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IMF ‘saddened’ by the catastrophic impact of floods in Pakistan

by Pakistan Latest News Update

The International Monetary Fund (IMF) on Sunday mentioned that it was “deeply saddened” by the devastating impression of the floods in Pakistan.

“Our sympathies go to the thousands and thousands of victims of the floods. We are going to work with others within the worldwide neighborhood to help, below the present programme, the authorities’ reduction and reconstruction efforts, and particularly their ongoing endeavour to help these affected by the floods whereas guaranteeing sustainable insurance policies and macroeconomic stability.
Pakistan, regardless of the resumption of the IMF programme after a hiatus of seven months, continues to be reeling below a extreme greenback liquidity crunch because the cataclysmic floods have aggravated the macroeconomic fundamentals.
Whereas a number of leaders and economists reportedly instructed that Pakistan ought to request the IMF for the availability of a Speedy Financing Instrument (RFI) or Pure Calamity Response-related funding facility, Islamabad has not but made any recent request on the expectations of a lukewarm response from the Washington-based worldwide lender.
The IMF programme below $6.5 billion was restored in late August after it was stalled in February 2022 below the earlier PTI-led regime when it supplied unfunded gas and electrical energy subsidies.
“The state of affairs has aggravated as demand for imports has gone up manifold however the nation doesn’t have sufficient {dollars}. “With out enhancing greenback injections, Pakistan’s macroeconomic vulnerabilities should not going wherever.

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