https://sputniknews.in/20230719/imf-raises-red-flags-over-pakistans-economy-days-after-signing-3-billion-package-3073041.html
IMF Raises Red Flags Over Pakistan's Economy Days After Signing $3 BIllion Package
IMF Raises Red Flags Over Pakistan's Economy Days After Signing $3 BIllion Package
Sputnik India
Weeks after agreeing to a $3 billion bailout package for Pakistan, the International Monetary Fund (IMF) has raised red flags about Islamabad's long-term economic prospects.
2023-07-19T14:41+0530
2023-07-19T14:41+0530
2023-07-19T14:41+0530
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The International Monetary Fund (IMF) has expressed concern about Pakistan's long-term economic prospects.In a report shared by Pakistani media on Wednesday, the IMF stated that the South Asian country would need continued support from its international friends and other financial institutions if it is to avert a sovereign default after the national elections scheduled for later this year. The global lender added that Islamabad was facing a series of "complex" challenges concerning its economy.According to the IMF, addressing these risks and challenges would require "continued financial support from external partners."The IMF's concerns about Pakistan's economy come at a time when Islamabad has been seeking to boost its forex reserves through aid from time-tested allies like Saudi Arabia, the UAE, and China.Earlier this month, Saudi Arabia transferred a $2 billion tranche to Pakistan as the IMF had sought assurances from countries who share friendly ties with Islamabad in order to release $3 billion worth of loans agreed between the two parties in June.Pakistan's forex reserves stand at $4.4 billion as of July 14 after plummeting to under $3 billion in February, ringing alarm bells as the country stared at a sovereign default.
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IMF Raises Red Flags Over Pakistan's Economy Days After Signing $3 BIllion Package
Global credit rating agencies continue to forecast a negative outlook for Pakistan's economy despite Islamabad successfully securing financial guarantees from friendly nations and global lenders.
The International Monetary Fund (IMF) has expressed concern about Pakistan's long-term economic prospects.
In a report shared by Pakistani media on Wednesday, the IMF stated that the South Asian country would need continued support from its international friends and other financial institutions if it is to avert a sovereign default after the national elections scheduled for later this year.
"Resolving Pakistan's structural challenges, including long-term BOP (balance of payments) pressures, will require continued
adjustment and creditor support beyond the current programme period," the Washington-based financial behemoth said.
The global lender added that Islamabad was facing a series of "complex" challenges concerning its economy.
According to the IMF, addressing these risks and challenges would require "continued financial support from external partners."
"Consistent and decisive implementation of programme agreements will be essential to reduce risks and
maintain macroeconomic stability," the IMF noted.
The IMF's concerns about Pakistan's economy come at a time when Islamabad has been seeking to boost its forex reserves through aid from time-tested allies like Saudi Arabia, the UAE, and China.
Earlier this month, Saudi Arabia transferred a $2 billion tranche to Pakistan as the IMF had sought assurances from countries who share friendly ties with Islamabad in order to release $3 billion worth of loans agreed between the two parties in June.
Pakistan's forex reserves stand at $4.4 billion as of July 14 after plummeting to under $3 billion in February, ringing alarm bells as the country stared at a sovereign default.
