According to the report of the Financial Times, Pakistan is currently facing a serious economic crisis, which is increasing continuously. The foreign exchange reserves in Pakistan have reduced drastically and it is around $4 billion. Not only this, inflation has reached its peak in Pakistan. Pakistani companies are facing a lot of difficulties in importing from abroad. Analysts have warned that the risk of Pakistan’s default has increased significantly.
Pakistan became the second country after Nigeria
It has been said in the report that foreign airlines take ticket prices in Pakistan in local currency rupees but they have to send dollars out for oil and other expenses. The International Air Transport Association said that $290 million in funds of foreign companies are stuck in the country till January. It is increasing continuously. After Nigeria, Pakistan is the second country where most foreign funds of global airlines are stuck. Last month, Virgin Atlantic announced that it was discontinuing its services in Pakistan.
Virgin was also having trouble withdrawing its dollars. Now it is also being warned that the advantage of flying foreign airlines from Pakistan is now decreasing. In such a situation, airlines can increase their flight to another country. Pakistan currently has only about $ 4 billion in foreign exchange reserves, which are enough for almost a month’s imports. Pakistan is begging for a loan from the IMF but the global agency is not giving it a loan due to non-fulfillment of conditions. China has the highest debt on Pakistan, which is continuously increasing.
