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By Asim Qadeer Rana
Islamabad, Oct 17: Pakistan’s economy this year was resuscitated through International Monetary Fund (IMF) a $3 billion bail-out, but our neighbour’s at Board of Cricket Control of India, have already earned $2.5 billion alone, from ongoing ICC-2023 cricket World Cup.
The IMF had approved in July, a 9-month Stand-By Arrangement [SBA] for Pakistan for an amount of SDR2 250 million [about $3 billion, or 111 percent of quota] to support the authorities’ economic stabilization program.
The international financial lender had released $1.2 billion under the agreement while the remaining amount will be phased over the program’s duration, subject to two quarterly reviews – approximately in next nine months.
“As we see figures of India’s revenue from ongoing ICC Cricket World Cup 2023, it has generated almost $2.5 billion from the World Cup,” a Dubai sports marketing financial advisor Muhammad Ali told PrideNews on phone.
“India’s sporting industry is growing, and cricket is its key financial drivers – with addition of cricket in Olympics India’s cricket will further boom in this region,” added Ali.
While giving break down of $2.5 billion Muhammad Ali, said: “$150 million was generated from sponsorship of the World Cup which is a staggering amount.”
The ongoing tournament, he said, would also fill Indian government coffers through increased tax collections on ticket sales, goods and services taxes on hotels, restaurants and food delivery, giving the country additional fiscal space more like a “free financial bonus.”
He said Airline tickets, hotel and temporary rentals properties have already seen a surge for the ongoing period, and service charges in the informal sector in the 10 host cities of India are also showing substantial financial blaze.
He said other than sponsorship of almost $150 million, India would generate revenue of over $1.2 billion from ticket sales, team spending, Forigen tourists, event Managment, screenings and food deliveries, online spending – e-commerce, and others.
“The banking sector is regularly monitoring the financial inflows, and a clear financial sheet will be available close to Nov 20 once the World Cup ends,” added the official.
Ends.
