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Pakistan Bracing for Economic Reform

Pakistan Bracing for Economic ReformPakistan Bracing for Economic Reform

Pakistan’s new Prime Minister Imran Khan is facing a tough challenge of a looming currency crisis, which could escalate into a full-blown recession. Khan, however, has laid out the key principles of economic reform aimed at boosting tax revenues and improving the quality of life for many Pakistanis, Sputnik reported. Just days after his disputed victory in a general election, renowned cricket star Imran Khan is preparing to overhaul his country’s economy. Praised by the media as a “Pakistani Trump”, and cheered by the nation’s stock and bond market participants, Khan is seeking closer cooperation with the International Monetary Fund to finance his ambitious reforms. Pakistan is currently on the verge of a currency crisis, next in line to the likes of Argentina, Turkey and South Africa—who have all experienced currency devaluations earlier this year due to subdued global commodity prices, structural hurdles, and the rising US dollar because of the Federal Reserve’s policy tightening. Khan is set to seek the country’s 12th IMF credit line to avoid the crisis.

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