The International Monetary Fund (IMF) on Sunday said that it was “deeply saddened” by the devastating impact of the floods in Pakistan.
\n“Our sympathies go to the millions of victims of the floods. We will work with others in the international community to support, under the current programme, the authorities\u2019 relief and reconstruction efforts, and especially their ongoing endeavour to assist those affected by the floods while ensuring sustainable policies and macroeconomic stability.
\nPakistan, despite the resumption of the IMF programme after a hiatus of seven months, is still reeling under a severe dollar liquidity crunch as the cataclysmic floods have aggravated the macroeconomic fundamentals.
\nWhile several leaders and economists reportedly suggested that Pakistan should request the IMF for the provision of a Rapid Financing Instrument (RFI) or Natural Calamity Response-related funding facility, Islamabad has not yet made any fresh request on the expectations of a lukewarm response from the Washington-based international lender.
\nThe IMF programme under $6.5 billion was restored in late August after it was stalled in February 2022 under the previous PTI-led regime when it provided unfunded fuel and electricity subsidies.
\n\u201cThe situation has aggravated as demand for imports has gone up manifold but the country does not have enough dollars. \u201cWithout improving dollar injections, Pakistan\u2019s macroeconomic vulnerabilities are not going anywhere.
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