Deep in debt, Pakistan held general elections in a state of poverty. The government has not yet been formed after the elections and the future Prime Minister of Pakistan is once again going to take shelter in the IMF.
Bloomberg News quoted a Pakistani official as saying on Thursday that Pakistan’s incoming government is going to ask for a new loan of at least $ 6 billion from the International Monetary Fund (IMF) to repay its outstanding debt worth billions.
The report said that Pakistan would like to negotiate with the IMF for this fund. The talks between the two sides are expected to begin in March or April.
Pakistan was saved from defaulting last summer thanks to an IMF loan, now the IMF program is ending next month.
To ensure that Pakistan does not default, the new government will again liaise with the IMF to stabilize the $350 billion economy.
Before the bailout, Pakistan had to implement many demands of the IMF and change its policies.
For which Pakistan had to revise its budget. This episode included increase in loan interest rates and increase in prices of electricity and natural gas.
Whose government will be formed in Pakistan?
After the general elections, Pakistan’s two major political parties, Pakistan Peoples Party (PPP) and Pakistan Muslim League-Nawaz (PML-N), have finally agreed on a coalition government.
In the general elections held on February 8 in Pakistan, voters elected 266 candidates for the lower house of the Pakistani Parliament.
These people will elect the new Prime Minister and the Provincial Assembly will elect the provincial heads.
PML-N president and former prime minister Shehbaz Sharif will be nominated for another term after the coordination committees of both the parties agreed to the deal on Tuesday, Geo News’ reported.
While former PPP Chairman Asif Ali Zardari will be nominated for the post of President.
According to the power-sharing formula, the PPP will not be a part of Shehbaz Sharif’s cabinet but can get top constitutional posts including the presidential office.
Specifically, the PPP will get, among other things, the presidency, the post of Senate Chairman, the posts of Chief Minister of Balochistan and the Deputy Speaker of the National Assembly, while the PML-N will get the office of the Prime Minister, the post of Speaker of the National Assembly and the Legislative Assembly, Sindh and Balochistan provinces. Will get the right to nominate governors for.