Prime Minister Imran Khan said on Sunday that Pakistan might need to return to the International Monetary Fund to address its mounting balance of payments crisis but would seek funding from friendly countries first.
Khan, who took office in August, blamed Pakistan’s economic woes on the previous government and repeated a promise to recover billions of dollars he says corrupt officials have stashed abroad.
He has been reluctant to ask the IMF for emergency loans that would be the country’s second bailout in five years.
But foreign reserves dropped by $627 million in late September to $8.4 billion, barely enough to cover sovereign debt payments due through the end of the year. The weekly fall was the sharpest in years.