ISLAMABAD - Pakistan Democratic Movement’s (PDM) spokesperson Hafiz Hamdullah has warned that the next general elections will be postponed if the country’s economy fails to recover. Targeting the Imran Khan-led government, Hamdullah said that the PTI left the power by leaving the country financially tied. “PTI was imposed by force,” he remarked while talking to media here yesterday. Pakistan is making efforts to boost its foreign exchange reserves — held by the State Bank of Pakistan (SBP) — which currently stand at $4.601 billion, just enough to pay for just four weeks of imports. Pakistan is in dire need of foreign aid to reduce its current account deficit as well as ensure enough reserves to pay its debt obligations for the ongoing financial year. The reserves, which hit their lowest level since February 2014, will now only provide import cover worth 0.82 months, as the country tries to lessen imports amid a greenback shortage.
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The government is also eyeing to get the ninth review of the International Monetary Fund (IMF) passed to secure a $1.1 billion bailout package. In line with its plan to convince the IMF to complete the pending ninth review, Pakistan shared the basic contours of negotiations with the high-ups of the multilateral institution with the expectation that both sides will kickstart virtual talks from next week. Hafiz Hamdullah said that currently the country is passing through a critical financial crisis. However, the federal coalition government is making all efforts and exploring all possible options to get some relief for the masses hit by the crisis left behind by the previous government.