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Pakistan Seeks IMF Assistance Amidst Deepening Financial Crisis

On Thursday (Nov 16), Pakistan’s Finance Minister Shamshad Akhtar addressed the media, stating that the country is likely to require financial assistance from the International Monetary Fund (IMF). Consequently, Pakistan is anticipated to seek another bailout from the international multilateral lender.

Akhtar, who serves as the finance minister in the caretaker government, emphasized the necessity to continue the engagement with the IMF, citing the fragility of the country’s economy. The statement followed a staff-level agreement reached the previous day for a $700 million payout to Pakistan under an existing program.

This agreement highlighted the deepening financial crisis in the country, which is grappling with economic and political challenges.

Pakistan faces the maturity of its dollar-denominated debt, amounting to approximately $1 billion, next year, post the scheduled elections in February. Despite being on the path of economic recovery, the country remains exposed to significant external risks, as highlighted in a statement by the IMF on Wednesday (Nov 15) after successfully concluding discussions with Pakistan’s caretaker government.

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