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IMF Bailout Conditions 'Beyond Imagination': Pakistan Prime Minister
IMF Bailout Conditions 'Beyond Imagination': Pakistan Prime Minister
Sputnik India
With $3.09 billion left in foreign reserves, Pakistan has only enough dollars to sustain 18 days of imports and is in desperate need of the IMF's next tranche of funds.
2023-02-03T15:55+0530
2023-02-03T15:55+0530
2023-02-03T15:55+0530
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Pakistan has accused the International Monetary Fund (IMF) of strong-arming harsh reforms on the country in order to revive its $7 billion loan package.Prime Minister Shehbaz Sharif took aim at the the Washington-based institution on Friday, claiming that it is making life tough for Finance Minister Ishaq Dar and other ministry officials. IMF officials are presently visiting Pakistan for negotiations on a stalled $7 billion loan program.Making the comments on national television in Peshawar city in the aftermath of a deadly bomb attack, the country's premier highlighted that Pakistan had no choice but to adhere to the IMF's conditions.Nathan Porter, the IMF's mission chief to Pakistan, is leading the global lender's talks with Dar and his team. A positive outcome to the discussions is crucial for Pakistan to avert default.Among the IMF's main conditions to revive the loan package are an end to fuel subsidies and removal of government control on the exchange rate.Islamabad increased the price of petroleum products on Sunday to record levels, with fuel costing 249.80 rupees per liter ($0.92). On the other hand, people have to shell out Rs 262.80 for a liter of diesel.Previously, the Sharif-led government likewise decided to remove government-monitored price capping on the USD-PKR exchange rate.The government's move to surrender its control over the exchange rate led to the Pakistan rupee weakening to a historic low of 270 against the US dollar on Monday.
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IMF Bailout Conditions 'Beyond Imagination': Pakistan Prime Minister
With just over $3 billion left in foreign reserves, Pakistan only has enough dollars to sustain 18 days of imports and is in desperate need of the IMF's next tranche of funds.
Pakistan has accused the International Monetary Fund (IMF) of strong-arming harsh reforms on the country in order to revive its $7 billion loan package.
Prime Minister Shehbaz Sharif took aim at the the Washington-based institution on Friday, claiming that it is making life tough for Finance Minister Ishaq Dar and other ministry officials.
IMF officials are presently visiting Pakistan for negotiations on a stalled $7 billion loan program.
"Our economic challenge at this moment is unimaginable. The conditions we have to fulfill [to complete the IMF review] are beyond imagination," he said.
Making the comments on national television in Peshawar city in the aftermath of a deadly bomb attack, the country's premier highlighted that Pakistan had no choice but to adhere to the IMF's conditions.
Nathan Porter, the IMF's mission chief to Pakistan, is leading the global lender's talks with Dar and his team. A positive outcome to the discussions is crucial for Pakistan to avert default.
The loan would not only provide Pakistan with $1.12 billion in immediate funds from the multilateral agency but also influence friendly nations and other money-lending institutions to give funds to the cash-starved country.
Among the IMF's main conditions to revive the loan package are an end to fuel subsidies and removal of government control on the exchange rate.
Islamabad increased the price of petroleum products on Sunday to record levels, with fuel costing 249.80 rupees per liter ($0.92). On the other hand, people have to shell out Rs 262.80 for a liter of diesel.
Previously, the Sharif-led government likewise decided to remove government-monitored price capping on the USD-PKR exchange rate.
The government's move to surrender its control over the exchange rate led to the Pakistan rupee weakening to a historic low of 270 against the US dollar on Monday.
