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.
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