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Bloomberg | | Posted by Animesh Chaturvedi
The Pakistan rupee fell to a record low as the troubled country faced delays in trying to revive its lending program with the International Monetary Fund to avoid default.
Pakistan still has some work to do to meet the requirements of the $6.5 billion bailout. (Twitter)
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The rupee depreciated 1 percent to 288 dollars, according to the foreign exchange desk of Arif Habib Ltd. in Karachi.
read also: China lends $240 billion worth of loans to Pakistan, Lanka, others over 20 years: report
The representative of the International Monetary Fund in Pakistan said that the country still has some tasks to complete in order to meet the requirements of the $6.5 billion bailout. The lender last month approved a $3 billion loan program for Sri Lanka to ease its economic crisis.
read also: Pakistan must complete ‘remaining dots’ to secure $6.5bn loan, IMF says
Pakistan has yet to materialize on the loan plan months after raising taxes and energy prices and allowing the currency to depreciate to meet IMF conditions. The country has missed multiple deadlines to resume aid. The Washington-based bank has asked Pakistan to seek new loan commitments from Saudi Arabia and the United Arab Emirates before resuming the bailout.
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