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The condition of India’s neighboring country Pakistan is getting worse and worse. No country is coming forward to help this debt-ridden country. Now its last hope rests on the International Monetary Fund ie IMF.
But the help that has been said to be given by the IMF has some conditions. If Pakistan accepts them, then the people there may have to face serious consequences. Pakistani-American businessman Sajid Tarar has warned about the problems caused by the tweet.
Sajid Tarar said, ‘Deal with IMF is like a double-edged sword. A decision is to be taken tomorrow. If help is not received then there will be trouble and even if the conditions of the IMF are accepted. Sajid Tarar said that if Pakistan accepts the conditions, the jobs of two crore Pakistanis will be lost. This will result in increasing poverty in Pakistan’.
Sajid Tarar said that crime will also increase due to poverty. People will find ways to earn money illegally. There is already pressure on the police, in such a situation, the increase in crime will create more problems for Pakistan. If manufacturing stops, the middle class will have to face inflation. The game of corruption and black money will increase.
What are the conditions imposed by the IMF
Some conditions have been kept for Pakistan by the International Monetary Fund. IMF has said that if Pakistan accepts these conditions by February 9, it will be given $ 1.1 billion in aid. But the Prime Minister of Pakistan Shehbaz Sharif himself has said that the conditions laid down are very tough.
According to the conditions set by the IMF, Pakistan will have to take some tough decisions so that the institution believes that the government is taking steps to deal with the economic crisis.
According to the international media, IMF has been asked to take 5 steps to meet the financial deficit. In which it has been asked to increase the levy on petrol by 20-30 per cent. If Pakistan takes this step, the prices will increase by Rs 60-70.
Along with this, it has been suggested to impose 17 percent GST on petroleum, oil and lubricant products. Or through an ordinance, GST has been asked to be increased from Re 1 directly to 17 to 18 percent. Pakistan will have to increase excise duty on sugar products from 13 percent to 17 percent.
An environment of confusion in Pakistan
The conditions of IMF are being discussed among the general public in Pakistan. People are feeling that very soon the prices of petrol and diesel are going to skyrocket in Pakistan. In view of this, there is crowd in petrol pumps.
According to the news published in Geo TV, there is crowd in petrol pumps in all the cities like Faisalabad, Gunjarwala, Sargodha, Khushab, Gojrah.
At the same time, some people have also complained that petrol is being given only Rs.200 to bike riders and Rs.500 to car owners in gasoline petrol pumps. On the other hand, petrol pump owners say that the supply has been stopped from above. However, the ministers of the government of Pakistan say that 20 days of petrol and 25 days of diesel are left in the country.
What could be the impact of IMF conditions on Pakistan?
- The conditions of the International Monetary Fund always have a bad effect on the people of developing or poor countries. IMF helps a country on the condition that first it cuts the government facilities being given to its people. The first result of this is that inflation increases wildly in that country and the value of the currency there starts decreasing.
- It is also said in the terms of IMF that the government should reduce the amount of expenditure in the social scheme as well as reduce the government jobs. This increases unemployment and poverty wildly.
- IMF never wants any country to take money from it and spend it on things like social security, subsidy on petroleum. Food subsidy is a big issue in this. A large population of poverty countries depends on the government’s cheap grains. The situation is the same in Pakistan, if the government withdraws from it, the situation will become dire.
- According to the conditions of the IMF, the government has to cut capital expenditure, such as stopping expenditure on things like roads, bridges, railways with government money. If this happens in Pakistan, then economic growth will stop completely, its effect will be that this country will become completely untouchable in the era of global economies.
- IMF conditions also include cuts in government medical facilities. In such a situation, this decision can prove to be very heavy for the poor people. The same thing is also included in the field of education. The effect of this will be that poor and middle class children will neither be able to get education nor any skill.
- Similarly, all the conditions of IMF bring poverty, income inequality, wild unemployment, lack of basic things in any country, as well as promote political and social chaos.
Foreign exchange reserves lowest in 10 years
Meanwhile, Pakistan’s central bank has said that its foreign exchange reserves have declined by 16.1 percent as compared to last week. Which is the lowest in the last 10 years. Please tell that there has been a huge decline in the rupee of Pakistan. His payment account has been disturbed and the import bill has increased a lot, due to which the prices of imported goods have increased, in which the prices of petrol and diesel have increased.
Russia also warned
On the other hand, Russian Ambassador to India Denis Alipov said An unstable Pakistan is not in the interest of any country in the region. He also said that Russia has taken ‘very serious note’ of reports that Pakistan is sending military equipment to Ukraine.
Responding to a question on concerns in India over Moscow’s improving ties with Islamabad, Alipov said his country would never do anything that could be detrimental to New Delhi’s interests. He said Russia’s defense ties with Pakistan are “very limited” and largely aimed at counter-terrorism cooperation.
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