May 16, 2023
1 min read

IMF deadlock: Pakistan now looking for ‘plan B’

The cash-strapped nation of over 220 million people will have no other option but to ask China for help…reports Asian Lite News

Pakistan is now looking for a ‘Plan B’ for averting full fledge eruption of the balance of payment crisis if the International Monetary Fund (IMF) continues to delay the revival of the already-delayed $6.5 bailout programme, according to sources.

The cash-strapped nation of over 220 million people will have no other option but to ask China for devising a mechanism to bailout the ailing economy, The News reported.

“Amid deepening political and economic crisis in the country, the IMF has adopted a wait and see policy but this cannot be pursued for a longer period,” the sources said.

“Either the IMF programme will have to be revived through the completion of the ninth review or the programme will be scrapped. We will share no more data with the IMF without completion of the ninth review,” they added.

Several reports suggest that Pakistan has already conveyed to the Fund staff to conclude the review otherwise budgetary framework for 2023-24 would not be shared, The News reported.

The sources recalled that an ambassador of the western capital, during interactions with a minister inquired when the economy of Pakistan was expected to be in meltdown.

“This blunt question from the dignitary shocked the minister who told the visiting diplomat that Pakistan would never default,” the sources narrated.

It should be noted that the diplomatic community also has started inquiring about “domestic political affairs”.

Keeping in view all these developments, independent economists are now suggesting the government make last-ditch efforts in order to revive the IMF programme or clearly look towards China to bailout the struggling economy, The News reported.

Former Finance ,inister and renowned economist Hafiz A. Pasha said that if the IMF doesn’t move forward then Pakistan would have no other option but to request China to devise any mechanism for helping Islamabad to avert blown out of a full fledge crisis.

ALSO READ: China keen to invest in gas, oil sectors in Afghanistan

Previous Story

$40m UN cash package arrives in Kabul

Next Story

UK police to re-open Vishal Mehrotra murder case after 42 years

Latest from -Top News

Modi’s New Warfare Playbook

Modi has upended the old playbook and India and Pakistan are entering dangerous new territory where nuclear deterrence is no longer a guarantee against conventional conflict…writes Collins Chong Yew Keat The India-Pakistan

Turkey’s Jet Roars, West Watches

It is visible that Turkey is intentionally reducing reliance on U.S. and Western military imports, especially F-16s and the failed F-35 partnership, to achieve strategic independence….writes Ankit V In 2016, Ankara announced

‘Op Sindoor’ Team Wraps Up Saudi Visit

The visit reaffirmed the shared commitment of India and Saudi Arabia in the fight against terrorism….reports Asian Lite News Riyadh, May 30 (IANS) The Indian all-party delegation, led by BJP MP Baijayant

Visa Interview Pause Nearing End, Says US

India is the source country for the largest group of international students in the US and Bruce’s comments will be closely followed there….reports Asian Lite News The United States said the pause

No Talks Till Terror Ends: India to Pakistan

The MEA’s strong response came at a time when Pakistan, pushed on the backfoot by India’s decisive Operation Sindoor, has suddenly started talking about its intent on having peace talks with India….reports
Go toTop

Don't Miss

Concern over women’s safety mounts in Pak campuses

The rising incidents of criminal assault on females indicate that

Movers and shakers behind Imran’s ouster

The celebrated victory of Imran Khan during 2018 brought him