Posted 3/25/2024, 4:29:54 PM
Pakistan Seeks IMF Bailout to Address Economic Woes
- Pakistan seeking long-term IMF bailout due to economic crisis caused by political instability, corruption, COVID-19, energy crisis, climate change
- New government facing challenge of tackling deep economic problems and pulling economy out of misery
- IMF deal likely to require unpopular belt-tightening and reforms like slashing subsidies, broadening taxes, privatization
- Privatization needed but risks creating military oligopoly if not done properly
- IMF program aimed at stabilization not growth; recovery expected to be slow over next few years
