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EFSAS comments on the unprecedented economic crisis in Pakistan


Pakistan has less than $3.7 billion left in its State Bank, which is enough to cover just three weeks of imports. The lack of foreign exchange reserves and high inflation rates has led to a severe shortage of essential items such as food and medicines. After delaying implementing of the strict conditions laid down by the IMF for months due to fears of a possible public backlash, the Pakistan government led by Prime Minister Shehbaz Sharif, facing the prospect of national bankruptcy, relented. It started to implement some of the conditions proposed by the global financial body prior to the arrival of the IMF delegation led by IMF Pakistan Mission Chief Nathan Porter in Islamabad on Tuesday.