IMF Urges Pakistan To Take Steps To Stabilize Economy
Officials of the International Monetary Fund (IMF) who visited Pakistan last week have asked the government to take steps to stabilize the ailing economy.
The lender said it has not received any official request from the Asian country, which faces a serious balance of payment crisis, for financial aid.
"Pakistan faces difficult economic challenges and we urge the authorities to begin taking the necessary actions to stabilize the economy and lay the groundwork for future growth," IMF Pakistan Mission Chief Jeffrey Franks said.
Pakistan has been expected to seek a rescue package from the IMF after its currency depreciated significantly and foreign exchange reserves plunged.
An aid program valued $11.3 billion was offered by the IMF in 2008 to ease Pakistan's balance of payment crisis, which lapsed in 2011 after the government failed to implement certain fiscal reforms.
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