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    Home » Pakistan Economy Crisis: No bread, no money, no big help… Such is the condition of the weakest Pakistan in South Asia
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    Pakistan Economy Crisis: No bread, no money, no big help… Such is the condition of the weakest Pakistan in South Asia

    Shehnaz AliBy Shehnaz AliJanuary 18, 2023Updated:January 18, 2023No Comments4 Mins Read
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    New Delhi : The financial condition of Pakistan is not hidden from anyone. Huge debt and almost depleting Foreign Exchange Reserves have made the economy of this country shabby. Now a World Bank report has said that Pakistan is the weakest economy in South Asia. This country will now have to make very difficult efforts to get out of poverty. Pakistan is currently in a bad condition due to natural calamity, food shortage and poverty. There was severe flood in Pakistan in July last year. Large scale farms were destroyed by this flood. At the same time, the foreign exchange reserves of this country have come to a new low of $ 4.6 billion. That’s just the money for three weeks’ worth of imports. Analysts say that Pakistan needs $ 33 billion for immediate relief from this problem.

    Some countries came forward to help

    Some countries of the world have now come forward to help Pakistan. Better-placed countries have come forward with generous commitments of around US$10 billion following the intervention of the UN Secretary-General. According to a report in Islam Khabar, sensing the emergency, some friendly countries including Saudi Arabia and UAE have given four billion dollars this month. At present, there are concerns about the worldwide recession. The World Bank had predicted on January 13 that Pakistan’s economy growth could slow down to 2 percent this year. This is 2 percent less than the World Bank’s estimate in June 2022.

    Effects of flood still going on

    Six months have passed since the floods in Pakistan. But Dawn’s on-land traveler SF Azaduddin writes that there is still water in many places. There are no signs of water management or renewed agriculture. It is understandable till the time of flood. But 6 months have passed and now there is acute shortage of food.

    acute shortage of flour

    Imagine that a country with the most irrigated and fertile wheat-growing land in the world is short of flour and doesn’t even have the money to import it. Market reports say that a 20 kg bag of flour costing Rs 1,200 has gone up to Rs 3,000.

    Pakistani rupee is overvalued

    The Pakistani rupee has depreciated to a three-month low as talks with the International Monetary Fund (IMF) dragged on. The Express Tribune (January 12, 2023) quoted a currency exchange expert as saying, ‘The true value of the Pakistani rupee is Rs 260-270 per dollar in the black market. The government has artificially kept the currency overvalued. This is being done to meet the conditions of the IMF. In a report, Islam Khabar said that due to the falling economic output of Pakistan, the regional growth rate is also coming down. It projected Pakistan’s GDP growth rate to be 3.2 percent in 2024, down from the earlier estimate of 4.2 percent.

    Help is being sought on the pretext of climate

    The new trend is climate change, as if only Pakistan is affected by it. Prime Minister Shehbaz Sharif says the country will need $16.3 billion over the next three years to improve its ability to cope with climate change and initial efforts to rebuild. Sharif had earlier taunted Imran Khan for ‘begging’. Now Khan is also criticizing Sharif with the same words. The overall point is that ‘begging’ continues, irrespective of who rules Pakistan. But the country has failed to acknowledge the damage caused by the China-Pakistan Economic Corridor to the Himalayas in Gilgit-Baltistan.

    demand for agricultural emergency
    Due to delay in announcement of support price, farmers are reluctant to increase wheat acreage. They are calling for an “agri-emergency” because of fertilizer shortages and poor crop prospects. Khalid Mahmood Khokhar, chairman of the Pakistan Kisan Ittehad (PKI), said that instead of promoting domestic wheat production, the government is supporting farmers in other countries by buying the commodity at higher prices.

    Source: navbharattimes.indiatimes.com

    : Language Inputs

    This post is sourced from newspapers, magazines and third-party websites. For more information please check NewsDay Express Disclaimer.

    Business News Samachar Fight for flour in Pakistan Headlines how much is the economy of pakistan Latest News news news in hindi pakistan atta crisis pakistan atta price pakistan economy crisis pakistan economy news Pakistan Flour Crisis pakistan foreign exchange reserves Pakistan's economy what is the price of flour in pakistan
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    Shehnaz Ali
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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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