Pakistan Prime Minister Hopeful of Finalizing IMF Deal Amid Economic Crisis
Pakistan's Prime Minister, Shehbaz Sharif, is hopeful of finalizing a deal with the International Monetary Fund (IMF) this month.
Pakistan is currently facing an acute balance of payments crisis, with reserves at its central bank sufficient to cover only one month's worth of imports.
The release of pending bailout funds under the 9th IMF review is crucial for Pakistan to resolve this crisis.
The government has taken several steps, including removing caps on the exchange rate, imposing taxes, raising energy tariffs, and scaling back subsidies, to unlock the IMF funding.
The country is also reeling from an economic crisis with inflation surging to 37.97% in May, posting a record for the second consecutive month and also the highest in South Asia.