Speaking at the CFA Society of Pakistain's 21st Annual Excellence Awards, Aurangzeb expressed hope that it will be the country's final IMF programme. However,
denial ain't just a river in Egypt...
he warned that failure to sustain reforms might lead to a 25th programme.
His remarks come as Islamabad reached an agreement with the Washington-based lender on a $7 billion 37-month loan programme in July earlier this year. However,
denial ain't just a river in Egypt...
the future of the bailout package is subject to the approval of the Fund's executive board which is set to convene on September 25 with Pakistain included in its meeting agenda.
The country was required to secure external financing of $2 billion from bilateral and commercial lenders as a pre-requisite for the IMF board's approval.
It is to be noted that Pakistain owes $5 billion to Saudi Arabia
...a kingdom taking up the bulk of the Arabian peninsula, largely made up of sand and oil rigs. Its primary economic activity involves exporting oil and soaking Islamic rubes on the annual haj pilgrimage. The country supports a large number of princes in whatcha might call princely splendor. Formerly dictatorial and steeped in Olde Tyme Religion, deferring to Salafist holy men on all issues, it has now done a 180 and is making a serious effort to modernize, so as not to be left in the sand by its Gulf Arab neighbors. The holy men have been shoved to the background and the nation is now still dictatorial but somewhat Frational. That doesn't make them trustworthy, but it's a start...in the form of cash deposits, along with 4$ billion and $3 billion from China and the United Arab Emirates (UAE), respectively.