Pakistan’s IMF Bailout Package Has Conditions Unimaginable
- Pakistan’s PM Shehbaz Sharif said today that the government would have to agree to IMF bailout conditions.
- The economic challenge is unimaginable.
- It would be IMF’s 24th funding program for the country in its 75-years experience.
Islamabad: Pakistan’s Prime Minister Shehbaz Sharif said today that the government would have to agree to IMF bailout conditions that are ‘beyond imagination’. Since Pakistan is battling a spiraling economic crisis, an International Monetary Fund (IMF) delegation had landed in Pakistan on Tuesday to revive the vital financial aid that was stalled for months.
Shehbaz has commented on the same and said that the economic challenge is unimaginable. The conditions that Pakistan will have to agree to with IMF are beyond imagination.
Meanwhile, on January 24th, this South Asian country suffered a horrific bombing attack o a mosque claiming 100 lives. At a time when the Pakistani rupee is at a record low against the dollar, foreign reserves are depleted, and crippling debt has sent Pakistan’s economy spiraling, Shehbaz tweeted today, “the government is working to diversify the energy mix by focusing on the development of indigenous sources of power generation”. The tweet comes after the nation suffered a nation wide power outrage on January 23.
Earlier in 2019, Pakistan had received a $6 billion bailout from IMF to which $1 billion was added in August 2022. If the funding is approved by IMF now, it would be IMF’s 24th funding program for the country in its 75-years experience.