Govt plans ‘alternative strategy’ to tackle economic woes

Power Minister Khurram Dastgir has revealed that the government will unveil an “alternative strategy” to address Pakistan’s economic challenges and the perceived assault on the nation before the budget presentation on June 9.

Dastgir made this announcement on a local news show on Tuesday amid reports that reaching an IMF staff-level agreement for a $1.1 billion tranche is unlikely.

Pakistan has been waiting for the release of a $1.1 billion tranche from a $6.5 billion IMF package since November, the longest delay since 2008. The IMF stated that significant additional financing is required for the successful completion of the stalled ninth review of the bailout package to resolve the balance of payments crisis.

While the UAE, Saudi Arabia, and China have pledged funds, the IMF’s recent statement indicates the need for more funding. Finance Minister Ishaq Dar previously assured that Pakistan would not default, but Dastgir’s remarks suggest the government is considering an alternative plan. Dastgir accused Imran Khan and his supporters of a “fascist assault” on Pakistan, alleging their deliberate efforts to harm the economy. The prime minister and finance minister are expected to announce the alternative strategy to address economic troubles and the perceived assault.

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