Pakistan: An IMF Rescue Plan is Essential

Pakistani Prime Minister Shahbaz Sharif indicated today, Thursday, that "a long-term rescue plan from the International Monetary Fund (IMF) is imperative due to the economic crisis the country is facing." During a meeting in Islamabad, Sharif stated, "We hope to receive a $1.1 billion tranche from the IMF next month. We would not have survived without a new program with the fund." He explained that the economy will require deep structural reforms. Sharif's statements came a day after the IMF reached a staff-level agreement with Pakistan, which, if approved by the Fund's Board, will release $1.1 billion to the debt-ridden country amid a balance of payments crisis. This funding is the final installment of a $3 billion rescue package that Pakistan received last summer.