Pakistan’s rupee slumped to a new record low as the military stepped in to squash violent protests that erupted after former PM Imran Khan was arrested this week
Pakistan’s rupee slumped to a new record low as the military stepped in to squash violent protests that erupted after former PM Imran Khan was arrested this weekWith Pakistan’s rupee declining to an all-time low of 300 a dollar as the as the military stepped in to squash violent protests, netizens have been slamming the Shehbaz Sharif establishment for 'mismanagement'.
The currency dropped 3.3% to an all-time low of 300 a dollar, according to the foreign-exchange desk at Arif Habib Ltd amid protests in the country over former prime minister Imran Khan being arrested by the anti-corruption agency in Islamabad on Tuesday.
Following the arrest, clashes erupted between Khan's supporters and police. The interior ministry has suspended mobile broadband services in the country.
Some netizens saw humour in this dire situation and some lamented at the state of country's economic affairs.
Meanwhile, the IMF said on Thursday that Pakistan needs significant additional financing for a successful completion of the long-stalled ninth review of the International Monetary Fund's bailout package.
Obtaining commitments of "significant additional financing" is essential before the IMF approves the release of pending bailout funds that are crucial for Pakistan to resolve an acute balance of payments crisis.
A staff-level accord to release a $1.1 billion tranche out of a $6.5 billion IMF package has been delayed since November, with nearly 100 days gone since the last staff level mission to Pakistan. That is the longest such gap since at least 2008.
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