New Delhi:
In the midst of the ongoing economic crisis in Pakistan, the government has taken several tough steps to meet the conditions of the IMF. The government has loosened its hold on the currency. Also, fuel prices have been increased. Bloomberg reportAccording to this, the government has allowed the currency to be determined by the market. As a result, the Pakistani rupee fell to a record low of Rs 270 per dollar on Monday. Explain that after months of delay in the next installment of the loan, the IMF team is going to come to Pakistan on Tuesday for loan review. In view of this, strict steps are being taken by the government.
read this also
Significantly, at the end of last week, the government had decided to increase the prices of gasoline by record. The crisis in Pakistan is deepening due to dollar shortage and rising inflation. Due to which the country is in dire need of funds as its reserves have dwindled to $3.7 billion in less than a month to cover imports.
Suleman Rafiq Maniya, Chief Advisor of Vector Securities Private Limited has said that Pakistan is serious about the IMF program. Even though we are in an election year, tough measures are being taken. Everything depends on the IMF team’s visit and their response. These steps are very difficult and may have to pay a heavy political price.
Dwindling foreign exchange reserves, nationwide power cuts, chaos at government-run food distribution centers, stampedes and a sharp fall in the Pakistani rupee within a year have put Pakistan in a position where it is extremely difficult to service its international debt. Has gone. The Pakistani rupee has seen a decline of about 50 percent in the last one year.
Former Indian envoy to Pakistan TCA Raghavan has said that the current economic crisis is adding to an already ongoing political crisis (where the Imran Khan-led Pakistan Tehreek-e-Insaf party has dissolved two provincial assemblies to hold fresh elections). …the conditions that the IMF is likely to impose on the release of funds will certainly cause a great deal of short-term difficulties, which may have political ramifications.”
The disbursement of Pakistan’s $7 billion IMF ‘bail-out’ package (23rd since independence) was put on hold last November after the global lender felt that the country had taken the fiscal and economic steps to get the economy right into shape. Not enough steps have been taken towards reforms.
read this also-
Featured Video Of The Day
Sanctum sanctorum by December 2023, while the work of the entire Ram temple complex will be completed in 2025: Nripendra Mishra
