Indian Thought Latest News & Views
Islamabad. Shocking news from Pakistan. He now has only three weeks’ worth of money left. The Central Bank of Pakistan has released figures showing the country’s deplorable condition. Its report says that Pakistan can import the remaining dollars only for three weeks. There is a fear of default on its foreign exchange reserves. Due to this fear, it has come to an eight-year low of more than $ 5.5 billion.
According to the information, the Shehbaz Sharif government of Pakistan has appealed to IMF, China and Saudi Arabia for help to get the country out of trouble. In the last 8 months, Pakistan made many efforts for help, but to no avail. The government of Pakistan made many efforts to strengthen the economy, but it did not show any effect. On the contrary, the foreign exchange reserves of the country decreased. A Dawn newspaper report says that on December 30, 2022, the State Bank of Pakistan’s (SBP) reserves came down to an eight-year low of $5.576 billion.
Difficult to import even essential goods
It is said that now it is difficult for Pakistan to import essential goods. He spent more than US $ 240 million to repay the loan in December last year. The economic condition of the country has created a great difficulty in front of the PMLN government. Repaying foreign debt is troubling him the most. PMLN also faces a serious threat of becoming a defaulter.
Round of talks with IMF continues
It is being told that the government is in talks with the IMF. She wants the IMF to release the next tranche. But, at the moment nothing is happening between the two. Due to the falling reserves of Pakistan, along with the US dollar, many other currencies have been devalued. SBP’s forex reserves, which were recently at $16.6 billion, declined by $11 billion to $5.6 billion. On the other hand, Pakistan’s Finance Minister Ishaq Dar is hopeful that his friendly countries will definitely provide financial help. They are trying to bring back the status quo. Till now Pakistan has not got any success in this matter.
