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Pakistan Faces Cash Crunch. Seeks this Huge Amount From IMF

Islamabad: Pakistan is facing a cash crunch and has reached an agreement with the IMF on a bailout package by which India’s neighbour will receive $6 billion over three years.

Adviser to Prime Minister on Finance, Revenue, and Economic Affairs Dr. Abdul Hafeez Shaikh said that the staff-level agreement now awaits formal approval by the International Monetary Fund (IMF) board of directors in Washington.

Pakistan would receive $6 billion worth of assistance under the IMF programme over a period of three years, Shaikh told the state-run PTV News.

“The Pakistani authorities and the IMF team have reached a staff-level agreement on economic policies that could be supported by a 39-month Extended Fund Arrangement (EFF) for about $6 billion,” an IMF press release quoted IMF Mission Chief for Pakistan Ernesto Ramirez Rigo as saying.

Conditions imposed under a $6 billion bailout from the International Monetary Fund for Pakistan will upend the government’s promises to improve education, health care and create a welfare state as it instead raises new taxes and cuts spending, experts said.

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