Pakistan Economic Crisis: Oil companies on the verge of ruin in Pakistan, will help from IMF?

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Pakistan Economic Crisis: Facing serious economic challenges, Pakistan’s economy is standing a few steps away from the limit of destruction. The country’s foreign exchange reserves are on the verge of exhaustion. Oil companies have given up due to continuous dollar shortage. Along with this, the news of lockout due to non-availability of crude oil in Pakistan’s biggest oil refinery is also coming to the fore.

Pakistani rupee continues to decline

According to media reports, due to the decrease in dollar, a continuous decrease in the value of Pakistani rupee is being seen. It is being told that if the oil refinery is not started soon, the Pakistani economy will sink in a few days and Pakistan will be declared a defaulter. It is noteworthy that due to the floods in 2022, a large number of roads and bridges in Pakistan were destroyed. Because of this, oil companies had to face a lot of difficulty in bringing crude oil and the cost of oil companies had increased. According to the Oil Company Advisory Council (OCAC), if the import of crude oil is not arranged immediately, the industry will be ruined. everything dies.

Will there be help from the IMF?

Pakistan, which is facing economic crisis, is now waiting for help from the IMF. However, Pakistan is less likely to get any kind of financial help from the IMF. Even before this, Pakistan has appealed to the IMF many times for financial help. But, IMF has advised Pakistan to reduce its expenditure. Inflation has increased in Pakistan also because of accepting the conditions of IMF. It is being told that at present a team of IMF is in Pakistan and it is conducting a review meeting. According to the information coming out, if Pakistan is ready to accept all the conditions of the IMF in the review meeting, then it can get the help of seven billion dollars.

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