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IMF’s austerity pill set to hurt common Pakistanis the most

IMF bailout package for Pakistan: When will it concretise?

Pakistan's common citizens are the most concerned as they have to brace for tougher times. The International Monetary Fund has underlined the need that Pakistan has to undertake more reform measures to fix its rapidly sagging economy. Pakistan, which is negotiating a bailout package with the IMF, has already increased fuel prices by a large quantum.

But according to reports, the IMF could come up with more riders.

The economic crisis is blowing out of proportion. With inflation rising to 13.76 per cent- the highest in over two years, discontent among the common citizens is growing.

Also read: Sharif government goes on full-scale offensive, accusing Imran Khan of high-level corruption, treason

“The set of policies and reforms to repair macroeconomic stability is wide-ranging,” Esther Pervez, the Resident Representative of the IMF told the Express Tribune.

“It is sad to see that when the push came to shove, then it is again the common man on the street who has to bear the brunt to please the IMF for a deal that, if materialised, will be the most regressive and front-loaded programme in the long-drawn borrowing history of Pakistan,” the newspaper said.

Former prime minister Imran Khan, just before exiting office, slashed prices of petrol and other commodities till the Budget Session in June. The subsidies would cost about $2.1 billion to the exchequer.

Khan’s continuous threat to the government and his protest rallies have added to the problem.

Bailout packages from other countries including Saudi Arabia are also taking time to concretise.