Islamabad : Pakistan’s finance minister said solutions to Pakistan’s economic crisis
Pakistan has failed to seek assistance from the international bond market as well as short-term loans from foreign commercial banks, said Mifta Ismail, the country’s finance minister.
Therefore, the only option for Pakistan to overcome the current economic crisis is the International Monetary Fund, he added.
Pakistan’s dollar bonds fell to a record low this month and rose to some extent as fuel prices rose.
The Pakistani government has said the increase in fuel prices is a recommendation to start borrowing from the International Monetary Fund.
“Even though Saudi Arabia and other allies are ready to lend, they have all stated that they should go to the International Monetary Fund first,” said Finance Minister Mifta Ismail.
Minister Mifta Ismail said that Pakistan needs US $ 36-37 billion for the financial year beginning this June and that obtaining loans from the International Monetary Fund (IMF) would enable it to obtain loans from friendly countries including the World Bank and China.
(NDTV)