Pakistan Reader# 422, 24 November 2022
On 23 November, the International Monetary Fund (IMF) said that Pakistan’s well-timed finalisation of a flood recovery plan from climate-induced floods is imperative to support talks and continued financial funding from international and regional partners. The IMF said that the country is already in the midst of a “full-blown” economic crisis, and said that the IMF is continuing discussions regarding the flood recovery plan of action to “reprioritise” and direct efforts towards the humanitarian needs of the country. The finance ministry, however, said that it would “expeditiously” finalise the technical engagement with the IMF as the ninth review of the program sees a continuous delay.
Pakistan has seen an incessant plaguing of USD one billion international bond repayment that is due early December and faces damages amounting to USD 10 billion to 40 billion. The IMF funds would support Pakistan in a tantamount manner, which is scouring to convince international agencies to extend their aid to help the country sustain against the consequences of the floods. (“Flood recovery plan key to continued financial support for Pakistan: IMF,” Dawn, 24 November 2022)