Pakistan has reached an accord with the International Monetary Fund over a three-year, $6-billion bailout package aimed at shoring up fragile public finances and strengthening the slowing economy, officials said on Sunday.
“Pakistan is facing a challenging economic environment, with lacklustre growth, elevated inflation, high indebtedness, and a weak external position,” the IMF said in a statement outlining the framework of a deal reached after months of negotiations.Prime Minister Imran Khan’s government came to power last year reluctant to seek what is now expected to be its 13th IMF bailout since the late 1980s.
But with inflation climbing to over 8 per cent, the Pakistani rupee losing a third of its value over the past year, and foreign exchange reserves barely enough to cover more than two months of exports, it was forced to turn to the Fund. It also envisages tax reforms to improve public finances and cut public debt as well as a “comprehensive plan for cost-recovery” in the creaking energy sectors, where mounting debt backlogs have acted as a growing drain on government resources.
Source: News Formal (newsformal.com)
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