The current fiscal year's tax-laden budget and the Supreme Court's ruling on reserved seats have shifted the focus of politics to the economy, further posing doubts over Pakistan's ability to meet the new International Monetary Fund (IMF) conditions for a USD 7 billion loan, reported Dawn.
A Secret Pakistani arms sales to the US helped facilitate a controversial bailout from the International Monetary Fund (IMF) earlier this year, as per two sources aware of the arrangement, with confirmation from internal Pakistani and American government documents, The Intercept reported.
Amid soaring prices and slumping economy, the inflation rate in Pakistan has increased by 3.46 per cent reaching 28.3 per cent in July, ARY News reported citing the Pakistan Bureau of Statistics (PBS).
Pakistan last week signed a USD 3 billion loan programme with the IMF, following the revival of the USD 7 billion programme that was officially ending prematurely the same day.
On Friday, Information Minister Marriyum Aurangzeb announced that the premier and the finance minister would address the public today to "inspire confidence" in the IMF deal
The Pakistan government is racing against time to unlock at least USD 1.1 billion under the lender's ninth review of a USD 6.5-billion Extended Fund Facility agreed in 2019. The programme expires on Friday.
"Pakistan and IMF had detailed negotiations for the last three days as a last effort to complete the pending review," Finance Minister Ishaq Dar said on Saturday.
Pakistan is trying to obtain USD 3-4 billion from friendly countries in case its deal with the International Monetary Fund does not get through, The News International reported.
It is impossible to overstate the financial difficulties Pakistani citizens have been facing, and a significant factor heightening the uncertainty is the elusive IMF deal that has been under negotiation since the Shehbaz Sharif-led coalition government took office in April of last year, The
On Sunday, Perez Ruiz said that external funding requirements had not changed throughout the discussions, under a review that would unlock USD 1.1 billion in financing for the cash-strapped South Asian nation as part of a USD 6.5 billion IMF package, Dawn reported.
Saudi deposits nod is crucial for clinching the IMF deal as Pakistan facing difficulty in its talks with IMF due to China-US hostility and IMF is reluctant to give any time frame for finalising the deal while the country is in economic chaos.