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Pak PM Shehbaz Sharif Says IMF Bailout Terms Are “Unimaginable”

Vivid News 24: Pakistan’s prime minister, Shehbaz Sharif, said on Friday that the country’s government would have to agree to “beyond comprehension” IMF bailout terms. To revive vital financial aid that has been suspended for months, a group from the International Monetary Fund (IMF) arrived in Pakistan on Tuesday.

The administration has declined to put into effect the tax rises and subsidy reductions that the IMF has demanded out of concern for the reaction before the approaching elections in October. “I won’t go into details, just that our economic predicament is unfathomable. The requirements we will have to meet with the IMF are unfathomable. However, we would have to accept the terms “In broadcast remarks, Mr. Sharif stated.

Pakistan’s economy is in horrible shape amid political upheaval, a deteriorating security situation, and a balance of payments problem brought on by its huge levels of external debt. The country’s central bank reported that its foreign exchange assets had dropped once further to $3.1 billion on Thursday. Analysts noted that this amount was hardly enough to pay imports for less than three weeks.

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Inflation over the previous year hit a 48-year high on Wednesday, making it difficult for Pakistanis to acquire basic commodities. Before the IMF visit, Islamabad started to give in to pressure since the threat of national insolvency was imminent and no friendly nations were prepared to offer less drastic rescues.

Government restrictions on the rupee were loosened to control an illicit US dollar market, which caused the rupee to plunge to historic lows. In addition, the artificially low cost of gasoline has gone up. The fifth-largest nation in the world no longer provides letters of credit, save for essential items like food and medication, thus there is a backlog of thousands of cargo containers at Karachi port that are laden with products that the country cannot purchase.

The nation’s political shambles are mirrored in the economy’s decline, with former prime minister Imran Khan putting pressure on the current coalition to call early elections while his support is still strong. In 2019, Mr. Khan, who was removed from office by a resolution of no confidence last year, secured an IMF loan deal worth several billions of dollars.

The program stalled as a result of his broken pledges to reduce the subsidies and market interventions that had helped to ease the cost of living problem. More than two dozen IMF deals that were negotiated and subsequently canceled over the years have become a regular pattern in Pakistan, where the majority of the population lives in rural poverty.

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Vishnu Soni
Vishnu Sonihttps://vividnews24.com/
I am working at NewsMarkets24 Network for the last several years, I learn a lot of things here like News editing, News writing, and how to manage my team to maintain our goals. My job does not only give me experience but also helps to shape my person for success.
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