• Home
  • Politics
  • Sports
  • Trending
  • Entertainment
  • Book Reviews
  • Login
  • Register
Clever Read.
Advertisement
ADVERTISEMENT
No Result
View All Result
  • Home
  • Politics
  • Sports
  • Trending
  • Entertainment
  • Book Reviews
No Result
View All Result
Clever Read.
No Result
View All Result
Home World

Volatile political situation in Pakistan delaying IMF deal report

Clever Read by Clever Read
March 15, 2023
in World, Politics
0
14
SHARES
283
VIEWS

Volatile political situation in Pakistan delaying IMF deal report

In a serious food crisis, wheat flour in Pakistan's markets has gone short which is leading to people queing up in lines to procure it. Photo: AFP
In a serious food crisis, wheat flour in Pakistan’s markets has gone short which is leading to people queing up in lines to procure it. Photo: AFP

Islamabad, March 15 (PTI) Pakistan’s current volatile political situation has become a factor in delaying the much-needed agreement with the Washington-based IMF that could stabilize the cash-strapped country’s economy, a media report said on Wednesday.
Pakistan’s economy is in a bad state. The country is awaiting a much-needed US$1.1 billion fund from the International Monetary Fund (IMF).
The fund is part of a US$6.5 billion bailout package approved by the IMF in 2019, which analysts say is critical for Pakistan to avoid defaulting on foreign debt obligations.
Citing diplomatic sources, the Dawn newspaper said global lenders, particularly the IMF, are seeking assurances from Pakistan that the country’s future political body will honor any deal they sign with Islamabad.
Pakistan and the International Monetary Fund have been in talks for months to restart an established US$7 billion IMF program, but have yet to reach an agreement.
Last week, Finance Secretary Hamad Yaqoob Shaikh told reporters that even though Pakistan had missed such a deadline in the past few days, a deal was likely in the next few days.
Pakistan has already implemented policy measures, including IMF-recommended taxes, higher energy prices and raising interest rates to a 25-year low.
But two key issues remain unresolved: financial and political guarantees. The IMF wants Pakistan to show that it can raise sufficient financial resources to close its balance of payments gap.
Since the IMF provides only part of the loan a borrower needs, it must show that there are commitments from other lenders to bridge the gap.
According to diplomatic sources, China, Saudi Arabia and other partners have offered aid, but the IMF thinks it is not enough. The Pakistani government says the gap is $5 billion, but the IMF believes Pakistan needs $7 billion.
The IMF also needs assurances that the government in Islamabad that signs the deal can implement it.
But the expected elections in Khyber Pakhtunkhwa and Punjab province and the possibility of national elections soon have prompted speculation that the current government may or may not be there to implement the IMF-signed deal.
Elections are scheduled for April 30 in Punjab province, while the governor has proposed holding elections in Khyber-Pakhtunkhwa province on May 28.
“That is why the IMF needs assurances from the opposition forces, especially the Pakistan Tehreek-e-Insaf (PTI), that they will honor the deal if the current government is replaced,” a source told the newspaper.
“Though the future government is more likely to fulfill the promises made by the current government, the opposition does not want to make things easy for the government by giving a promise at this stage,” the source added.
“In such a situation, the IMF usually reaches out to the opposition, and may even contact Imran Khan.”
“Until these two things – financial and political guarantees – are approved, the IMF cannot send the documents to the board to conclude the agreement,” the statement added.
“Yes, it is true that the IMF and Pakistan are close to finalizing the agreement, but it is difficult to say when they will sign it,” the source added.
Separately, US Ambassador to Pakistan Donald Blom wanted an agreement between Pakistan and the IMF that confirmed Washington’s willingness to support Washington in its efforts to restart the stalled bailout program.
Blome also indicated that the IMF bailout package for Islamabad will take its final shape in a couple of days.
“The United States is ready to cooperate with Pakistan to help on this issue,” Blom told reporters at an event in Islamabad on Tuesday.
The ambassador also expressed Washington’s willingness to assist Islamabad in its ongoing challenge of terrorism.
Pakistan has been in turmoil for months following the impeachment of former Prime Minister Imran Khan in April.
Clashes broke out on Tuesday between the police and Khan’s supporters. Clashes broke out between PTI activists and the police in Lahore’s Zaman Park area, when a team of Islamabad police, along with armored vehicles, arrived at party chief Khan’s Lahore residence and arrested him.

Previous Post

Drivers’ strike hits public transport services in OdishaDrivers’ strike hits public transport services in Odisha

Next Post

Kerala Assembly witnesses unprecedented protest against Speaker

Clever Read

Clever Read

Related Posts

World

Mysterious Solar Panels Found Drifting In The Sea Near Hong Kong Airport

by Clever Read
March 30, 2023
Politics

Bengal’s Raj Bhavan decides to open its doors to the common man

by Clever Read
March 29, 2023
World

Move to clip Pakistan Chief Justice’s powers taken to put pressure on judiciary: Imran Khan

by Clever Read
March 29, 2023
Politics

BJP confident of returning to power with absolute majority says Karnataka CM

by Clever Read
March 29, 2023
Politics

Plea challenging Rahul Gandhi’s conviction ready, to be moved soon: Sources

by Clever Read
March 29, 2023
Next Post

Kerala Assembly witnesses unprecedented protest against Speaker

ADVERTISEMENT

Premium Content

Jadavpur University professor who shared Mamata Banerjee cartoons acquitted after 11 years

January 20, 2023

Justin Bieber’s First Smile Again After Suffering Rare Facial Paralysis: New Photos

July 6, 2022

BTS’ J-Hope To Sign Up For Mandatory Military Service

February 27, 2023

Browse by Category

  • Astrology
  • Authors Interview
  • Book Fair
  • Book Reviews
  • Business
  • Cooking
  • crime
  • defense
  • education
  • Entertainment
  • Fashion
  • Food
  • Health
  • Lifestyle
  • Parenting & Children
  • Politics
  • pr
  • Self Help
  • self publishing
  • Social media trends
  • Sports
  • Technology & Media
  • Travel
  • Trending
  • World

Browse by Tags

army Arpita Mukherjee Arvind Kejriwal BJP Chatterjee Congress covid Draupadi Murmu Google News Gotabaya Rajapaksa House India India News india news today Japan Joe Biden Khalistan Tiger Force Lok Sabha Mexico Murmu myanmar Narendra Modi NIA Nupur Sharma Oppose Parliament Partha Chatterjee Rahul Gandhi Rajya Sabha Ram Nathi Ranil Wickremesinghe rape Sri Lanka teen the path of fire The Tim Ferris Show TMC to arrest today's fresh news Today's news Uddhav Thackeray ukraine United Nations Yashwant Sinha yoshihiko isozakio
Book Reviews

Book Review: Ayuddh – A Poetic Odyssey by Krishiv Sharma

by Clever Read
March 31, 2023
0

Book Review: Ayuddh - A Poetic Odyssey by Krishiv Sharma "Ayuddh - A Poetic Odyssey" is a captivating tale of...

Read more

Fake Territorial Army site created by scamsters to dupe job aspirants: Officer

March 30, 2023

Eatery owner arrested for selling illegal firearms in Delhi

March 30, 2023

Priyanka talks about colourism in Bollywood, regrets doing fairness cream ads

March 30, 2023

MP: 25 feared trapped as roof of well collapses at temple

March 30, 2023
Clever Read

Get the latest information on news, trending topics, books, and social media trending reels.

© 2022 Cleverread - Clever Fox Publishing.

No Result
View All Result
  • Home
  • Books
    • Book Reviews
    • Trending
    • Astrology
    • Business
    • Fiction & Literature
    • Parenting & Children
    • Self Help
    • Cooking
  • Entertainment
  • Social Media Trends
  • PR
  • Interviews
  • News
  • Contact us
  • About us

© 2022 Cleverread - Clever Fox Publishing.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?