India's neighboring country Pakistan is currently struggling with the economic crisis. The situation in the country is so serious that people are facing difficulties even with basic needs. World Bank has also confirmed Pakistan as a poor country. Islam Khabar reported that Pakistan is the weakest economy in South Asia. Pakistan will have to face difficulties even to get the country out of poverty.
Pakistan needs 33 billion dollars
Pakistan is in news for economic slowdown amid natural calamities, food shortage, and poverty. Pakistan was hit by floods in July last year, which destroyed large areas of farmland. The country's foreign exchange reserves have reached a new low of USD 4.6 billion. There are only so many foreign reserves left in the country that it will be enough to pay import bills for only three weeks. Looking at the economic condition of Pakistan, analysts have told the need for $ 33 billion for Pakistan's relief.
Saudi Arabia and UAE invested $ 4 billion
Currently, friends including Saudi Arabia and the United Arab Emirates have invested $4 billion in Pakistan this month, Islam Khabar reported. It has been six months since the floods hit the country. But the on-land traveler (SF Azaduddin, Dawn January 11, 2023) writes that even though the flood may have been long gone, there are still no signs of water management or renewed agriculture. He also said that imagine a country with the most irrigated fertile wheat-growing land in the world is short of flour and has no money to import it.
The value of the Pakistan rupee fell even in the International Monetary Fund
Islam Khabar reported that market reports say that a 20 kg bag of flour costing 1200 PKR has reached 3,00 PKR. The International Monetary Fund (IMF) also brought down the value of the Pakistani Rupee (PKR) to a three-month low. The Express Tribune quoted a currency exchange expert as saying, "The fair value of the Pakistani rupee is what it is in the black market at Rs 260-270 per dollar.
USD 16.3 billion will be needed in the next three years: Sharif
The World Bank has warned Pakistan of another global recession. The World Bank has projected Pakistan's economic growth to slow down to two percent during the current year on January 13, 2023. Prime Minister Shehbaz Sharif says the country will need USD 16.3 billion over the next three years to combat climate change and improve conditions. Pakistan is not giving support prices on crops to its farmers. Because of this farmers are reluctant to increase the area under wheat cultivation.
Farmers are demanding "agri-emergency"
Farmers in the country are calling for an "agri-emergency" because of fertilizer shortages and poor crop prospects. Khalid Mahmood Khokhar, chairman of the Pakistan Kisan Ittehad (PKI), said that instead of promoting domestic wheat production, the government is "supporting farmers of other countries by purchasing food grains at higher prices," Islam Khabar reported.
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