Report on Pakistan's emergency financial bailout by Kabir Agarwal.
Pakistan has increased taxes on goods, slashed fuel subsidies and hiked interest rates to meet the demands made by the International Monetary Fund (IMF), after the country requested an emergency financial bailout.
Even as Pakistan scrambled to meet these demands despite the negative short-term consequences for people living in poverty, the IMF put in place a new condition: an assurance from ‘friendly countries’ that Pakistan’s balance of payments deficit will be fully financed.
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