Pakistan seeks another IMF bailout

|By:, SA News Editor

Pakistan's currency tumbled 7% to PKR134 to the dollar overnight after the nation's finance minister, Asad Umar, announced his government would approach the IMF for a bailout for the 13th time in its history.

Pakistan's stores of foreign currency now stand at $8.4B - barely enough to cover imports until the end of the year.

The rupee is more than 25% lower vs. the greenback since the beginning of last December.


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