ISLAMABAD: Foreign Minister Bilawal Bhutto-Zardari Wednesday urged the International Monetary Fund (IMF) and world institutions to avoid burdening the flood hit people of Pakistan with more inflation.
The formal talks between Islamabad and IMF started last month to discuss an economy-rescuing plan that also includes an instalment of a $1.1 billion loan payment from a $6.5 billion bailout package, which was designed to ward off Pakistan’s economic meltdown in 2019.
The government in pursuance of the IMF’s demand for the much-needed loan has already increased the price of petroleum products which will move the already record-high inflation upwards and increase the rates of power, gas and other commodities that are also in the pipeline.
The bailout package is critical for the nation of 220 million as the State Bank of Pakistan-held foreign exchange reserves are at a critical level of around $3 billion, for the week ended January 27, which is enough to cover imports for less than a month.
