According to Fitch, Pakistan faces USD 3.7 bln in upcoming debt payments, pressuring the government to obtain an IMF bailout. With USD 700 mln due in May and USD 3 bln in June, Pakistan’s FX reserves have dropped to USD 4.46 bln. The country has implemented tax increases, energy price hikes, and currency depreciation to meet IMF requirements. To counter inflation, the central bank raised borrowing costs to a record 21% in April. Pakistan is striving to avoid default and restart a USD 6.5 bln IMF bailout, having secured financing support from Middle Eastern countries and China.