Pakistan is currently facing the worst economic crisis. The situation has reached such an extent that he has to appeal to other countries for money. Meanwhile, Pakistan Prime Minister Shehbaz Sharif has said that it is a matter of shame that a nuclear power country has to beg in the wake of its faltering economy.
Pakistan appreciates Saudi Arabia for financial aid
Addressing the passing-out ceremony of probationary officers of the Pakistan Administrative Service (PAS) on Saturday, Shahbaz said that he felt embarrassed to ask for a loan. He said that taking loans from abroad was not the right way to solve Pakistan's economic challenges as their money would also have to be returned.
Sharif pointed out that during his recent visit to the United Arab Emirates (UAE), President Sheikh Mohammed bin Zayed had announced another $1 billion line of credit to Pakistan. The PM also appreciated Saudi Arabia for this financial assistance.
Pakistan is thinking of seeking a loan from other friendly countries
Meanwhile, before finalizing the talks with the International Monetary Fund (IMF), Pakistan is considering approaching other friendly countries for financial help to overcome the economic crisis.
A senior Finance Ministry official said that the decision-making process is being hampered due to political problems in the country. This has made it difficult for policymakers to make the tough choices the IMF program requires.
The government does not have much time to work
At the same time, official sources said that the government does not have much time to work as the foreign exchange reserves held by the State Bank of Pakistan (SBP) are fast depleting. As of January 6, the foreign exchange reserves with the SBP were just $4.3 billion. Whereas, the foreign exchange reserves of commercial banks stood at $5.8 billion, taking the country's cumulative reserves to about US$10.18 billion.
Pakistan lacks understanding, claim experts
The SBP's reserves declined by $12.3 billion in the last 12 months. The reserves stood at $16.6 billion on January 22, 2022, which declined to $4.3 billion on January 6, 2023.
Experts say there is a lack of understanding on how to move forward, and with a clear vision, only action can avert this crisis. At the same time, friendly countries like Saudi Arabia are still thinking about giving an additional $ 2 billion to Pakistan. It is not yet clear how long it will take them to make a decision. In addition, the visit of the IMF review mission to Pakistan is yet to be confirmed.
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