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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Posted on: 2023-06-29T09:58:56+05:00
