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Pakistan Economic Crisis: Pakistan is facing the worst economic crisis in its 75-year history. To meet the dollar shortage, now the International Monetary Fund (IMF) is the only support left with Pakistan. In such a situation, the Government of Pakistan has now resorted to lying in order to get the bailout package of $6 billion from the IMF. Recently, the Shahbaz Sharif government had claimed that it has fulfilled all the conditions laid down for getting loan from the International Monetary Fund.
IMF opened the poll
The newspaper The Express Tribune has claimed that the IMF has completely rejected the claim of the Government of Pakistan that it had completed all the formalities to get the loan. Along with this, the IMF is constantly in talks with the Pakistani authorities so that the next installment of the bailout package can be released by fulfilling all the conditions as soon as possible. Significantly, in 2019, a bailout package of $ 6 billion was signed between Pakistan and the IMF, out of which $ 1.1 billion was to be received by November 2022, but due to non-fulfillment of the conditions of the IMF, Pakistan has not yet received this money. . This scheme has been derailed many times before.
The government is telling lies again and again
It is to be noted that Pakistan’s PM Shahbaz Sharif and Finance Minister Ishaq Dar have claimed many times that the government has fulfilled all the conditions of the IMF to get the next installment of $ 1.1 billion loan bail out. and as such there is no reason to withdraw from this agreement. There has been a delay of more than 6 months in getting the bailout package to Pakistan due to non-fulfillment of the condition already. In such a situation, the country’s foreign exchange reserves are continuously decreasing. The country’s foreign reserves have dropped to $4.5 billion. Pakistan has to pay the installment of $4 billion loan by June 2023. In such a situation, in the absence of help from the IMF, Pakistan will not even have money left to import essential items.
Rising inflation in the country
Along with this, inflation has also increased tremendously in Pakistan. According to the data of Pakistan Bureau of Statistics, the country has recorded the highest inflation rate since 1965. The Consumer Price Index (CPI) stood at 36.4 per cent in April. At the same time, this rate has been 35.4 percent in March. According to Pakistani media, there is a possibility of increasing the inflation rate in the country by 2 percent every month. The condition of inflation in Pakistan is that it has left even Sri Lanka behind in this matter. In April, the inflation rate in Sri Lanka was 35.3 percent while in Pakistan it was 36.4 percent. In such a situation, the fastest inflation in Asia has increased in Pakistan.
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