Pakistan will default economically or not? Report of the World Organization.
Pakistan will default economically or not?
New York: Bloomberg, a global private financial, software, data and media company, has given a positive reference to the default assessment in its report on Pakistan's economy.
According to the details, Bloomberg, an international organization, has released a report regarding Pakistan's economy, in which it is stated that there is no risk of Pakistan defaulting.
The report states that Pakistan is not at risk of default, but will face economic difficulties, and will have to get help from the IMF to overcome the difficult economic conditions.
Bloomberg says investors are concerned about debt repayments by April 2024 and that Pakistan needs more external aid because of the devastation caused by floods.
The report said that the IMF will issue loans keeping in mind the country's needs, Pakistan needs an IMF tranche to borrow 1.7 billion from the World Bank and 5 billion from other countries.
Apart from this, it will help meet the deficit of $5.9 billion for debt repayments by June, making it possible for Pakistan to have funds to get out of the difficult situation.
According to the report, next year Pakistan's financial requirement will be at least 11 billion dollars and this amount will be a big challenge for Pakistan, Pakistan also needs 8.8 billion dollars for current account deficit.
Bloomberg further says that Pakistan will need 2.2 billion to pay off its external debt, Pakistan will get a $1 billion bond facility in April 2024.