- Pakistan On The Verge Of Inflationary Collapse – Pleads For Larger IMF Bailout
by Tyler Durden, https://www.zerohedge.com/
Pakistan, a nuclear power with at least 165 warheads from short range to medium range, is facing potential economic collapse according to the country’s Finance Minister, Miftah Ismail.
With an official inflation rate of over 13.37% (double the official CPI to get a more accurate picture of true price inflation), the 2nd fastest rising rate in Asia, Pakistan has sought relief from foreign debt obligations and an IMF bailout deal. Initial arrangements for a three year deal with the IMF began in 2019, but Pakistan says that deal, originally for $6 billion USD, is ‘outdated’ due to the covid pandemic and new global financial pressures. The nation now says it is in ‘dire need’ of at least $36 billion in order to stay afloat.