Cash-strapped Pakistan’s rupee plunges amid talks with IMFBy Associated Press ReportersCash-strapped Pakistan’s currency has plunged against the dollar after the government indicated it is ready to comply with tough conditions set by the International Monetary Fund (IMF) for the next tranche of its bailout package. Pakistan is seeking a crucial instalment of $1.1 billion (€1 billion) from the fund — part of its $6 billion bailout package — to avoid default. Talks with the IMF on reviving the bailout stalled in recent months. Analyst Ahsan Rasool said the rupee’s decline is a sign Pakistan is close to securing the much-needed loan from the IMF. Pakistan is currently grappling with one of the country’s worst economic crises amid dwindling foreign exchange reserves.

Source: Irish Independent January 27, 2023 02:53 UTC