Pakistan's government agrees on implementing IMF demands

Islamabad: Reeling under an adverse economic crisis, the Pakistan incumbent government has finally agreed on implementing most of the demands laid out by the International Monetary Fund (IMF), in order to receive the next IMF loan tranche.

During the talks held between Pakistan and the IMF, discussions were conducted pertaining to increasing the loan amount as well as the duration of the loan term, reported the Express Tribune, citing sources.

The sources further revealed that Pakistan has agreed to accept most of the demands presented by the IMF during the initial phase of the discussion. Pakistani authorities have even given a nod on cutting subsidiaries and the timeframe for privatisation. The talks between Pakistan and the IMF will continue till Monday, next week.

The series of talks is a desperate bid by Pakistan to bring back the country on the track, economically.

The Pakistan government has begun engaging in talks with the International Monetary Fund (IMF) in the Qatari capital Doha on Wednesday over the release of crucial funds. Although Pakistan has sought international support for its economy, the process has slowed down owing to the slow pace of the economic reforms in the country.

Pakistan has hit an all-time low with its crippling national debt, surging inflation, and a plunging Pakistani rupee. The fast depletion of the foreign exchange reserves was the result of Pakistan's inflation of twin deficits, a lack of foreign currency inflows and a sharp increase in the foreign debt servicing obligations. Inflation in Pakistan entered the double-digit mark in July, the biggest surge in nearly six years.