Pakistan set to become 4th biggest IMF debtor

Islamabad, The Gulf Observer: Pakistan will become the 4th largest International Monetary Fund (IMF) borrower in the world after receiving additional loans of $3 billion in the next nine months under the standby arrangement from the global lender.

According to the lender’s data, as on March 31, 2023, Pakistan was ranked fifth in the list of countries with the highest borrowing from the IMF.

However, after receiving another $3 billion in the next nine months under the standby arrangement made two days ago, Pakistan will move to the fourth place in this list.

Earlier, in terms of loans from the IMF, Argentina ranked first with $46 billion, Egypt stood at second place with $18 billion, Ukraine came in third with $12.2 billion, Ecuador took the fourth spot with $8.2 billion, and Pakistan was at fifth position with $7.4 billion.

Now with loans worth $10.4 billion, Pakistan will overtake Ecuador to become the world’s fourth-largest IMF borrower.