Miftah Ismail, a former finance minister, urged the government to take action to stop the coming crisis because he believes Pakistan's current course could lead to default.

"Although I firmly think that Pakistan should not default, the path we are currently travelling may do so as a result of the escalating economic difficulties. The threat [of default] should be avoided, Miftah stated during the Geo News programme "Aaj Shahzeb Khanzada Kay Saath." ".

The former minister claimed that unless the government completes the International Monetary Fund's (IMF) ninth review, Pakistan will continue to face the possibility of default.

The possibility of default will remain high as long as the IMF is not back on the table, according to Miftah, who served as Pakistan's finance minister for more than five months.

The former finance minister rejected Imran Khan, chairman of the Pakistan Tehreek-e-Insaf (PTI), explanation for early elections and claimed that the previous administration had driven the nation toward default.

"Khan is to blame for dragging Pakistan into default; he breached his promise to the IMF; Khan is to blame for trying to sabotage the IMF programme when we tried to revive it under Prime Minister Shehbaz Sharif's leadership."

The State Bank of Pakistan (SBP) paid $1 billion for the sukuk bond earlier this month, putting an end to Pakistan's immediate default risk.

The foreign exchange reserves have subsequently reached a catastrophic level, having dropped 10.45% to a four-year low of $6,714.9 million on December 2.

In contrast to the 0.7% of GDP that was agreed upon with the IMF, the fiscal deficit reached 1% of GDP in the first quarter of the current fiscal year.

However, Pakistan will not fail since it was moving in the right path, according to Senator Ishaq Dar, Minister of Finance and Revenue and a member of the same party as Miftah.

Pakistan is anticipated to get a multibillion-dollar financial support package from long-time ally Saudi Arabia this month in an effort to shore up its foreign exchange reserves after the country's ninth assessment of a $7 billion IMF bailout ran into roadblocks, two sources said.

According to the two representatives of the finance ministry, the Saudi package would include oil on deferred payments as well as deposits to increase the nation's foreign reserves.

One of the senior officials told Reuters: "We are hoping that we will, God willing, get financial support from Saudi Arabia, most likely this month. It will be approximately a $4 billion deal."

Pakistan has been desperately trying to find funding to meet its foreign payment obligations for the current financial year because the IMF's ninth review has been on hold since September.

Prior to the review, Pakistan tried to contact allies to request financial assistance, and Dar had stated that he would anticipate receiving $3 billion from a friendly nation.

Dar stated on Monday that the IMF had requested further material in order to complete the ninth review, calling the situation "strange" given that Islamabad had already satisfied all the conditions.

According to him, the terrible flood that hit Pakistan this summer was estimated to have caused over $30 billion in losses, and the IMF wanted Pakistan to explain how it would pay for the costs associated with restoration and rehabilitation.

The government and the IMF both claimed that online debates about the review persisted. A time for the IMF's physical review has not yet been set.