Shehbaz Sharif, the prime minister of Pakistan, stated on Friday that the government would have to agree to “beyond imagination” IMF bailout conditions. Pakistan ‘will have to agree’ to IMF conditions for bailout, said by PM Shehbaz.
“I will not go into the details but will only say that our economic challenge is unimaginable. The conditions we will have to agree to with the IMF are beyond imagination. But we will have to agree with the conditions,” Mr. Sharif said in televised comments.
In the midst of political unrest, a deteriorating security situation, and a balance of payments crisis caused by its high levels of external debt, Pakistan’s economy is in terrible circumstances.
The foreign exchange reserves held by Pakistan’s central bank fell once further to $3.1 billion on Thursday, according to analysts, which was only enough to cover imports for fewer than three weeks.
On Wednesday, year-over-year inflation reached a 48-year high, making it difficult for Pakistanis to afford staple foods.
The International Monetary Fund arrived in Pakistan on Tuesday for urgent negotiations to help restart Pakistan’s already-agreed bailout programme, which has stalled for months due to the government’s reluctance to meet demands.
