New Delhi:
Meanwhile, the government of the ongoing economic crisis in Pakistan has taken many tough steps to fulfill the IMF’s offer. The government has put its hold on the currency. Along with this, mineral substances have been destroyed. Bloomberg reportThe currency is allowed to be determined by the market, according to the government. As a result, the Pakistan symbol fell to as low as Rs 270 per dollar on Monday. Please tell that after the delay in the next installment of the loan, on Tuesday, I am coming to the wrong team Pakistan to review the loan. Keeping this in view, concrete steps are being taken by the government.
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The attachment is that at the end of last week, the government had decided to change the records in the documents of logging. The crisis in Pakistan is deepening amid dollar shortage and underlying claims. The country is in dire need of funds as its reserves component has dwindled to $3.7 billion in less than a month to cover imports.
Suleman Rafiq Maniya, Chief Advisor of Non-Responsible Private Limited, has said that Pakistan is serious about responsibility. Even though we are in an election year, sure steps are being taken. Everything I do visits a Format team and their response is immediate. These steps are difficult and may come at a heavy political cost.
Foreign exchange sellers, nationwide power cuts, reduced government-run food distribution prescriptions, stampedes and a sharp fall in the paper currency within a year have put Pakistan in a position where it is very difficult to repay its international debt. May be gone. The Pakistan Rupee has seen a fall of nearly 50 percent in the last one year.
TCA Raghavan, former Indian envoy to Pakistan, has said that the current economic crisis is adding to an already ongoing political crisis (where the Imran Khan-led Pakistan Tehreek-e-Insaf party has dissolved two provincial assemblies for fresh elections). The rules that the IMF is likely to introduce for the release of funds certainly pose a great deal of logistical difficulties, which may have political ramifications.
The delivery of Pakistan’s $7 billion I-Flag ‘bail-out’ package (23rd since independence) was halted last November after the global lender felt the country had overburdened and economic difficulties to right-size the industry. Not taking enough steps towards reforms.
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