ISLAMABAD: Pakistan will get US$6 billion from the IMF over the next three years to meet its foreign debt obligations, the country's advisor on finance said on state television, after signing the agreement.
"The trade deficit reached US$20 billion and our foreign exchange reserves have dipped by 50 per cent in past two years. So we have a US$12 billion gap in our annual payments and we don't have the capacity to pay them," he added. Discontent is already growing over the measures the government has taken to fend off the crisis, including devaluing the rupee by some 30 per cent since January 2018, sending inflation to five-year highs.
Source: Loan Digest (loandigest.net)
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