Pakistan’s Finance Minister, Ishaq Dar, has cancelled his visit to the US to attend the World Bank and International Monetary Fund spring meetings. The decision comes amid deepening domestic political uncertainty and developing judicial crisis in the country.
The visit was meant to enable the finance minister to hold talks with officials and unlock a much-needed $1.1bn IMF bailout for Pakistan. However, with the current political and judicial turmoil, the visit has been called off, which is a significant setback for Pakistan’s economic prospects.
Pakistan is currently facing several challenges, including rising inflation, a depreciating currency, and a sharp increase in Covid-19 cases. The country needs the IMF bailout to stabilise its economy and address its most pressing challenges.
However, the ongoing political turmoil and judicial crisis in Pakistan have made it difficult for the country to secure the funding it needs. Opposition parties and the judiciary have been highly critical of Prime Minister Imran Khan’s administration, citing allegations of corruption and mismanagement.
Dar’s cancelled visit raises questions about how Pakistan will address its current crisis. The country’s foreign exchange reserves are rapidly depleting, and it is facing a balance of payments crisis. The IMF bailout would have provided the necessary stability to address some of the country’s most pressing challenges.
The cancellation of Dar’s visit is also expected to have implications for Pakistan’s relationship with the international community. It is unclear how Pakistan will move forward in light of this setback.
In conclusion, the cancellation of the finance minister’s visit to the US is a significant blow to Pakistan’s economic prospects. The move highlights the severity of the crisis the country is currently facing, with ongoing political turmoil and a deepening judicial crisis making the situation even more complicated. It remains to be seen how Pakistan will navigate its way out of this crisis, but it is clear that the road ahead will be challenging.