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.
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