Karachi: Currency dealers in open market have offered loans of $24 billion to the government for the next two years to help it stay away from the International Monetary Fund (IMF) programme, which has badly hit Pakistan’s economy.
Exchange Companies Association of Pakistan (ECAP) President Malik Bostan said, “We have offered $1 billion a month in financing to the government for the next two years to get rid of the IMF.”
The government must pass an order to allow exchange companies to borrow US dollars directly from overseas Pakistanis, foreign firms and global exchange companies, he emphasised.
The loans will be free of cost and can be rolled over, if required. “We are in contact with millions of expatriate Pakistanis as they are our clients.
They are ready to lend $1 billion a month to us (exchange companies) over the next 24 months, in addition to the usual inflows received by exchange companies.”
