Islamabad [Pakistan], May 21 (ANI): The spectre of a potential default looms large over Pakistan's already fragile economy as prospects for the revival of the International Monetary Fund (IMF) loan program fade, The Express Tribune reported.

The consequences of a default for Pakistan's economy would be dire with hyperinflation, devaluation of the Pakistani rupee, a near-halt in imports, the closure of more factories, an increase in unemployment and political and social unrest, as per the news report.