Pakistan is currently under the grip of a massive economic crisis, as a result of which the deal with the International Monetary Fund (IMF) becomes very important for the South Asian nation, according to Dawn.
A government official said that the remaining loan repayment requirements and external financing of managing the current account deficit to the tune of USD 8 to USD 10 billion cannot be raised of the stalled IMF programme.
Amid a reeling economic crisis and falling foreign exchange reserves, virtual talks between Pakistan and International Monetary Fund (IMF) are likely to commence next week, Geo News reported.
An International Monetary Fund (IMF) delegation will meet Pakistan Finance Minister Ishaq Dar on the sidelines of the upcoming Geneva conference on Climate Resilient Pakistan on January 9. The IMF delegation will discuss outstanding issues with Dar, an IMF spokesperson said on Sunday, Pakist
According to sources, the development left Pakistan with an import cover of only under a month, as the country grapples with a deteriorating economic crisis while trying to bring down imports amid a dollar shortage.
Khan while addressing media persons in Lahore on Tuesday said: "Two families have been looting the country for 30 years. Over 750,000 Pakistanis have left the country ... there is a fear of where Pakistan is going [under the PML-N led coalition government]."
Pakistan is facing its worst economic crisis since its birth and a grim scenario dodges Islamabad in 2023 amid rising foreign debts, inflation, and falling foreign exchange reserves.
The IMF visit to Pakistan which was scheduled for October has been delayed amidst differences between Pakistan's commitment to the IMF on fiscal consolidation.
The visit of the IMF monitoring mission scheduled for October end has been delayed amid the differences between Islamabad's commitment to the IMF on fiscal consolidation and its actual decisions.
IMF demanded additional information, including details of shelved development projects that have now been taken up again as a top priority of the government, The Express Tribune reported.
The State Bank of Pakistan's (SBP) decision to hike its key policy rate by 100 basis points to a 24-year high of 16 per cent has created a new problem for Islamabad as it has to pay a heavy price for borrowing after the rate hike.