Pakistani Situation (foreign exchange reserves)
Foreign Exchange Reserves decline gradually, Pakistan ask IMF for help
Pakistani foreign exchange reserves only could maintain import activities for 6 weeks, so Government of Pakistan admits to take the necessary action. International Monetary Fund (IMF) said on Oct.22 that they would hold consultations with Pakistan and help them to cope with the financial crisis.
Dark Clouds of Financial Crisis hang over the Pakistan
As the rapid shrinking of foreign exchange reserves, the Government of Pakistan is currently facing a severe debt crisis. Deterioration of the economic situation has also led to high domestic inflation, which greatly influenced the life of residents. Therefore, the Government of Pakistan is active to consult with IMF, UK and U.S. in order to obtain financial assistance.
Credit Rating Agency: IMF Rescue can not solve the plight in Pakistan
Pakistan asks for help from IMF and takes a positive step for solving the domestic economy crisis. However, the credit rating agencies think that this crisis is far from over.
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