In the letter addressed to IMF Managing Director Kristalina Georgieva, the Imran Khan-led party stated that a government without "legitimate representation, when imposed upon a country, carries no moral authority to govern, and, in particular, to carry out taxation measures".
"Imran Khan will issue a letter to IMF today. The charter of IMF, EU, and other organisations stipulates that they can function or provide loan to a country only if there's good governance," Zafar said after meeting Khan at Rawalpindi's Adiala Jail.
The foreign exchange reserve continued its downward trend and recorded at USD 8.21 billion as of January 26 which is a USD 54 million drop compared to the previous week at USD 8.27 billion, said the State Bank of Pakistan (SBP) report.
The International Monetary Fund (IMF) on Tuesday lowered Pakistan's economic growth forecast to two per cent for the current fiscal year, down 0.5 percentage points from its October estimate of 2.5 per cent, Dawn newspaper reported.
The total debt burden on Pakistan has risen to a whopping 63,399 trillion Pakistani Rupees (PKR) by the end of November last year in the financial year 2023-24, ARY News reported on Friday citing an official report.
“It is not a very serious issue, but political parties are in election mode and using it as a social cause,” the interim prime minister told senior journalists and news anchors on Friday.
Pakistan's economic blindspot continues to be the fact that no amount of IMF bailouts or foreign bailouts will be enough to keep the economy afloat without the nation undertaking a comprehensive structural makeover.
Even though Pakistan has been able to secure an International Monetary Fund (IMF) bailout, the road ahead is not going to be easy, as after electricity rates, Islamabad is planning to jack up gas prices as well by over 45 per cent in line with IMF's demand
The IMF Executive Director Bahador Bijani on behalf of the board has conveyed the message to Pakistan's Finance Minister Ishaq Dar through a virtual contact on Thursday.