Pakistan’s Prime Minister Imran Khan, who rode a populist wave and won national elections in July, desperately needs to boost the country’s foreign exchange reserves.
Islamabad faces a ballooning current account deficit, as the money going out of the country exceeds the amount that’s coming in. It needs funds to pay for imports and international debt installments. And to make up for the gap, the country is exploring various avenues.
Floundering economy will be on top of Pakistani Foreign Minister Shah Mehmood Qureshi’s agenda as he meets US Secretary of State Mike Pompeo and National Security Advisor John Bolton in Washington on Tuesday.
Qureshi’s visit comes as Islamabad considers approaching the International Monetary Fund (IMF) for a possible $12 billion loan to avert a financial crisis.