Bilawal requests IMF: Foreign Minister Bilawal Bhutto-Zardari encouraged the International Monetary Fund (IMF) and international institutions not to push the affected people into greater inflation while the flood-stricken districts are still recovering from the catastrophic climate disaster.
Islamabad and the IMF began formal negotiations last month to discuss a plan to revive the economy that also involves a $1. 1 billion loan payments from a $6.5 billion rescue package. This strategy was created to prevent Pakistan’s economy from collapsing in 2019.
The government has raised the price of petroleum goods to fulfill the IMF’s loan requirement. This will lead to an increase in the already high inflation rate. In addition, increases in the prices of power, gas, and other commodities are also planned.
The 220 million-person country needs a bailout plan. Foreign exchange reserves held by the State Bank of Pakistan are at a critical level of $3 billion. This amount is insufficient to pay for imports for less than a month.