IMF Pakistan Deal: Imran Khan’s supporters burn the ‘tomorrow of Pakistan’, IMF package will remain as a dream! set to default? – pakistan imf deal news after imran khan arrest protest by pti imf bailout package chances may reduced
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Imran was arrested by Pakistan’s premier anti-corruption agency NAB on Tuesday, following which violent clashes broke out between PTI supporters and police across the country. The current political crisis comes at a time when the country is passing through its worst economic phase in history. Pakistan’s foreign exchange reserves continue to dwindle and the $6.5 billion IMF program is set to expire in June. Moreover, this year many elections are to be held in the country.
Pakistan has become more cautious
“Amidst street protests, the IMF will be more cautious about resuming the loan deal,” said Gareth Leather, senior economist at EACE (Emerging Asia at Capital Economics). Pakistan’s economy and markets have been in a shambles since last year’s regime change, when Shehbaz Sharif replaced Imran Khan as the country’s prime minister.
Civil war like situation in Pakistan
Pakistan’s rupee has depreciated by almost 50 per cent in the last 12 months. On Wednesday, the Pakistani rupee has come down to a new record low of 289.5 against the dollar. A country with nuclear weapons could face the risk of default if it does not get IMF support. A civil war-like situation has developed in Pakistan. In the midst of political and economic crisis, the country’s nuclear bombs are facing the greatest danger.
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