Sunday, September 25, 2022

Economic Crisis India Neighboring Countries Debt Of IMF Pakistan Sri Lanka…

Economic Crisis: After the Corona epidemic, the International Monetary Fund (IMF) is continuously declining and India’s neighboring countries are leading the way in taking loans. In the matter of taking loans, Pakistan is at number one, Sri Lanka at number two and now Bangladesh (Bangladesh) has also come at number three. Bangladesh is now going to start talks with the International Monetary Fund (IMF) to take loans.

Bangladesh had sent its application for a loan to the IMF a few days ago. In this way, Bangladesh has become the third such South Asian country in the midst of the growing economic crisis around the world, which has gone under the shelter of the IMF.

Who has taken how much loan?

Pakistan is at the forefront of taking loans from foreign exchange reserves. This neighboring country of India had taken a debt of $ 10.886 billion in the first three quarters of the financial year 2021-2022, which was $ 13.38 billion in the entire financial year 2021. In the first quarter of 2022, the debt stood at $ 1.653 billion, while in the first quarter of 2020-2021 it was $ 3.51 billion. But debt increased to $4.357 billion in the second quarter of 2022 and $5194 billion in the third quarter.

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The loan taken by the Government of Sri Lanka from the Foreign Monetary Fund has now increased to $ 51 billion. Of this, $ 6.5 billion belongs to China and both countries are reconsidering it. Sri Lanka will have to pay $874 billion for its debt this year. The World Bank has agreed to lend $600 million to Sri Lanka.

Bangladesh has so far taken a loan of $ 762 billion from foreign exchange reserves, after which it is the third neighboring country of India which has taken this much debt. Afghanistan is at number four, which has so far taken a loan of $ 378 million from foreign exchange reserves, Myanmar is at number five and Nepal is at number seven.

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Bangladesh seeks $4.5 billion loan from Foreign Monetary Fund

According to Bangladesh’s newspaper The Daily Star, Bangladesh has asked for a loan of $ 4.5 billion from the Foreign Monetary Fund. The Sheikh Hasina Wajed government of Bangladesh has decided to go to the IMF after a sharp fall in foreign exchange reserves. According to experts, Bangladesh also seems to be caught in a foreign exchange crisis due to the rapid increase in the bill of other imports including natural gas and the fall in exports.

Corona pandemic deepens economic crisis

After the Corona epidemic, the economic crisis is deepening in about 90 countries of the world and these countries have reached the IMF to get loans from the Foreign Monetary Fund, but the IMF is also compelled to give that loan to only a few of them. But has agreed. The IMF has the capacity to lend up to one trillion dollars to member countries and so far it has made up its mind to give 250 billion dollars in loans. The IMF often gives loans with strict terms. Therefore, its terms in different countries become a big cause of dispute.

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