ISLAMABAD, PAKISTAN — The Pakistan government has called for immediate action from the International Monetary Fund (IMF) and the United States (US) to help bail out the country as the ongoing financial crisis have brought the country near bankruptcy.
The country’s economy is facing several challenges, including a shortage of foreign exchange reserves, which currently stands at around $4 billion.
Additionally, the country’s debt has reached a record high of over $100 billion. Speaking to reporters, the Minister of Finance, Ishaq Dar, highlighted the urgency of the situation and said, “Pakistan is facing a critical moment in its history. The country’s economy is in dire need of support, and we are hoping that the IMF and the US will respond to our request for assistance.”
The financial crisis in Pakistan has been exacerbated by rising inflation, trade and fiscal imbalances, and declining foreign exchange reserves. The country’s economy has been struggling for several years, and the recent pandemic has only made the situation worse.
The IMF has already extended a loan to Pakistan, but the country’s leaders believe that more support is needed to help stabilize the economy and avoid a full-blown crisis.
In a statement, the IMF’s Mission Chief for Pakistan, Ernesto Ramirez Rigo, said, “The IMF recognizes the seriousness of the situation in Pakistan and is working closely with the government to support their efforts to restore economic stability. We are closely monitoring the situation and are committed to providing the necessary assistance to help the country overcome its current challenges.”
The US has also been urged to provide support to Pakistan. The US has significant economic, political, and security interests in the region, and a financial crisis in Pakistan could have negative impacts on these interests.
In a statement, a US State Department official said, “The US is closely monitoring the situation in Pakistan and is committed to supporting the country as it works to restore economic stability. We believe that a stable Pakistan is in the best interest of the region and the world.”
The call for a bailout has been welcomed by the international community. Many believe that a bailout would be an opportunity for the IMF and the US to demonstrate their commitment to global financial stability and support for developing countries. It would also send a positive message to other countries, encouraging them to continue implementing sound economic policies and seek help from the IMF and other international organizations when needed.
The financial crisis in Pakistan has reached a critical point, and immediate action is needed to help stabilize the country’s economy. The IMF and the US have been urged to provide the necessary support to help Pakistan overcome its current challenges. The country’s leaders believe that a bailout would be in the best interest of the region and the world, and would help ensure that the IMF’s loan program is effective and successful.