“
After taking into account the current situation and consultation with leading economists, the government has decided to approach the IMF for a bailout programme,” announced Finance Minister Asad Umar through a recorded video message.
Since taking power, the PTI government had reiterated that it would explore multiple avenues in order to bring back a destroyed economy to stabilisation point. – @Asad_Umarpic.twitter.com/9mRJT4DmNH
— PTI (@PTIofficial) October 8, 2018
The government took the decision after friendly countries did not bail it out despite Prime Minister Imran Khan himself went to Saudi Arabia with a begging bowl.
Adviser to the Prime Minister on Commerce Razak Dawood, who accompanied the prime minister, had described his Saudi Arabia visit as “it was awful to beg from Saudi Arabia”.
Looks like Pakistan wasn’t left with many options if what Express Tribune said above is correct. Saying the Prime Minister himself went with a begging bowl is pretty strong language as is the quote attributed to his advisor. The rupee depreciation is just the beginning, it seems.