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Reading: Promises to IMF in doubt as political turmoil damage economy
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PhotoNews Pakistan > Business > Promises to IMF in doubt as political turmoil damage economy
Business

Promises to IMF in doubt as political turmoil damage economy

Web Desk
By Web Desk Published September 3, 2014 2 Min Read
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Anti-govern­ment protests that have gripped the capital since mid-August could throw off course economic reforms Pakistan promised to deliver in return for an IMF bailout, senior officials said, raising the risk of a sovereign rating downgrade.

The International Mone­tary Fund (IMF)  saved Pakistan from possible default last September by agreeing to lend $6.6 billion over three years, conditional on reforms such as a longstanding pledge to privatise loss-making state companies.

“The programme is not in jeopardy at the moment,” said a top economic adviser with direct knowledge of talks with the Fund. “The IMF folk think that if we can wrap this crisis up in a week or so, things will remain on course and normal. But if it goes on any longer, then, yes, we will be in trouble.” Commerce Minister Khur­ram Dastgir Khan voiced concern that an IMF team had already cancelled a visit to Pakistan because of the protests that turned violent last week as Prime Minister Nawaz Sharif refused to resign. He said more than a year of efforts to fix the economy had “gone up in smoke”.

“The government has very painstakingly been building a house of international confidence, and the foundation of this was the IMF package and abiding by our reforms’ promises,” the minister told Reuters.

“But … our struggles of 14 months have gone up in smoke in a matter of 14 days. We are pushed to a point where we have to go back to the drawing board.”

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