Pakistan, trapped in the quagmire of debt, is rapidly moving towards bankruptcy. Foreign reserves have reached single digits. On May 27, the foreign reserves were reduced to just $ 9.72 billion. The bigger problem is that the International Monetary Fund, ie IMF, has not yet given the green signal to the third tranche of the loan. Friends countries have done the right thing. UAE, Saudi Arabia, and China want the IMF to approve Pakistan's debt first, then they will be able to help.
Reality exposed by a new report
According to a report on the 'Bloomberg website - the rulers of Pakistan seem helpless in terms of handling the economy. His last hope is the IMF. The problem is that till now even the IMF has not given the green signal to the loan.
According to the report, the report of the Central Bank of Pakistan was released on May 27 and it has been told that the total foreign reserve is only $ 9.72 billion left. In a week it decreased by 3.6 crores. The special thing is that now a week has passed and the IMF has not released the installment. Therefore, it can be assumed that the figure of $ 9.72 billion would have come down even further.
treasury halved after august
After August, foreign reserves have almost halved. Now the situation is such that the Pakistan government can only afford the import bill for four weeks. The Shahbaz Sharif government with a coalition of 13 parties got power by removing Imran Khan, but Khan spread the net for him as he went and he is getting caught in it. While leaving, Imran reduced the fuel rates by Rs 10 per liter. In 6 days, the Sharif government had to increase the rate by Rs 60 per liter. Electricity was made costlier by Rs 8 per unit. The import of 30 luxury items including expensive cars was banned. Despite these arrangements, foreign reserves are getting exhausted.
What do experts say
Rafael Mok, Asia Head of Economy Survey Agency 'Fitch Solution' says – The steps taken by the Sharif government are like cumin in the mouth of a camel. First of all, tax collection has to be improved. After that, the subsidy will have to be abolished. Tax collection cannot improve unless the government and all the responses do not come together.
Friends' terms are too dangerous
On Thursday, the news came that China is going to give a loan of $ 2.3 billion. In no time it became clear that it would be a foreign deposit, not a loan. Just like Saudi Arabia gave 2.5 billion dollars last year and it is still with Pakistan. The condition with this is that the Saudi government can withdraw this money on 48 hours' notice. Secondly, the Government of Pakistan cannot spend this money. Hence it is just a deposit given to maintain credit.
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