May 30, 2023 05:35 pm | Updated 05:35 pm IST - IslamabadIn an unusual move, the IMF on May 30 urged Pakistan to resolve its political disputes in line with the "Constitution and rule of law." Cash-strapped Pakistan and the IMF have failed to reach a staff-level agreement on the much-needed $1.1 billion bailout package aimed at preventing the country from going bankrupt. Explained | Understanding IMF bailoutsThe funds are part of a $6.5 billion bailout package the IMF approved in 2019, which analysts say is critical if Pakistan is to avoid defaulting on external debt obligations. “Sustaining strong policies and obtaining sufficient financing from partners remain key for Pakistan to maintain macroeconomic stability,” Mr. Porter said. Mr. Porter also elaborated on the conditions Pakistan has to meet to reach an agreement with the foreign lender.

Source: The Hindu May 31, 2023 01:01 UTC