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Pak’s economy fragile, needs $9 bn from IMF

Pakistan has reached a critical balance of payments situation and will need another package from the International Monetary Fund before the end of the year to avert a crisis, one of the biggest lenders to the country said on Wednesday.

world Updated: Mar 06, 2013 23:32 IST
Reuters
Hindustantimes

Pakistan has reached a critical balance of payments situation and will need another package from the International Monetary Fund before the end of the year to avert a crisis, one of the biggest lenders to the country said on Wednesday.

The Asian Development Bank’s country director, Werner Liepach, told Reuters in an interview Pakistan will need up to $9 billion from the IMF to shield the economy.

Pakistan currently has enough hard currency to cover only about two months of imports. Asked if the country, a key US ally, was in a balance of payments crisis, Liepach said: “It depends how you define a crisis. Maybe we are already in a crisis.”

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