(9 Oct 2018) Pakistan's stock market and currency took a tumble on Tuesday, a day after the country's finance minister said he would seek a bailout loan from the International Monetary Fund to address a mounting balance of payments crisis.
With the crisis putting pressure on the government of Prime Minister Imran Khan, analysts suggest that Pakistan hopes to secure eight billion US dollars in loans to avoid an economic meltdown.
It also wants fresh loans from China, which has already invested heavily in roads and the energy sector.
After a visit last week, the IMF issued a report saying Pakistan was facing significant economic challenges, with declining growth, high fiscal and current account deficits, and low levels of international reserves.
It said the problems mostly stemmed from an overvalued exchange rate and excessively easy credit.
Pakistan has been approaching the IMF since the 1980s, and received a 6.7 billion dollar-loan in 2013.
The IMF report said Pakistan's government had already begun moving in the right direction but had not gone far enough.
It urged the government to relax controls on its currency and to do more to help the poor to help lay the foundations for sustainable growth.
Find out more about AP Archive: [ Ссылка ]
Twitter: [ Ссылка ]
Facebook: [ Ссылка ]
Instagram: [ Ссылка ]
You can license this story through AP Archive: [ Ссылка ]
