Pakistan Economic Crisis IMF: Is Pakistan out of Crisis after IMF help how it will change the nation
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what is the political situation
In the last week of June, Parliament approved the Election (Amendment) Act 2023. Under this, the Election Commission of Pakistan (ECP) was given the sole responsibility of deciding when to hold elections. Now, instead of the President, the ECP will decide on the date of the next election. In March 2023, President Dr. Arif Alvi announced the date of elections to the Punjab Provincial Assembly without consulting the Parliament. The Supreme Court supported this decision. This led to a conflict between the court and the parliament and political instability in the country.
A delayed election would be beneficial for the Pakistan Muslim League-Nawaz (PML-N) and the Pakistan People’s Party (PPP). Imran has always been opposing it. The new law also means that Pakistan’s former prime minister-in-exile, Nawaz Sharif, can return and contest the upcoming elections. If Nawaz returns to the country and the elections are delayed, his party will directly benefit.
Clash between army and Imran
After the arrest of Imran Khan on May 9, his supporters and party members protested across the country. After this, in the action taken by the army on June 26, many officers were also suspended. Those who are involved in the violence will be tried in an army court to punish them. Also, the army has often been accused of trying to target the PTI. Many senior leaders who were part of his cabinet, from Parvez Khattak to Shireen Mazari, had to leave the party. Imran is now isolated and PTI has become weak due to continuous resignations. Many are beginning to believe that Imran is game over, at least for the upcoming elections.
Another new crown of defamation on Pakistan’s head, failed to complete IMF program for the 23rd time, will default?
Relief from IMF
By the month of June, Pakistan was facing economic recession and threat of default. Despite several review meetings with the IMF, there was no sign of an agreement. The earlier IMF program under the Extended Fund Facility (EFF) was to end by June 30. But in the same month several rounds of high-level meetings took place and the ongoing differences between the Pakistan government and the organization were resolved. A new standby agreement of three billion dollars has been approved by the IMF to the country. Finally, Pakistan can heave a sigh of relief as the threat of default is over for the time being.
so the troubles are over
For now, the crisis in the country is over, experts refuse to accept it. Imran’s downfall may bring relief to some politicians, but the reasons for his downfall reflect bigger political problems. A party has been abolished by a non-political organization in the country. This has been the problem of Pakistan for the last seven decades. In such a situation, now PPP and PML-N are on the same path. On the economic front, Pakistan has been successful in getting help from the IMF. But larger issues still remain such as the need for economic reforms. Pakistan has got temporary relief on both economic and political aspects. But no attention has been paid to the root of the problems.
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