Updated May 9th 2025, 11:10 IST
India-Pakistan War News: Amid escalating tensions with India, Pakistan's Economic Affairs Ministry faced an embarrassing situation when its official X (formerly Twitter) account posted a public appeal for international loans.
The post, which quickly went viral, stated, “Govt of Pakistan appeals to International Partners for more loans after heavy losses inflicted by enemy. Amid escalating war and stocks crash, we urge international partners to help de-escalate. Nation urged to remain steadfast.”
The ministry later claimed that its account had been hacked and denied posting the appeal.
The incident occurred in the wake of India's Operation Sindoor, launched on May 7, targeting and destroying nine terror sites in Pakistani territory. This operation was a response to the April 22 Pahalgam terror attack in Indian-administered Kashmir, which resulted in the deaths of 26 civilians.
Following these events, Pakistan's Defence Minister Khawaja Asif warned of a "clear and present" threat of nuclear war, emphasising the gravity of the situation.
The geopolitical tensions have significantly impacted Pakistan's financial markets.
The Pakistan Stock Exchange plunged by over 6 per cent on Thursday with trading halted for an hour after rumours of escalation in military action by India near Karachi.
Although the rumours were unfounded, the benchmark KSE100 index tumbled 6,948.73 points, or 6.32 per cent, to 1,03,060.30, before the trading was halted.
Additionally, Pakistan's international bonds have plunged, highlighting the growing fear of conflict and its economic repercussions.
The international community has expressed concern over the escalating conflict. Global leaders, including the United States, Russia, and China, have urged both India and Pakistan to exercise restraint and avoid further escalation.
As the situation unfolds, Pakistan's appeal for international financial assistance underscores the urgent need for diplomatic efforts to de-escalate tensions and stabilise the region's economy.
Meanwhile, India is set to present its concerns regarding the International Monetary Fund's (IMF) financial assistance to Pakistan at the IMF Board meeting today, Friday, May 9, 2025. Foreign Secretary Vikram Misri announced that India's executive director at the IMF will articulate the country's position during the session.
Foreign Secretary Misri criticised Pakistan's history with IMF bailouts, noting that many of the 24 programs sanctioned over the past three decades have not reached successful conclusions. He urged IMF board members to "look deep within" and consider the facts before approving further financial assistance to Pakistan.
Published May 9th 2025, 10:17 IST