Economic collapse in Pakistan; Army chief reaches out to UAE, Saudi authorities for IMF loan

ISLAMABAD: Chief of Pakistan Army, General Qamar Javed Bajwa, has held talks with various countries to discuss about the International Monetary Fund (IMF) loan programme. Currently, Pakistan requires around 1.2 billion dollars to survive the current economic crisis. According to reports, Bajwa has appealed to the authorities of the United Arab Emirates (UAE) and Saudi Arabia for the loan. Lately, the army chief had also approached the US authorities to help Islamabad secure an early dispersal of funds.

Reportedly, General Bajwa had also reached out to the US Deputy Secretary of State Wendy Sherman on a phone call, to save the country’s weakening economy. If the IMF board approves, then Pakistan will receive 1.2 billion dollars in August. Pakistan hopes that the money would stabilize its economy and depreciate its currency. High inflation rate is yet another challenge faced by the nation.