Biggest decline in Pakistani rupee in 20 years, fell against US dollar
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New Delhi : Thursday proved to be a very shocking day for Pakistan, which is facing financial crisis. On Thursday, the biggest one-day decline of 20 years was recorded in the Pakistani rupee. According to the central bank of the South Asian country of Pakistan, the Pakistani rupee lost nearly 9.6 per cent against the US dollar during trading on Thursday.
According to media reports, the fall in the Pakistani rupee was so strong that it forced the International Monetary Fund (IMF) to seriously consider extending the loan again. According to media reports, foreign exchange companies had removed a cap on the exchange rate of the Pakistani rupee and the dollar. This was a key demand of the IMF as part of a program of economic reforms agreed with the debt-laden South Asian country.
Pakistan’s financial situation is very serious
According to Friday’s report by Pakistan’s leading English newspaper Dawn, Asim Ahmed, chairman of the Federal Board of Revenue, has termed the current financial situation in the country as ‘serious’. Asim Ahmed said at a function organized at the Custom House on Thursday on the occasion of International Customs Day that the economic situation in Pakistan is dire and there is a huge shortfall of revenue. We will soon remove the tax gap. According to Dawn’s report, Aseem Ahmed said that the target of Rs 7.47 trillion revenue would be achieved in the coming days, as those who were not paying taxes till now would be brought into the tax net.
IMF gave a loan of $ 6 billion in 2019
Explain that in the year 2019, Pakistan had received a bailout package of about $ 6 billion from the IMF. After this, last year it was provided with a top-up facility with a loan of about $ 1 billion. Meanwhile, last year, the havoc of monsoon floods completely destroyed Pakistan.
Lenders will send the mission at the end of January
However, due to its failure to make much progress on the path of fiscal consolidation, the lenders suspended the disbursements in the month of November last year. The lenders announced on Thursday that it would send a mission to Pakistan at the end of January to revive these disbursements.
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