SOS: Pakistan Seeks Up To $7bn Bailout From IMF

[Pavel + 384]

    Pakistan will ask for one of its largest bailouts from the IMF when its finance minister travels to Bali this weekend for the fund’s annual meeting, officials told the Financial Times. Asad Umar announced that his government would approach the IMF to open talks on a financial support package as the country looked for a way out of its foreign currency crisis. The announcement underlined the gravity of the country’s financial problems, and signalled an end to Prime Minister Imran Khan’s attempts to avoid approaching the fund by courting other lenders. It also adds to concerns about the health of emerging economies across the world, following the crises in Argentina and Turkey.  “Ultimately, the authorities felt it was important to present a request which would not trigger undue pressure from the IMF’s biggest stakeholders — especially the US,” said one economist who was consulted on the plan. The request to the IMF comes after years of high imports and heavy exports, which have taken their toll on the country’s stock of foreign reserves. The situation reached critical levels in recent weeks, with the Pakistani central bank now holding just $8.4bn in foreign currency, barely enough to cover imports until the end of the year.

[rainman + 263]

Pakistan is in economic crisis, dark days from new PM

[Pavel + 384]

The International Monetary Fund (IMF) warned a few days ago  that the Pakistan needs to quickly secure "significant external financing" to stave off a foreign currency crisis, though it did not suggest who could supply the money. Result is here. "Pakistan Seeks Up To $7bn Bailout From IMF"

[damirUSBiH + 327]

Obviously, Pakistan's government has no money, and financial crisis in Pakistan is getting worse, from day to day. Cut the army expenses.

[franco + 96]

Government should take swift action against the looters. As I remember, PM Khan told about this few months ago, and after that -  silence. Expose the corrupt first and than bring them to justice.

[50 shades of black + 254]

Money laundering, corruption, bribery, high inflation, support of terrorism.... wha(n)t more? 

[Salahuddin Bhutto + 1]

Economic assistance from China, Saudi, and or Turkey can take Pakistan out from financial crisis.  

[ceo_energemsier + 1,818]

1 hour ago, Salahuddin Bhutto said:

Economic assistance from China, Saudi, and or Turkey can take Pakistan out from financial crisis.  

But are they willing to come and bailout the Pakistani Gov.? with all the ongoing problems? I doubt Turkey is in a position to help much. China has been a big investor but they also have their own issues at the moment , and trying to bailout their own financial markets with a near 6 trillion $ wipe out. KSA could hop in with funds but they have a new Sheriff in town , MBS, is he a great fan of Pakistan at this time?

[ceo_energemsier + 1,818]

5 hours ago, 50 shades of black said:

Money laundering, corruption, bribery, high inflation, support of terrorism.... wha(n)t more? 

It has been a trait of Pakistan Govs., and now they are flat our broke because of all the internal issues that have been poorly managed, bad fiscal policies and the corruption at all levels for decades.

[Salahuddin Bhutto + 1]

Here my latest analysis about Pakistan's economic crisis, published in Daily Time. I guess, you will find the answer to your questions. https://dailytimes.com.pk/464358/an-autopsy-of-the-pakistans-economic-crisis/