Pakistan is currently going through an economic crisis, with the IMF warning that the poor country is in “extreme danger”. The International Monetary Fund said in its latest report that Pakistan will need another loan after the next election in addition to the new $3 billion loan.
In the meantime, it has been announced that the government of Sheikh Baz Sharif, who has been tied for 6 months on the IMF loan, has now received a loan from the international company on strict terms.
The International Monetary Fund, in its 120-page report on Pakistan, said that in the long run, Pakistan would need more money from its current borrowing to maintain the balance of payments. This report has been published in agreement with the Minister of Finance and the Chairman of the National Bank of Pakistan.
The IMF said that the second package to be sent in the future will bring stability to Pakistan. The IMF said in its assessment that the economic challenges facing Pakistan are complex and multifaceted.
The world’s most expensive rice flour is in Karachi, Pakistan! Rs 320 per kg, Rs 3,200 for 20 kg
Pakistan’s economic risk is ‘exceptionally high’, says IMF report | World news https://t.co/rLzOAoHBG5
— afpkudos (@Inger4970524656) July 19, 2023
The consequences of IMF events are clear
The IMF says the danger facing Pakistan is very high. He said that the policies approved to solve the problem should be implemented as soon as possible.
In addition, continuous financial support from foreign partners is required. The organization said it is necessary to decide and implement the work of the IMF in order to reduce the risks. The Shahbaz government has increased the price of electricity by Rs 5 per kWh as part of an agreement with the International Monetary Fund.
Similarly, despite the record inflation in Pakistan, fuel prices increased by 40 kuruş. Pakistan is now planning to increase the tax rate.
Pakistan’s debt exceeds $100 billion, of which only $30 billion comes from China. Pakistan has to pay its foreign debt of $25 billion this year. Pakistan’s currency rose after taking loans from the IMF, China and Saudi Arabia, but remained in negative territory. There will be an election in Pakistan this year that is estimated to cost billions of rupees.
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