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| India-Pakistan |
| Pakistan Gov’t to Complete IMF Terms Amid Dwindling Economy — on brink of bankruptcy, sez minister |
| 2023-01-08 |
| [KhaamaPress] Prime Minister Shehbaz Sharif on Saturday expressed his government’s resolve to complete the terms of the International Monetary Fund’s (IMF) programme, according to sources, in a conversation with the lender’s managing director a day before. Earlier, the International Monetary Fund (IMF) says additional measures will be needed to bring Pakistain’s budget for fiscal year 2022-23 in line with the key objectives, after the country unveiled $47 billion budget for the year. "In a phone call with Managing Director [Kristalina Georgieva] of the IMF yesterday, I told her about the government’s resolve to complete the terms of IMF’s program," PM Shehbaz said on Twitter. "I also explained Pakistain’s economic difficulties especially after the devastating floods. IMF delegation will come to Pakistain soon." The premier’s statement comes a day after he said an IMF delegation would come to Pakistain in "two to three days" to finalise the ninth review of Pakistain’s $7bn Extended Fund Facility (EFF). Pakistain entered a $6 billion IMF programme in 2019, which was increased to $7bn last year. The programme’s ninth review, which would release $1.18bn, is currently pending, as Dwan wrote. It had earlier been put off for two months due to the PML-N-led government’s unwillingness to accept certain conditions placed before it by the Fund, and the disagreements have yet to be resolved. Pakistan on the brink of bankruptcy: Punjab chief minister [KhaamaPress] In an unprecedented decision by the government of Pakistain, announced by Khawaja Asif, the defence minister on Tuesday that shopping malls and markets would have to close early every day as the country faces an economic crisis. The reason for this decision has been said that the foreign reserves of Pakistain have remained at less than 5.6 billion dollars, and the country is unable to pay its debt. Pakistain generates most of its power using imported oil, while global energy prices have jumped since last year, putting further pressure on the country’s already dwindling finances. To pay for these energy imports, the government need foreign currency. Therefore the defence minister announces several steps on Thursday, including closing factories and markets earlier than before to avoid further energy consumption. Regarding this announcement, the Punjab 1.) Little Orphan Annie's bodyguard 2.) A province of Pakistain ruled by one of the Sharif brothers 3.) A province of India. It is majority (60 percent) Sikh and Hindoo (37 percent), which means it has relatively few Moslem riots.... government stated on Friday that the defence minister could not defend the economic policies and prescribed the wrong solution to the country. The spokesperson for the Punjab government, Cheema, told the media that Pakistain is currently facing the problem of survival; regretfully, the foreign exchange reserves of Pakistain shrunken by 5.6 billion dollars while the defence minister is prescribing the country to plunge into the darkness. Kh Asif’s claim that foreign currency is not available for importing petroleum is a matter of concern. She noticed and added that the federal ministers should tell the public their remedies instead of telling them the problem; in contrast, the statement that would plunge the nation into darkness demonstrates the federal government’s lack of seriousness. Closing factories and markets will result in the economic genocide of the people, while all these robbers’ wealth is in dollars, so it will not matter to them. According to the experts, several factors contribute to Pakistain’s economic crisis; colossal debt, a potentially volatile currency, a high-risk premium on global financial markets, and the most recent shock of disastrous floods. On the other hand, increasing import prices, falling global export demand, China’s economic slowdown, and other concerns will put more stress on Pakistain’s economy. |
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