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    Pakistan Economic Crisis: Not only electricity has been cut, in this matter also Pakistan has been torn apart, there is a lot of chaos

    Shehnaz AliBy Updated:No Comments3 Mins Read
    New Delhi: The economic situation in Pakistan is getting worse day by day. The country is passing through the worst economic phase since 1971. There is a huge shortage of food items and medicines with the people. There is no electricity for 18 hours a day. Italy has refused to send gas consignment to Pakistan. That is, next month there will be shortage of gas in the country as well. Pakistan’s foreign exchange reserves have almost dried up. There is also delay in getting loan from IMF. The situation has become such that the country does not even have the money to hold elections. The spokesman of the Pakistan Democratic Movement says that if the economic condition of the country does not improve, the elections can be suspended.

    Pakistan’s foreign exchange reserves have come down to $4.56 billion, which is its lowest level in nine years. Due to this only three weeks can be imported. Pakistan imports most of the goods. This is the reason why he did not get help soon, people’s problems may increase further. Pakistan’s fiscal deficit has reached 43 per cent for the July-September quarter. According to media reports, the prices of essential commodities have skyrocketed in the country. Especially the price of flour has gone out of the pocket of the common people. The wheat crop in the country was ruined due to the flood. Also the Russia-Ukraine war worsened the situation.

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    The Pakistani rupee has reached the level of 229 against the dollar. There is a huge shortage of dollar in the country and it is getting Rs 290 in the black market. Due to decrease in exports and remittances, the value of Pakistani rupee has declined. The country’s current account deficit has come down by 60 per cent during the July-December half-year. The reason for this is that the country’s imports have fallen badly. Meanwhile, Italy’s LNG trading company ENI has said that it will be able to deliver Pakistan’s next cargo. Due to this there may be gas crisis in Pakistan.

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    The Pakistani government is trying to get a loan from the IMF for the 24th time to get the country out of this situation. But accepting the condition set by the IMF for this could prove to be costly for Pakistan. IMF has asked the Government of Pakistan to increase the price of petrol and diesel. Although UAE has given an additional loan of one billion dollars to Pakistan in this hour of crisis. Miya Pasha, Pakistan’s richest man, has urged his government to shun obstinacy and open borders with India.

    Source: navbharattimes.indiatimes.com

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    Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.

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