After wreaking havoc on the economy for the past four months with his disastrous policies, Finance Minister Ishaq Dar has finally relented. After our foreign reserves hit a low of $3.7 billion, Dar was forced to abandon his attempts to artificially prop up the rupee’s value, a key condition of the IMF.
According to reports, a mini-budget is also under the works, to fulfil the other conditions of the Fund. In response to these developments, the IMF has agreed to send its team to Islamabad to discuss the pending review. However, this belated return to the IMF programme will only provide temporary relief at best.
Arif Majeed
Karachi
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