Desk: Drowning in debt, Pakistan has once again approached the International Monetary Fund (IMF) with a begging bowl. Showing leniency, the IMF has approved a loan installment of $1 billion for the crisis-hit country.
According to a statement issued by the Prime Minister’s Office of Pakistan, “Prime Minister Shehbaz Sharif has expressed satisfaction over the IMF’s approval of the $1 billion installment for Pakistan and the failure of India’s arbitrary strategy against it.”
India Raised Objections
Earlier, India had expressed serious concerns over the effective implementation of IMF programs in Pakistan due to its poor track record. India also voiced fears that the IMF funds could potentially be misused to finance state-sponsored cross-border terrorism.
Pakistan Initially Sought $2.3 Billion
Pakistan had originally requested a $2.3 billion loan from the IMF. India strongly opposed this proposal, especially as military tensions between the two neighbors have intensified. India registered its protest during the IMF Board meeting held on Friday, where the Extended Fund Facility (EFF) program was reviewed. Notably, India chose to abstain from voting during the crucial session.
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