Pakistani opposition leader Maulana Fazlur Rehman has strongly condemned the country’s current state, alleging that external forces control the nation and that democracy is being compromised. He raised the issue of responsibility for Pakistan’s current predicament and voiced concern about the lack of representation in the government formation process. Rehman highlighted the burden of national debt on every Pakistani citizen and denounced the stagnation hindering the country’s progress.
Meanwhile, the International Monetary Fund (IMF) has approved a USD 1.1 billion loan tranche for crisis-stricken Pakistan, marking the conclusion of the second bailout package. This funding represents the third and final installment of a USD 3 billion standby arrangement with the Washington-based financial institution. The nation has already received two tranches totaling USD 1.9 billion – USD 1.2 billion in July and an additional USD 700 million in January 2023. Pakistan is now seeking a more substantial and longer-term loan package. Finance Minister Muhammad Aurangzeb has indicated that Islamabad could secure a staff-level agreement on the new program as early as July. The goal is to obtain a loan with a duration of at least three years to bolster macroeconomic stability and implement much-needed structural reforms.
