Pakistan’s economy faced a blow on Friday, when the rupee dropped to a record low against the dollar after Prime Minister Shehbaz Sharif mentioned that the International Monetary Fund (IMF) was giving the government a difficult time. The domestic currency declined by almost 1%, reaching a new low of Rs 271.36 against the dollar, compared to its previous close of Rs268.83, according to the State Bank of Pakistan.
IMF’s stringent conditions have not been relaxed despite repeated requests from the government. The IMF continues to demand political consensus for the loan program and has rejected the government’s plan to address the circular debt. The ongoing talks between Pakistan and the IMF will end on February 9, 2023.
The Prime Minister stated that the IMF delegation in Islamabad is giving the finance minister and his team a tough time during an Apex Committee meeting in Peshawar, describing the economic challenges as “unimaginable.” The government has assured the IMF that it will implement all of the conditions.
Analysts emphasize that to avoid default, a threat that has been looming over Pakistan for months, the nation requires the bailout program offered by the Washington-based lender. The current rate of the dollar against the rupee is 275.24.
Topics #News #Pakistan #trending pakistan
