Economic Crisis: Pauper Pakistan came on its knees, extended its hands in front of America, asked IMF to persuade
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Pakistan has asked US officials to use their influence to soften the terms as the country stands at a turning point both economically and politically.
Every day is getting heavy for Pakistan. The same condition is going to happen to Pakistan which happened to Sri Lanka a few days back. The media of Pakistan itself is also claiming this. There is no grain in the house, there is a shortage of oil at the petrol pumps. There is no gas in the kitchen, no medicines in the hospitals and no cash in the banks. In such a situation, people are coming out on the streets. In the midst of a major economic crisis, Pakistan has sought the help of the United States to balance its finances. Pakistan is seeking help from the US to soften the loan terms of the International Monetary Fund (IMF). Pakistan has asked US officials to use their influence to soften the terms as the country stands at a turning point both economically and politically. Explain that the inflation rate in Pakistan is at a high level and foreign exchange reserves are rapidly depleting. If the loan is received from IMM, then more doors of help will open for Pakistan.
During a meeting, Pakistan’s Finance Minister Ishaq Dar urged a US delegation to help persuade the Washington-based multilateral lender to be generous to Pakistan in restoring the programme, Dawn reported. Local media reports said Dar told the visitors that Pakistan would honor all its international commitments and take very tough decisions to bring economic stability to the country.
What is Pakistan’s plan?
As recommended by the National Austerity Committee, Pakistan is considering the following steps-
Increase in natural gas/electricity prices
Recovery of plots allotted to military and civilian bureaucrats
Paying 15 percent less salary to MPs
Abolishing Discretionary Schemes for MPs
Ending Discretionary Funding to Intel Agencies
Turning to Prepaid Gas/Electricity Meters
abolition of salary allowances
To reduce the use of petrol by 30 percent at all levels
to ban foreign travel
There is a complete ban on the purchase of luxury vehicles.
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