Pakistan is currently surrounded by a deep economic crisis. The country's foreign exchange reserves have remained at less than three billion US dollars. Inflation is skyrocketing. The people of the country are demanding the rulers sitting in power cut down on extra expenditure. Meanwhile, the government has decided to cut the salaries of ministers. Apart from this, ministers will no longer be able to travel by air in business class and stay in expensive five-star hotels.
Pakistan is struggling hard to get US$ 6.5 billion in aid from the International Monetary Fund (IMF). Recently the IMF team reached Pakistan. He had nine rounds of talks with the government, but could not agree on a bailout package. After this, the IMF team went back. Since then talks are being held between the officials of the IMF and the Government of Pakistan in the virtual meeting itself.
The government is now cutting down on additional expenses. This is the need of the hour, said Pakistan Prime Minister Shehbaz Sharif after the cabinet meeting in Islamabad. Self-restraint, simplicity, and sacrifice are the need of the hour, he said.
The world's fifth most populous country has reached the brink of bankruptcy. According to an estimate, the USD 350 billion countries with foreign exchange reserves of just USD 3 billion are facing a dollar shortage. According to Bloomberg Economics, supply disruptions due to floods, food shortages, and steps taken by the government to meet IMF conditions have pushed inflation above a record 30 percent for the first time.
Common people are taking to the streets to protest against the dire conditions. The government is trying to show that additional spending (austerity) is happening at a higher level. Sharif said that besides several federal and state ministers, high-ranking government officials have voluntarily decided to forgo pay and allowances. The government has also banned the purchase of luxury items and cars till next year.
Also Read: Pakistan Crisis: Crisis in Pakistan, new concerns arise due to constitutional conflict
CBSE Board Result: CBSE Board 10th-12th results after May 20; Update on result portal
CBSE Board 10th, 12th Result 2024: CBSE Board class 10th and 12th results are going to be released very soon. According to an update on the official CBSE result portal, the Central
Squid Game 3: On the new year, the makers of Squid Game gave a big gift, and revealed the secret of the post-credit scene with the third season
The Korean web series Squid Game is currently making a splash around the world. The second season of this series has been released recently. The audience found this season a bit dull compared to the
Bangladesh violence: How much danger is there for India from the Bangladesh border, what is the Indian government's preparation? Read everything here
The India-Bangladesh border, one of the most dangerous borders in the world, has always been sensitive. The 4096 km long international border between India and Bangladesh is the fifth largest land
PM Gati Shakti: Approval of 66 projects worth five lakh crores in four months, DPR being made in less time
With the PM Gati Shakti National Master Plan (NMP), the process of approval of infra projects across the country has become much faster. In just four months, 66 projects worth five lakh crore have
Gurucharan Singh: 'Roshan Sodhi' was about to get married, was troubled by financial crunch, did this work before going missing
Gurucharan Singh Missing: No trace has been found yet of Gurucharan Singh, who became famous as 'Roshan Sodhi' in the popular sitcom show 'Taarak Mehta Ka Ooltah Chashmah'. Gurucharan, who left
US Commander said: India-America facing similar security challenges from China, Biden government is providing such help
America's top commander has said in his statement that the security challenges of India and America are similar and both countries are threatened by China. He said that the Biden government of America
Salman Khan: Lapse in Salman's security, two unknown persons entered his house in two days; Guards caught them and handed them over to police
A big lapse has come to light in the security of Bollywood superstar Salman Khan. Within two days, two unknown people tried to enter Salman Khan's house. First, at midnight on 19 May, a woman tried to
'I will return to the House only when I become CM...', how Chandrababu Naidu became a kingmaker after coming out of jail; read his political journey
It has not been even a year since Chandrababu Naidu was almost removed from the scene of Indian or regional politics. No one expected him to recover, but his heartfelt appeal in a rally during the
Bold beauty's wild card entry in Bigg Boss 19, Tanya Mittal, on target, said- 'blouse in front of the camera...'
Controversial reality show Bigg Boss Season 19 is attracting everyone's attention at this time. This time, the one who is attracting the most attention in the show is Tanya Mittal. She has made some
Gen-Z protesters entered Nepal's parliament, firing and causing chaos; Anger against the ban on 26 apps.
After the Nepal government banned several social media platforms, angry youth entered the Nepal Parliament on Monday in several cities across the country, including the capital Kathmandu Valley.
