LAHORE: The Pakistan Business Council (PBC) has warned that time is running out for Pakistan to tap the IMF programme.
“As stakeholders contest short-term power, Pakistan’s long-term future is in jeopardy,” said PBC in a tweet on Thursday.
“Drip feed and hope will not suffice. Without IMF’s programme and debt re-profiling, help from friendly nations is not forthcoming.”
“Pakistan is running out of time,” it added.
The statement comes as Pakistan is reeling from one of its worst economic crises in history, the South Asian country has been faced with a barrage of woes with a perceived default risk and downgrade by international ratings agencies reflecting the state of the economy that has also had to bear major political turmoil and frequent change in key leadership.
Pakistan remains in talks with the international lender for the resumption of the IMF’s Extended Fund Facility (EFF), which has been stalled since last year.
The bailout programme’s revival has been deemed crucial to stabilise the economy that has been hit by a severe dollar shortage in recent months with reserves held by the central bank treading at critically low levels.
In February, the council had underscored the need to secure IMF support as well as maintain a narrow exchange rate, stem losses, cut expenditure and reduce the use of imported fuel for energy to put the country on a sounder base in the medium to longer term for economic stability.
