Pakistan is seeking to get $1 billion fund from IMF to cover its economic crises, while the country is still on bailout of $6 billion by IMF. Pakistan is currently facing with one of the country’s worst economic crises.
The value of Pakistani rupee dived to highest low as compare to United States dollar. The confirmation of fund from Washington is yet too signed because of drastic funds downfall in Pakistan, bailout of $6 billion in 2019. The International Monetary Fund is reviving Pakistan’s economic reforms to give more funds for country. The Rupee closed lastly at 230 to US dollar, and it slipped moreover to 255 at $1 US dollar.
Malik Bostan, the financial expert told that main reason of rupee down falling is because of delay in IMF’s bailout talks, he said that talks would be stabilize as negotiations steps are being taken between Pakistan government and IMF.
The IMF’s resident representative said that IMF is visiting Pakistan in the end of this month to discuss the ninth review of Pakistan’s funding programme. Esther Pervez quoted that, “in-person fund representative scheduled to visit Pakistan from January 31st to February 9th.
Bilateral crises for Pakistan
The concerned authorities are estimating the time in which Pakistan can cover payment crises of funds. After devastating floods in Pakistan, the country is facing bilateral and multilateral finance crises, these concerns are also making it difficult to get any green signal from IMF. The Prime Minister Shahbaz Shareef said that his government is ready to accept the tough conditions of IMF to recover country from current crises.
The current government is trying to put the country on track after taking the offices last year and blaming former government responsible for crises. A lot of imported materials for industries, foodstuff and medical equipment are stopped on Karachi port because the banks are not ready to take any responsibility.
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The country also faced electricity breakout this week, causing loss of $70 million to textile industry only. Government is asking for help from funding organizations but still there is need of making economy back to its position.