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.
Appeal to open border with India
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.
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.
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