Under newly elected PM Shehbaz Sharif, the government has been in talks with the IMF since May, to avoid a default like the one in Sri Lanka.
“The Agreement with the Fund has set the stage to bring country out of economic difficulties,” SharifIn recent weeks, Pakistan’s government imposed additional taxes and slashed subsidies on fuel, electricity and natural gas to meet the IMF’s conditions. That made the government highly unpopular, but Sharif says the actions were necessary.Thursday, the fund said it has “reached a staff-level agreement with the Pakistan authorities.
Finance Minister Miftah Ismail blamed Khan for creating a Sri Lanka-like situation in Pakistan and claimed the ousted premier had deliberately violated the IMF’s conditions to remain popular. In a video message on Thursday, Sharif announced he was slashing the prices of fuel and diesel by up to 15 percent, a move he said was made possible by the reduction in oil prices on the international market.
Analysts say the revival of the IMF’s bailout will help the government overcome the economic crisis because the release of the installment of loans from the fund will encourage other international financial institutions to engage with Pakistan. Authorities say Sharif’s government also approached Washington for help reviving the IMF bailout. Since his ouster, Khan has repeatedly alleged that his government was
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