November 24, 2022 (MLN):Pakistan’s timely finalization of the flood recovery plan is crucial to support the discussions, along with continuing financial support from multilateral and bilateral partners, the International Monetary Fund (IMF) Representative in Pakistan Esther Perez Ruiz said to the media on Wednesday.
IMF staff continue discussions with the Pakistani authorities over policies to reprioritize and better target support toward humanitarian and rehabilitation needs, while also accelerating reform efforts to preserve macroeconomic and fiscal sustainability, she added.
Cash-strapped Pakistan has already been facing multiple challenges on the economic as well as political front and to make the situation more ruthless, it was hit by historic floods earlier this year which has pushed the country towards the brink of a humanitarian crisis along with an economic meltdown.
More than 1700 people lost their lives due to the devastating floods while countless people have become homeless. According to the government’s estimate, the economic damage is around $40 billion.
It is pertinent to mention that the country entered the IMF bailout program worth $6 billion in 2019. At present, the ninth review for the EFF is being delayed on the back of noncompliance with a few IMF conditions.
