https://sputniknews.in/20240801/reforms-essential-to-get-rid-of-imf-pakistan-finance-minister-7948628.html
Reforms Essential to Get Rid of IMF: Pakistan Finance Minister
Reforms Essential to Get Rid of IMF: Pakistan Finance Minister
Sputnik India
On Thursday, Pakistan Finance Minister Muhammad Aurangzeb said that reforms would be essential if the South Asian nation were to free itself from the crutches of the International Monetary Fund (IMF).
2024-08-01T18:35+0530
2024-08-01T18:35+0530
2024-08-01T18:35+0530
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On Thursday, Pakistan Finance Minister Muhammad Aurangzeb said that reforms would be essential if the South Asian nation were to free itself from the crutches of the International Monetary Fund (IMF).It is worth noting that the Washington-based lender has been helping cash-strapped Pakistan during economic crises.After offering a tranche of funds to Pakistan in 2023 when its forex reserves dipped below the $3 billion mark, it was only enough to cover imports for three weeks. Last month, the Pakistan government and the financial institution reached an agreement on a $7 billion bailout program spread across 37 months, expected to be granted approval by the lender's executive board later in August. However, the IMF's package has come at costs - Pakistan has been asked to reduce public spending, levy new taxes, and cut down on subsidies, making the Shehbaz Sharif government a subject of ridicule domestically.
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Reforms Essential to Get Rid of IMF: Pakistan Finance Minister
In the last three years, political instability and civilian unrest stagnated Pakistan's economy, making it dependent on friendly countries like China and Saudi Arabia. At the same time, it sought capital from international institutions.
On Thursday, Pakistan Finance Minister Muhammad Aurangzeb said that reforms would be essential if the South Asian nation were to free itself from the crutches of the International Monetary Fund (IMF).
"Reforms are essential to get rid of IMF [...] the country will develop only through economic reforms," Aurangzeb said during an event in Islamabad.
It is worth noting that the Washington-based lender has been helping cash-strapped Pakistan during economic crises.
After offering a tranche of funds to Pakistan in 2023 when its forex reserves dipped below the $3 billion mark, it was only enough to cover imports for three weeks.
Last month, the Pakistan government and the financial institution reached an agreement on a $7 billion bailout program spread across 37 months, expected to be granted approval by the lender's executive board later in August.
However, the IMF's package has come at costs - Pakistan has been asked to reduce public spending, levy new taxes, and cut down on subsidies, making the
Shehbaz Sharif government a
subject of ridicule domestically.
