Recently, Qamar Bajwa, Chief of the Army Staff General with the permission of Prime Minister Shehbaz Sharif appealed to the US administration for an initial payment of funds from IMF (International Monetary Fund)
Further, it was confirmed through sources that army chief and PM has a meeting regarding economic situation and during the same certain measures were agreed to be executed.
On the other hand, it was also put forward that army chief should approach US administration for an initial payment of IMF.
To meet the economic challenges, approaching US administration was one of the different measure that Pakistani authorities are seeking for.
General Bajwa called US Deputy Secretary of State Wendy Sherman and requested for $1.2 billion disbursal by the IMF bailout.
As Pakistan is facing the worst economic crisis due to diminishing foreign reserves. However, this was not the first time that the government has appealed from the administration of President Joe Biden to get the $6 billion loan programme.
As per resources confirmation, the IMF’s board meeting is expected to be held in the second last week of August and the dwindling value of local currency would have sparked a debate. Whereas, Pakistan has agreed to have some tough measure in order to resuscitate IMF program.
Delay in disbursement leads to slid the historic low in interbank market trading around 240 against dollar.
All measures including removing subsidies on petroleum products, hiking power and gas tariffs and increasing taxes such leads to toll in the common man.
The government is taking hectic decisions to restore investor confidence and to bring back the economic stability.
