TIL Desk/World/Washington/ Pakistan’s economy is at a “critical juncture” where it needs an ambitious and bold set of reforms, the IMF has said, days after the global lender agreed to give a USD 6 billion bailout package to the cash-strapped country.
Pakistan, which currently has a currency reserve of less than USD 8 billion — enough to cover only 1.7 months of imports — approached the Washington-based International Monetary Fund (IMF) in August 2018 for a bailout package after the Imran Khan government took over.
The IMF last week formally approved the USD 6 billion loan to Pakistan, which is facing “significant” economic challenges on the back of “large” fiscal and financial needs and “weak and unbalanced” growth.
“Pakistan is facing significant economic challenges on the back of large fiscal and financial needs and weak and unbalanced growth,” David Lipton, First Deputy Managing Director and Acting Chair of the IMF Executive Board said. Last week, the IMF approved the 13th bailout package for Pakistan since the late 1980s.
