Pakistan’s economy is in the doldrums with a plunging rupee, soaring inflation and ballooning foreign debt. (Photo: AFP)
ISLAMABAD: Pakistan could get temporary relief for its ballooning foreign debt with a new stand-by arrangement worth US$3 billion announced by the IMF in Washington late Thursday.
The economy has been stricken by a balance-of-payments crisis as it attempts to service crippling external debt, while months of political chaos have scared off potential foreign investment.
Inflation has rocketed, the rupee has reached a record low against the dollar, and the country can no longer afford imports, causing a severe decline in industrial output.
“I am pleased to announce that the IMF team has reached a staff-level…
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