Pakistan Crisis News Hindi: Pakistan May Turn To China For Bailout As Deadlock Persists Over IMF Program
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Pakistan wants a new tranche of $6.5 billion bailout program from the IMF. On the other hand, the IMF has imposed many conditions on the Shehbaz government because of its habit of drinking ghee after taking loans. At the same time, amid the Imran Khan controversy, America is also not supporting the Shehbaz government and is not helping in getting loan from IMF. In such a situation, badly trapped Pakistan is now going to ask for a loan from China.
No option but to appeal to China
The News newspaper reported that the cash-strapped nation of over 220 million people will have no choice but to turn to China to bail out the ailing economy. Sources said, “The IMF has adopted a ‘wait and see’ policy amid the deepening political and economic crisis in the country, but it cannot be continued for long.” He said, either the IMF program will have to be revived after the completion of the ninth review or the program will be scrapped. We will not share further data with the IMF until the Ninth Review is completed.
The News reported that multiple reports suggest that Pakistan has already asked the fund’s staff to finish the review, otherwise the budgetary framework for 2023-24 will not be shared. Sources said that during a conversation with a minister, an ambassador of a western country asked when Pakistan’s economy was expected to go into recession. The diplomat’s question, sources said, spooked the minister, who told the diplomat that Pakistan would never default. It should be noted that the diplomatic community has also started making inquiries about domestic political matters.
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What did the experts say on the risk of default
With all these developments in mind, The News reported, independent economists are now suggesting that the government make a last-ditch effort to revive the IMF program or look explicitly to China to bail out the struggling economy. Former Finance Minister and noted economist Hafiz A. Pasha said that if the IMF does not go ahead, Pakistan will have no option but to request China to set up a mechanism to help Islamabad bail out of the crisis.
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