An ongoing bailout deal between Pakistan and the International Monetary Fund (IMF) is 'outdated' given a number of global crises, Pakistan's foreign minister said on Wednesday, as the country struggles to implement targets set by the lender.
Pakistan's Foreign Minister Bilawal Bhutto-Zardari gestures during an interview with Reuters in the Alpine resort of Davos, Switzerland May 25, 2022. REUTERS/Arnd WiegmannDAVOS, Switzerland, May 25 - An ongoing bailout deal between Pakistan and the International Monetary Fund is "outdated" given a number of global crises, Pakistan's foreign minister said on Wednesday, as the country struggles to implement targets set by the lender.
"This deal is a pre-COVID deal. It is a pre-Afghanistan fallout deal. It is a pre-Ukrainian crisis deal. It is a pre-inflation deal," Bhutto Zardari said "We have to engage with the IMF and we have to keep Pakistan's word to the international community... However, going forward, it is very legitimate for Pakistan to plead its case," he said.
Pakistan is faced with high inflation numbers - CPI inflation clocked at 13.4% in April. A removal of fuel subsidies would likely have political consequences for the country's new coalition government with elections expected within 16 months.
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