India has warned the International Monetary Fund (IMF) against bailing Pakistan out of its debt crisis, insisting the money will be used to fund terror-related groups.
Iran Press/Asia: India has warned the International Monetary Fund (IMF) against bailing Pakistan out of its debt crisis, insisting the money will be used to fund terror-related groups, as tensions between the two feuding nations escalate, Express reported.
Tensions between India and Pakistan have escalated since February's bomb attack in the disputed Kashmir region, which killed 44 Indian paramilitary policemen. The two countries have engaged in an ongoing conflict over the heavily disputed territory.
India has faced a rise in attacks from neighboring Pakistan in recent months, which is said to be harboring a range of terrorists.
Two Indians killed in border crossfires in Kashmir
However, Pakistani finance minister Asad Umar, who resigned on Thursday, said the country had already reached an 'agreement in principle' with the IMF.
Umar stood down from his position following widespread criticism from business leaders and politicians over his handling of a bailout deal with the IMF.
Pakistan was forced to turn to the IMF for a bailout package, as the country's economy continues to shrink at a rapid rate.
Islamabad is seeking a £6billion-£9billion payout from the IMF as the country continues to face over £13.8billion of debt.
Pakistan’s inflation is at a five-year high of more than nine percent, while the rupee’s value has dropped by 33 percent since 2017.
If the IMF bails Islamabad out, it will be the country's 13th loan from the organization.
Last year, Pakistan turned to countries including Saudi Arabia and China for at least £5.5billion in short-term loans instead of securing an IMF bailout package.
At the time of his departure, Umar said: "It was the worst economy that we inherited. We’ve seen improvement, but we are nowhere near an ideal situation."
India threatens Pakistan with 'Mother of All Nuclear Bombs';
On April 17, 2019, India’s Prime Minister Narendra Modi says he has called Pakistan’s nuclear bluff by launching airstrikes while also claiming that New Delhi has the 'mother of all nuclear bombs.'
"Earlier, terrorists from Pakistan would come here and go back after conducting an attack. Pakistan would threaten us, saying it has the nuclear bomb and will press the button," Prime Minister Modi said at a campaign rally at Surendranagar in Gujarat on Wednesday. 103/211/209
India-Pakistan tensions: five soldiers killed in retaliation fire
2 killed, 4 injured in disputed Kashmir border shooting