The International Monetary Fund (IMF) has stated that it hopes a peaceful solution can be found as Pakistan struggles with a political crisis during a time of severe economic difficulties. The IMF stressed that it was important to remain within the agreed policy framework and to secure sufficient financing from partners to regain macroeconomic stability. Pakistan’s bailout programme with the IMF has been stalled since November last year, with talks ongoing over securing necessary financing assurances. Although Pakistan claims to have secured $3bn in commitments from Saudi Arabia and the UAE, the IMF has requested further assurance. Ruiz stressed that measures on the domestic front have already been implemented and that these were stabilising the economy. However, funding commitments announced to date are thought to have fallen some way short of closing the shortfall. The government has also stated that it will not proceed with a fuel subsidy programme while the two sides are in discussions over the bailout. Talks on how to hold recent elections failed earlier this year while the country has also had to deal with falling foreign exchange reserves and mounting debt.
>Source link>
>>Join our Facebook Group be part of community. <<