KARACHI: After the comment of the Prime Minister of Pakistan, Shahbaz Sharif about the difficult conditions set by the International Monetary Fund (IMF) for the revival of the ninth tranche the result, of the Pakistan rupee has declined.
At a meeting of the apex committee on the Peshawar incident, Sharif acknowledged that the conditions imposed by the IMF are harsh.
“The IMF delegation is currently in Islamabad and giving a tough time to the finance minister and his team,” he said.
This has caused the dollar to rise by 1.89% to an all-time high of Rs276.58 in the intraday market.
The Prime Minister stated that Pakistan will comply with all fund’s conditions, as there is no other option at this time.
However, the government has already taken difficult decisions, including removing the cap on the dollar and increasing petrol and diesel prices by Rs35, to restart the IMF program.
To avoid a massive economic crisis and to save its foreign exchange reserves, which currently stand at $3.08 billion, the country requires immediate financial assistance from the Fund and other countries.
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