Pakistan ‘will have to agree’ to IMF’s bailout conditions though it will trigger price rise: PM Sharif
Pakistan PM Shehbaz Sharif says 'IMF conditions unimaginable' over $6.5 bn bailout
Pakistan's Prime Minister Shehbaz Sharif on Friday said that the government has no choice but to agree to bailout conditions of IMF that are "beyond imagination".A delegation from International Monetary Fund (IMF) landed on Tuesday in Pakistan for the last talks to revive the months-stalled financial aid.
The government has opposed the demands of the IMF related to tax rise and subsidiary slashing, as it fears backlash before the elections which are scheduled in October.
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"I will not go into the details but will only say that our economic challenge is unimaginable. The conditions we will have to agree to with the IMF are beyond imagination. But we will have to agree with the conditions," said Sharif, in televised comments.
The economy of Pakistan is in dire conditions, hit by the balance of payments crisis as the government is trying to manage high levels of external debt, amid deteriorating security and political chaos.
The central bank of the country on Thursday announced a drop in foreign exchange reserves to $3.1 billion, which analysts stated is sufficient for less than three weeks of imports.
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On Wednesday, the data showed theyear-on-year inflation at a 48-year high due to which Pakistanis have been struggling to purchase basic food items.
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The controlon the rupee was also loosened by the government to rein in the black market in US dollars which led to the currency dropping to a record low.
"Accepting IMF conditions will definitely increase prices, but Pakistan has no other choice. Otherwise, there is a fear of a situation like Sri Lanka and Lebanon," said analyst Abid Hasan.
(With inputs from agencies)
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