Pakistan Economic Crisis: Bad days are coming for poor Pakistan, not dealing with IMF will create difficulties, experts warn – pakistan imf deal not done experts warn for tough times know why
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Pakistan failed to strike a deal with the IMF after 10 days of tough negotiations. Pakistan’s Finance Secretary Hameed Yaqoob Sheikh has said that some things have been agreed upon, but the staff level agreement could not be reached yet. Hope it will be done further. Pakistan has failed to get IMF loan at a time when every dollar has become very important for it. This is because Pakistan’s foreign exchange reserves have fallen to $2.91 billion. This can lead to import time of a little more than 15 days.
There will be bloodbath in the market
Uzair Yunus, director of the Pakistan Initiative at the Atlantic Council’s South Asia Center, said the ministry’s communication strategy under Finance Minister Ishaq Dar has been flawed from the start. He said that confidence in the ministry and the economy has waned. Economic experts are predicting that a ‘bloodbath’ will be seen in the markets. He said that many investors were holding on to their positions in the hope that the deal with the IMF would resume.
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Bad days are coming!
Waqar Ahmed, deputy executive director of the Sustainable Development Policy Institute (SDPI), says that in the coming days, Pakistan will have to agree to certain conditions. He said, ‘IMF has rejected Pakistan’s gradual approach. The IMF has clearly said that the time for all this has passed. He said that if the conditions are implemented, it will increase the energy sector, electricity and gas tariffs. Experts said that the IMF wants these conditions to be met. Meanwhile, Dr. Khaqan Najeeb, former advisor to the Finance Ministry, expressed regret for not getting a deal with the IMF. He said that due to the ever-decreasing foreign exchange reserves, Pakistan is not left with much option. It is already late in the process.
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