Time is running out for the country as it battles to revive the International Monetary Fund (IMF) program, the Pakistan Business Council (PBC), one of the main corporate lobbying forums in the country, said on Wednesday.
PBC’s comment reminded the severity of Pakistan’s economic crisis as the country struggles through one of its greatest economic crises in history. The South Asian nation has had a slew of problems, including a perceived default risk and downgrading by foreign rating agencies that reflect the health of the economy while also having to deal with significant political unrest and frequent changes in key leadership.
“As stakeholders contest short-term power, Pakistan’s long-term future is in jeopardy,” said the PBC in a tweet on Wednesday.
As stakeholders contest short-term power, Pakistan’s long-term future is in jeopardy. Drip feed and hope will not suffice. Without IMF’s prog. and debt re-profiling, help from friendly nations is not forthcoming. Pakistan is running out of time. @PakPMO @FinMinistryPak
— The Pakistan Business Council (@ThePBC_Official) March 22, 2023
“Drip feed and hope will not suffice. Without IMF’s program and debt re-profiling, help from friendly nations is not forthcoming.”
“Pakistan is running out of time,” it added.
Pakistan remains in talks with the international lender for the resumption of the IMF’s Extended Fund Facility (EFF), which has been stalled since last year.
The bailout program’s revival has been deemed crucial to stabilize the economy that has been hit by a severe dollar shortage in recent months with reserves held by the central bank treading at critically low levels.
Last month, PBC had underscored the need to secure IMF support as well as maintain a narrow exchange rate, stem losses, cut expenditure and reduce the use of imported fuel for energy to put the country on a sounder base in the medium to longer term for economic stability.
