World News

Pakistan economy in crisis, minister shares status of IMF bailout tranche

Pakistan Interior Minister Rana Sanaullah.(AFP)

Nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.

Photo: Shutterstock

The Pakistani interior minister Rana Sanaullah on Monday said that the International Monetary Fund (IMF) has not released the tranche of the $6 billion bailout package , even when it made the country dance to the tune of its own, Geo News reported.

The minister stated that Pakistan is currently in the toughest economic conditions and the government must take tough choices. Sanaullah claimed that the government even accepted IMF conditions that it was not in favour of according to the website. The minister pleaded with the IMF to allow the tranche to be released without delay to ensure that Pakistan can be able to come out of this difficult situation.

Pakistan has also made a decision to take out 5.5 trillion Pakistani rupees from lenders around the world during the fiscal year that is currently in session to preserve its reserves of foreign exchange and repay previous loans and pay for the current deficit in its account, ANI reported. Pakistani The Nation newspaper. The Nation.

In their annual budget The Shehbaz Sharif government projected that they would only borrow 3.17 trillion dollars from international sources. However, the budget did not include funding via sources like the IMF, Saudi Arabia and the SAFE China deposit.

The business officials of Pakistan have declared of the possibility that their country could be headed towards social unrest, and they are worried that it’s becoming unsafe for investment from foreign investors due to the government’s policies, which are designed to deter investors, as per Dawn.

“We do not have continuity in economic policies. There must separate teams for both the political and economic aspects so that the policies can be maintained or else, it could remain a problem for local and foreign investor,” said the former vice-president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Saqib F. Magoon as the Dawn published.

Click to comment

Leave a Reply

Your email address will not be published.

To Top