IMF stopped Pakistan's debt: did not accept the condition of increasing the fuel price, needed help to get out of the economic crisis


Posted on 16th Jan 2023 02:38 pm by rohit kumar

The people of Pakistan, who are suffering from the economic crisis, are facing inflation along with a shortage of food items. He is not getting the necessary help from anywhere. Foreign exchange reserves have been reduced to $ 4.3 billion, due to which only three weeks of imports can be done.

 

Due to the foreign exchange crisis, essential ingredients like flour are not being imported. Food items and medicines are stuck at the ports.

 

IMF wants to increase petrol prices in Pakistan

The Pak government had asked the International Monetary Fund (IMF) for $ 6 billion in help, but it has set conditions for increasing the prices of petrol and diesel. The previous Imran government in Pakistan had announced a subsidy in energy prices amidst the increase worldwide due to the Russia-Ukraine war. Now because of the elections this year, the Shahbaz Sharif government is hesitating to take any unpopular step like increasing the prices.

 

Scarcity: Lack of essential goods including flour, increased inflation

The shipment of soybean has stopped for two and a half months. Imported material got stuck at the ports due to the bank's hindrance in giving credit. Onion containers stopped at the ports, the prices increased wildly. The shipment of soyabean has been stopped for two and a half months due to which the prices have increased by 45%. The Ministry of Health Services has warned of a shortage of life-saving drugs due to the non-import of raw materials.

 

Pakistan's debt is 84% of the GDP

The debt received by Pakistan from IMF, World Bank, China, and other countries has reached 84 percent of its total GDP. Pakistani rupee against the dollar The price has come down. Currently, it costs Pakistan Rs 224 to buy 1 US dollar. have to spend. Corruption and political instability have made the situation worse. According to a report by The Express Tribune, the total debt and liabilities of Pakistan till August 2022 will be Rs 59.7 lakh crore. Was. 11.9 lakh crore as compared to the previous financial year. That is 25% more.

 

the plant closed due to a lack of demand

Toyota and Suzuki have closed car plants. Many plants in the major textile industry are also closed. Due to the delay in approval, the Toyota manufacturer has stopped production from December 30. Due to a lack of demand, the production of cars, tractors, and fiber has stopped or has been cut. Credit is not being approved for edible oil importers.

 

Debt increased, 24 billion dollars to be repaid every year

By the end of this year, the debt in Pakistan will increase to 140 billion dollars. By 2025, it will have to pay 73 billion dollars. Means about 24 billion dollars per year for the next three years. 8.3 billion dollars to be paid in the next three months. 32 billion dollars loan has to be arranged in the ongoing financial year.

 

Also Read: Crisis In Pakistan: It is very shameful to beg for a country with nuclear power, Pak PM's statement during economic crisis

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