Pakistan PM says 'will have to agree' to 'unimaginable' IMF bailout conditions
Pakistan's Prime Minister Shehbaz Sharif says the government would have to agree to the International Monetary Fund (IMF) bailout conditions that are "beyond imagination" amid the rapidly worsening economic crisis.
"I will not go into the details but will only say that our economic challenge is unimaginable. The conditions we will have to agree to with the IMF are beyond imagination. But we will have to agree with the conditions," Sharif said during an apex committee meeting in Governor House Peshawar.
He said the IMF delegation, which arrived on Tuesday, was currently in Islamabad and giving Finance Minister Ishaq Dar and his team "a tough time".
"You all know we are running short of resources," Sharif said, adding Pakistan at present was facing an economic crisis.
The South Asian country's economy is in dire straits, battered by a balance of payments crisis as it attempts to service high levels of external debt, amid deepening political chaos and worsening security.
Pakistan's central bank Thursday said its foreign exchange reserves had dropped again to $3.1 billion. A day before, data showed year-on-year inflation had risen to a 48-year high, leaving people struggling to afford basic food items.
Islamabad secured a $6-billion IMF bailout in 2019, which was topped up with another $1 billion last year.
Currently, an IMF delegation is in Pakistan, after it arrived on Tuesday to restart talks stalled since November for $2.5 billion funds yet to be disbursed.
The visit aims to discuss fiscal consolidation measures the institution needs from Pakistan to clear a 9th review of its Extended Fund Facility, aimed at helping countries facing balance-of-payments crises.
The country’s economic crisis has been exacerbated by the precarious security situation as well as the devastating floods last year that displaced nearly millions of people and destroyed crops over large tracts of land.
Iran, Pakistan urge UNSC to hold Israel accountable for atrocities
Pres. Raeisi lauds elites’ role in unifying Iranian, Pakistani nations
‘Inseparable bonds’: Raeisi says Iran, Pakistan resolved to boost all-level ties
VIDEO | Iran marks defeat of US military operation in Tabas Desert
VIDEO | Press TV's news headlines
US troopers crack down on pro-Palestinian protests at University of Texas
VIDEO | German warship departs Red Sea as EU 'naval mission' fails
VIDEO | Palestinians inspect rubble of destroyed building in Rafah
Yemeni forces strike US, Israeli vessels in fresh pro-Palestinian operations
‘Say no to Biden’: US college being pressed not to endorse genocide
VIDEO | UN: Alarming food insecurity crisis grips Afghanistan
This makes it easy to access the Press TV website
