Islamabad: The condition of the economy in Pakistan is continuously deteriorating. Islamabad is struggling to get help from the global lender International Monetary Fund (IMF). The apprehension of bankruptcy and recession of the country has increased. A serious law and order situation has arisen in Pakistan amid rising political tension following the arrest of Imran Khan. The economic sector has suffered another serious loss. The value of the rupee has fallen further by 3 percent. Its price has fallen to 298.93 against the US dollar. This is happening at a time when Pakistan is trying to convince the IMF for financial assistance.
The economic situation is also showing its effect on the public, as inflation, price hike, exorbitant price hike in petroleum products, tariff hike of gas and electricity units have made the life of the local people miserable. Experts say that if Islamabad has to present a proper fiscal budget in June this year, it will have to adhere to the IMF’s pre-conditions. On the other hand, government officials expressed hope that Pakistan would not default on its external payments.
Pakistan’s Finance Minister Ishaq Dar acknowledged that the Pakistan government is struggling to resolve the issue of the balance of payments crisis, especially in the absence of an agreement with the IMF. It is pertinent to mention here that IMF has discussed with the Finance Minister of Pakistan about the possibilities of joining another financial assistance scheme. The IMF has already said about Pakistan that it needs significant additional financing to successfully complete the ninth review of the $6.5 billion bailout package.
Pakistan’s Finance Minister Ishaq Dar said that Pakistan has fulfilled all the conditions of the IMF for the revival of its loan programme. It has taken steps to meet those conditions. The government has ensured external payments till December. Pakistan has been able to access loans from countries such as Saudi Arabia, the United Arab Emirates and China.
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