IMF seeks time that Pakistan doesn’t have as bailout deal talks break down

Pakistan’s currency reserves reach a point where country can support imports for just the next two weeks

File photo: Men reach out to buy subsidised flour sacks from a truck in Karachi, Pakistan (REUTERS)

Pakistan has failed to strike a deal with the International Monetary Fund (IMF) for a crucial $1.1bn loan.

The cash-strapped nation continues to run out of time to avert defaults and replenish dwindling foreign currency reserves.

The IMF said “considerable progress” had been made in negotiations during their 10-day visit to Islamabad to discuss the ninth review of a $6bn bailout package.