Pakistan is currently facing an unprecedented economic crisis. Inflation is skyrocketing. Imported goods are stuck at ports. Less than US$ 3 billion is left in the country's foreign exchange reserves. Meanwhile, Prime Minister Shehbaz Sharif has issued instructions to the Ministry of Foreign Affairs to reduce the number of its missions, offices, and staff abroad and take steps to cut spending by 15 percent. Local media gave this information.
NAC recommended steps to cut
According to the report of a leading newspaper in the country, the instructions were issued by the Prime Minister's Office (PMO) on Tuesday with the title 'Rationalization of Foreign Missions Abroad'. In this, it has been said to make a well-thought-out proposal or plan in this matter within two weeks. The National Austerity Committee (NAC) has recommended steps to cut down on missions abroad. The committee was constituted by Prime Minister Sharif to suggest austerity measures for the country in the wake of the current financial crisis.
There will be a 15 percent reduction in the expenditure on missions
The committee has also recommended that the expenditure on Pakistani missions abroad be cut by 15 percent. The NAC has also recommended measures to reduce the number of officers and staff posted in foreign missions. As of 10 February, the Central Bank of Pakistan (SBP) had only US$3.2 billion in reserves, enough to cover only three weeks of imports. Pakistan has a chronic balance of payments problem that escalated last year when the country's foreign exchange reserves fell to critical levels.
Government imposes restrictions on the withdrawal of dollars
Nine rounds of the meeting have already taken place between the Shahbaz government and the International Monetary Fund. But no agreement has been reached on the bailout package. This is considered necessary to prevent the country from defaulting. To prevent the withdrawal of dollars, the government has imposed restrictions. Only essential food items and medicines are allowed to be imported. The federal government is set to implement its austerity measures to reduce government spending by increasing taxes on the public.
Between April and June, many blockbuster Hollywood films are going to appear on OTT platforms. Ma
With the results of the Lok Sabha elections, amid the efforts of the opposition alliance to woo t
A cabinet meeting will be held on Wednesday at Sangam Ghat in Prayagraj under the chairmanship of
IND vs WI Playing 11, 1st T20: After Tests and ODIs, now it is time for the thrill of quick crick
When IPL 2025 was stopped, the Lucknow Super Giants team was relieved that they had all the playe
After the death of 11 people in the stampede outside the Chinnaswamy Stadium in Bengaluru, a poli
AFG vs IRE: Afghanistan could not celebrate Rashid Khan's return, Ireland washed out in 1st T20I
Thanks to the excellent bowling of leg spinner Ben White (4 wickets) and fast bowler Josh Little
Prime Minister Narendra Modi is arriving in Kashmir this evening. On Friday (June 21), on Interna
Defence Minister Rajnath Singh has given a befitting reply to Pakistan during an address. Speakin
Air pollution is increasing in many states including Delhi NCR. From central to state governments
