The economic crisis in Pakistan is not going away. Because now Pakistan, which is facing economic crisis again, has suffered a major blow.
The economic crisis in Pakistan is not over
The economic crisis in Pakistan is not over. Because now Pakistan, which is facing economic crisis again, has suffered a major blow. Sunday has been revealed that a Pakistani media report said that Pakistan and the International Monetary Fund ( International Monetary Fund ) is drawn between a fresh round of talks billion loan installment. The IMF has refused a 1 billion loan to Pakistan.
According to The Express Tribune, the Imran Khan government hiked the prices of electricity and petrol and diesel ( Petrol Diesel Price in Pakistan ) to persuade the IMF , but this did not satisfy the global body. With no loan from the IMF, Pakistan will once again have to reach out to China or the Gulf states. Pakistan and the IMF signed a 2019 6 billion loan agreement in July 2019. The agreement was broken in January 2020. The event, which resumed in March this year, took a break in June. Between June and August, there was no serious discussion between the two sides on the loan agreement ( IMF and Pakistan Government Issue ).
Will the IMF decision cause the Imran Khan government to reach out to China?
Under the agreement with the IMF, Pakistan would receive 1 billion as the next installment. According to the Express Tribune, discussions between the Pakistani government and the IMF on the loan have fizzled out. Pakistan’s finance secretary has been in Washington DC for a long time to persuade the IMF for a loan. According to the report, they may stay there for the next few days, so that Pakistan can get approval for the loan.
The Imran Khan government, which came to power by promising not to take foreign loans, has been taking loans continuously till date. The Pakistani government had recently admitted in the Pakistani parliament that every Pakistani now owes about Rs 1.75 lakh. To please the IMF, the Imran government has increased the power tariff for baseline tariff by an average of Rs 1.39 per unit. At the same time, petrol and diesel prices have gone up sharply. But this is a picture of all the folly.