General Bajwa requests the Biden administration to assist speed up the Pakistan-IMF deal.

According to Nikkei Asia, Chief of Army Staff General Qamar Javed Bajwa has approached the White House to ask their help in the early delivery of cash from the International Monetary Fund (IMF).

According to the report, General Qamar Javed Bajwa called US Deputy Secretary of State Wendy Sherman and asked her to accelerate the IMF’s disbursement of $1.2 billion.

The unexpected move by the army chief comes as Pakistan’s economic crisis worsens due to decreasing foreign reserves.

This is not the first time the government has sought President Joe Biden’s administration to resurrect the $6 billion loan programme. Miftah Ismail, the Federal Finance Minister, met with the US envoy in Islamabad, seeking the US government’s influence on the IMF in resurrecting the bailout plan.

The country secured a staff-level agreement with the lender earlier this month, but the delay in distribution has put strain on the country’s faltering economy in the midst of a worsening political crisis.

According to reports, the IMF’s board meeting is scheduled for the third week of August, and the pressure on Pakistan’s currency has spurred speculation over whether the country may fail.

Pakistan committed to adopt harsh measures to restart the stalled IMF programme, including eliminating fuel subsidies, raising power and gas tariffs, and increasing taxes.These measures have had an impact on the average person, but the delay in the movement of funds has jittered financial markets, with the rupee falling to a historic low in the interbank market, trading at approximately 240 to a dollar.

The Shahbaz Sharif-led government has been making hectic efforts to restore investor confidence but all the attempts have so far failed to bring stability.