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PTI

CHALLENGES INTO OPPORTUNITIES

Poised to become the Prime Minister (PM). Imran Khan, Chairman of Pakistan Tehreek-e-Insaf (PTI) will lead a new Coalition govt. Among the acute challenges will be severe distress in the economy. Foreign exchange reserves have depleted due to widening of current account deficit and repayment of previous loans. The International Monetary Fund (IMF) may be approached for a US$10 to 15 billion bailout package to stabilise the external sector. Rather difficult given that the US has a say in IMF affairs and US-Pakistan relations are at their lowest ebb. Out of the blue came a warning shot, US Secretary of State Mike Pompeo warning Pakistan, “There’s no rationale for IMF tax dollars, and associated with that American dollars that are part of the IMF funding, for those to go to bail out Chinese bondholders or China itself”. While the coupling of one with the other is mystifying, for the foreseeable future the IMF option therefore appears closed. With the talk of a bailout by China not confirmed, the PTI govt needs engage the US govt with pragmatism, apprising them of the new dynamics emerging in the region and the need for both the countries to have a more constructive relationship.

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