Pakistan is on the Verge of Declaring Bankruptcy as the Country's Economic Situation Intensifies
Despite ongoing talks between Islamabad and the International Monetary Fund (IMF) to recommence the USD 6 billion rescue package from the IMF, Pakistan is on the edge of bankruptcy as the country's economic status is facing a dismal future with no immediate bright outlook. As of June 21, the Pakistani Rupee (PKR) had crossed the 212 USD mark. Pakistan, on the other hand, has fewer than six weeks' worth of import coverage left and its foreign exchange reserves have critically declined. Currently, the reserves are less than $9 billion, according to a Pakistan Tribune report. Over the past year, the value of the Pakistani rupee has plummeted by a staggering 34% (or PKR 53.67). In June of the previous year, it ended at PKR 157.54. With a decline of around 16.5 percent (since December 31, 2001) against the US Dollar, the Pakistani Rupee has thus become Asia's "worst-performing currency in 2022," ranking last among a group of 13 peers that a