Cash-strapped Pakistan has been anxiously seeking a $1.1 billion International Monetary Fund bailout package to help it avert economic collapse. But the country’s multipronged challenges mean it may not see a turnaround anytime soon — and the political crisis swirling around former Prime Minister Imran Khan isn’t helping matters.
The funds are the latest installment of a $6.5 billion IMF extended fund facility that is due to expire in June. The program was stalled after Pakistan failed to meet some loan conditions, and the country has been striving to get it back on track ever since an IMF staff-level mission conducted its most recent and ninth review early this year.
Successive governments over several decades are to blame for Pakistan’s economic woes. Endless political turmoil along with heavy dependence on foreign loans and aid have pushed the country into its current crisis.
About the author
Ashraf Khan
Ashraf Khan is a Pakistan-based journalist who has worked with foreign media for the past 22 years. He has reported on a variety of issues including environment and climate change, economy, politics, human rights, the war on terror, and lifestyle. His work has appeared in Newsweek, Le Monde Diplomatique, Far Eastern Economic Review, Christian Science Monitor, IRIN — now known as The New Humanitarian, South China Morning Post, Qantara.de, and others.
