Not Pakistan but this country leads in taking loan from IMF, it is..., India's position is...
(Image: REUTERS/Yuri Gripas)
New Delhi: Whenever the discussion arises regarding the International Monetary Fund (IMF) and Pakistan, a distinct perception is formed. The perception is that Pakistan is the most economically dependent country on the IMF.
Recently, during the conflict between India and Pakistan, the IMF had lent money to Pakistan again. However, it is undeniable that Pakistan has received a significant amount of loan from the IMF, but it is not the top borrower from this institution.
According to the IMF, over 60% of the total loans given to 91 countries worldwide have gone to just five countries. At the top of this list is Argentina, with outstanding IMF credit amounting to 40.3 billion SDRs (Special Drawing Rights). Although Pakistan's name is included in the top 10 list, it is not in the first position. What is SDR?
SDR is a special reserve asset of the IMF, the value of which is determined based on five major currencies (US Dollar, Euro, Chinese Renminbi, Japanese Yen, and British Pound). It is not a direct currency but serves as a basis for member countries to transact in actual currencies. Where does Pakistan stand?
Argentina ranks first in borrowing from the IMF, followed by Ukraine, which has a debt of 10.7 billion SDR. Next are Egypt (8.2 billion), Pakistan (6.9 billion), and Ecuador (6.4 billion).
Pakistan, often perceived as heavily dependent on IMF assistance, ranks fourth on this list. What is India's position?
India has also borrowed from the IMF. However, India ranks much lower on this list. This means that India has taken much less loan from the IMF compared to Pakistan. India holds the 31st position on the IMF list, with a debt of 1.98 billion SDR.
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