Pakistan has paid $2.4 billion in interest on loans from the International Monetary Fund (IMF) to date, as reported by Finance Division officials to the Senate Standing Committee on Finance & Revenue on Thursday.

During the briefing, the Joint Secretary of Finance revealed that Pakistan still owes Special Drawing Rights (SDRs) worth $6.36 billion to the IMF, which are due over the next three to five years. The officials noted that the 2023 standby arrangement with the IMF came in with a high 5.09 percent interest rate.

State Bank of Pakistan (SBP) officials informed the committee that Pakistan has entered into 24 full loan programs and four one-time loan facilities with the IMF. Between 2008 and 2023, Pakistan got into six loan programs, with the 2008 and 2010 facilities now fully repaid at an interest rate of 1.58 percent.

When questioned about the amount due to the IMF this year, SBP officials admitted they did not have the complete details at hand but promised to provide the information after reviewing prior data.

The committee chairman expressed frustration over the government’s reliance on IMF assistance, urging a focus on increasing exports and fostering business development as alternative solution