Reflections on Pakistan’s Economy
in the middle of the last year, Pakistan entered into a $6bn bailout arrangement with International Monetary Fund (IMF) under a 39-month Extended Fund Facility (EFF). This was the twenty-first loan that Pakistan sought from IMF to shore up its dwindling reserves, and to avoid an economic crunch. The state of Pakistan’s economy has been in shambles as the country was battling to stave off an economic crisis.
Abdul Hafeez Shaikh, Adviser to the Prime Minister on Finance, made the announcement, “So Pakistan will get $6bn from the IMF and in addition we will get $2 to $3 billion from the World Bank and Asian Development Bank in the next three years.” Pakistan has outstanding foreign loan in excess of $90bn and the country’s exports sector has plunged over the past five years. The national economy is still going through structural adjustment phase. By far, things appear grimmer and prospects shadier.
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