	1,268,000	349,000	0	1.28197	1,625,538	447,408
Standby Arrangement	9-Mar-77	8-Mar-78	80,000	80,000	0	1.156649	92,532	92,532
Standby Arrangement	11-Nov-74	10-Nov-75	75,000	75,000	0	1.200474	90,036	90,036
Standby Arrangement	11-Aug-73	10-Aug-74	75,000	75,000	0	1.2054	90,405	90,405
Standby Arrangement	18-May-72	17-May-73	100,000	84,000	0	0.780368	78,037	65,551
Standby Arrangement	17-Oct-68	16-Oct-69	75,000	75,000	0	0.998365	74,877	74,877
Standby Arrangement	16-Mar-65	15-Mar-66	37,500	37,500	0	0.998365	37,439	37,439
Standby Arrangement	8-Dec-58	22-Sep-59	25,000	0	0	0.998365	24,959	-
Total			23,656,650	14,839,045	4,837,000		33,473,971	23,638,081

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