18 Apr Pakistan Imf Bailout Package: Staring at sovereign default, Pakistan desperately seeks its ‘Sputnik moment’
Synopsis
Pakistan is scrambling to secure an IMF bailout package by initiating a string of tough measures as it battles to avoid defaulting on external debt obligations. The nation is facing an acute shortage of essential commodities, skyrocketing inflation and energy prices, dwindling forex reserves and the highest interest rates in more than two decades.
Pakistan is battling a mountain of woes and staring at defaulting payment obligations as it scrambles to secure a USD1.1 billion funding from International Monetary Fund (IMF), which has attached stringent conditions on an ailing economy to unlock the loan. The debt-laden country, which has foreign exchange reserves adequate to cover only three weeks of imports, had to comply with the IMF conditions by hiking interest rates to the highest in 25
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