Pakistan army chief pleads Washington for early release of IMF funds
Pakistan's army chief General Qamar Javed Bajwa
Pakistan's economy is under tremendous debt. Now, in an attempt to avoid defaulting on debt payments, Pakistan's army chief General Qamar Javed Bajwa has sought help from the United States.
Reportedly, Bajwa is attempting to persuade Washington to receive immediate loan funds amounting to $1.2 billionfrom the International Monetary Fund (IMF). Bajwa spoke to US Deputy Secretary of State Wendy Sherman and put forth his request.
Why is Bajwa pleading with Washington?
As reported extensively by WION, the cash-strapped country has been going through its worst financial crisis in recent times and needs cash liquidity on an almost urgent basis.
Standing on the verge of bankruptcy, Pakistan, however, was given a glimmer of hope earlier this month when the IMF decided to resume a 2019 signed $6 billion loan programme.
However, IMF kept a few pre-conditions before Islamabad prior to opening its coffers. Reportedly, Pakistan will have to raise $4 billion from friendly countries to receive the next tranche of payment.
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However, Pakistan does not have the means and time to generate such an amount. Thus, Bajwa is attempting to work his friends in Washington to get the process expedited.
Pakistan government to sell state assets
It is pertinent to note that the Pakistan government under Prime Minister Shehbaz Sharif recently brought an ordinance which grants it the power tosell state assets such as oil and gas companies to foreign nations without any checks.
The move is aimed at quickly raising funds to prevent the country from defaulting on the loans.
Read More: Pakistan brings ordinance allowing government to sell state assets to foreign nations
The Pakistan rupee has fallen 8.3 per cent this week alone, which is being dubbed the steepest fall since 1998.
According to several estimates, the neighbouring country of India needs at least $41 billion in the next 12 months to fund debt repayments and boost foreign exchange reserves that have fallen by$754 million to $8.57 billion,
(With inputs from agencies)
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