Pakistan IMF: Critical bailout bargain evades arbitrators


Pakistan IMF: Critical bailout bargain evades arbitrators


 The International Monetary Fund (IMF) and Pakistan attempted to unlock $1.1 billion in funding at the eleventh hour to keep the country from going bankrupt, but the negotiations fell through.

Pakistan's foreign exchange reserves have all but vanished due to the country's escalating economic crisis; it now has just enough dollars to cover one month's worth of imports and is struggling to pay off extremely high levels of external debt.

After 10 days of negotiations, the IMF delegation, which departs Islamabad on Friday, claimed "substantial progress" had been made.

Nathan Porter, who is in charge of the IMF mission, stated in a statement that "virtual discussions will continue in the upcoming days."

Despite the lack of a financial lifeboat, both parties made an effort to portray the meeting favourably. Pakistan's finance minister announced during a press conference that the nation has received.

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