Pakistan economy in crisis, minister shares status of IMF bailout tranche

The Minister of Home Affairs Pakistan Rana Sanaullah on Monday said that the International Monetary Fund (IMF) did not release a TRANCHE for the $ 6 billion bailout package despite making the country dance for its tone, Geo News reported.

The minister said that Pakistan was experiencing the most difficult economic situation and the government needed to make difficult decisions. Sanaullah said that the government had even accepted the IMF provisions that were not liked, the website reported. The Minister appealed to the IMF to release the stage without delay so that Pakistan could get out of a difficult situation.

Pakistan has also decided to borrow 5.5 trillion Pakistani rupees from the international lender in the current fiscal year to maintain his foreign exchange reserves, pay back loans and finance the current account deficit, Ani quotes the State Pakistan newspaper.

In its annual budget, the Shehbaz Sharif government has project that they will only borrow 3.17 trillion from international sources. But the budget does not include financing from the IMF, Saudi Arabia and safe Chinese deposits.

Pakistani business leaders have warned that the country is heading for social riots and is afraid that it becomes unsafe for foreign investment because of the streak government policy that is trying to prevent investors, according to Dawn.

We do not have the continuity of economic policy. There must be a separate team for economic problems and political problems so that the policy remains intact; If not, it will continue to influence foreign and local investors,” said the former Vice President of the Federation of the Chamber of Commerce and the Pakistan Industry (FPCCI), Saqib Fayaz Magoon, The Dawn reported.