Pakistan has asked for IMF bailout to avoid an imminent collapse. In contrast to many African and South American countries, a collapse in Pakistan might have global consequences.
Pakistan, a nuclear state with at least 165 warheads ranging from short to medium range, is on the verge of economic catastrophe, according to Miftah Ismail, the country's Finance Minister.
Pakistan has sought relief from international debt commitments and an IMF rescue arrangement, with an official inflation rate of over 13.37 percent (twice the official CPI to get a more realistic picture of genuine price inflation), the second fastest rising rate in Asia.
Initial negotiations with the IMF for a three-year pact began in 2019, but Pakistan claims the deal, which was originally worth $6 billion USD, is now 'outdated' due to the covid pandemic and new global financial challenges. The country now claims that it requires at least $36 billion to stay afloat.
Pakistan is expected to repay more tha...
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