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Pakistan Economy Crisis: Pakistan is facing a huge economic crisis for some time. Some media reports believe that Pakistan is going through worse times than 1971. In the midst of the economic crisis in Pakistan, inflation has reached its peak and is making new records every day. Commodities needed by the people like the price of milk are being sold at Rs 250 per liter and chicken at Rs 780 per kg.
The price of petrol has reached Rs 272 per liter here. On the other hand, desi ghee is available at the price of 1800 to 2500 rupees per kg. Similarly, almost every necessary thing is being sold at a huge price. Pakistan’s Defense Minister Khwaja Asif has even said that the country is on the verge of bankruptcy. However, this question must have arisen in your mind that can the condition of Pakistan improve and if it improves then how would it be possible?
Here, information is being given about five such things, as soon as they are fixed, the economic condition of Pakistan will improve and the prices of milk, chicken to petrol will come down.
Huge increase in foreign debt
According to Dawn’s report, Pakistan’s foreign debt has increased by 70 percent in the first two quarters of the financial year 2022-23, due to which the dollar has decreased. This means that more loans have been taken than repaid. If Pakistan pays this amount to some extent, then there will be a big relief.
sharp decline in foreign exchange reserves
It was informed by the State Bank of Pakistan that as of February 10, Pakistan’s foreign exchange reserves were $3.193 billion. The bank said in a statement that Pakistan’s total liquid foreign exchange reserves are $8.702 billion. In such a situation, if the foreign exchange reserves increase, the debt burden will reduce and Pakistan will get funds to run the country.
Fiscal deficit increased by 43 percent
According to a report on Pakistan Revenue, Pakistan’s fiscal deficit increased 43 times for the July-September quarter of 2023. It further elaborated that the country’s budget deficit stood at 1 per cent of GDP during the first quarter of the current financial year. By reducing this, Pakistan can get relief from inflation.
Record hike in inflation rate
Pakistan’s inflation rate is reaching a new level every week. During the last week, the inflation rate of Pakistan was 38.42 percent. According to Dawn’s report, there has been a huge increase in petrol, onion, chicken and cooking oil.
IMF fund delayed
Due to the delayed meeting between Pakistan and the IMF, Pakistan could not get the funds. On the other hand, even after the meeting, the IMF did not release the funds. To get funds from IMF, Pakistan accepted all the conditions, after which new types of taxes were imposed and fuel prices were increased. In the meantime, if Pakistan gets funds from the IMF, then things will become cheaper as the inflation rate comes down and the economic condition of Pakistan can improve.
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