A borrowing binge has left the Pakistani nation in need of a bailout of more than $12 billion, he said in an interview last month.
Most analysts expect new Prime Minister Imran Khan, the former cricket legend, will soon be knocking on the door of the International Monetary Fund once again. Bloomberg reported.
Foreign-currency reserves have plunged by a third to $9.9 billion in the past year, while the nation is running twin deficits of more than 5 percent of gross domestic product on both its current account and budget. Authorities have devalued the rupee four times since December.
Umar isn’t scared of taking risks. After becoming head of Engro in 2004, he diversified the company into the dairy business, an industry that was until then dominated by global giant Nestle SA. The move helped turn Engro into one of the nation’s biggest companies with a market value that’s now more than eight times larger. Bloomberg reported.
