Facing the possibility of default, by September the government had approached the International Monetary Fund (IMF), seeking a three-year $6.68bn programme to help stabilise the economy and introduce macroeconomic reforms. The situation was, by any definition, dire.Įconomic growth had dropped to just 3.5 percent, with foreign reserves dropping fast in the face of a huge import bill, and a balance of payments crisis looming.Īs the PML-N took office, central bank foreign exchange reserves stood at $6.5bn, their lowest level in 10 years.
Islamabad, Pakistan – When the Pakistan Muslim League-Nawaz (PML-N) party swept to power after general elections in 2013, chief among their promises was to turn around an economy in dire straits, revitalising growth and overcoming a chronic energy shortage that had crippled many industries.
