The currency of Pakistan, which is facing cash crisis, recorded a big decline in comparison to the dollar on Thursday. The currency declined after the government indicated that it agreed to accept tougher conditions from the International Monetary Fund (IMF) for the next installment of the relief package. […]
Pakistani economy in crisis. (representative picture)
The currency of Pakistan, which is facing cash crisis, recorded a big decline in comparison to the dollar on Thursday. The currency depreciated after the government indicated that it has agreed to accept tough conditions from the International Monetary Fund (IMF) regarding the next installment of the relief package. Pakistani Rupee It had closed at Rs 230 per dollar on Wednesday. Within a few hours of the opening of the market on Thursday, it further fell to Rs 255. The government has not given any statement on this at present.
Pakistan wants to get an important installment of $ 1.1 billion out of the $ 6 billion relief package to avoid default on debt repayment. Pakistan is in talks with the Monetary Fund to issue a relief package.
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Pakistan passing through the worst economic condition
Analyst Ahsan Rasool says that the fall in the rupee is an indication that Pakistan is very close to getting the much needed loan from the IMF at this time. A few days ago, Prime Minister of Pakistan Shehbaz Sharif had said that his government is ready to accept IMF’s tough conditions to restore the $6 billion relief package that has been stalled for the past few months. Pakistan is going through the worst economic situation amidst the decrease in foreign exchange reserves.
Power crisis amid deteriorating economic situation
The power crisis has deepened amidst the deteriorating economic condition of Pakistan. Along with the capital Islamabad, there is power failure for hours in Lahore and Karachi. There was an energy crisis in Pakistan for the past several days. The government had also requested the people to save power. Here malls, baraat ghar, main market were all requested to be closed ahead of time. People waited for the light for a long time this morning, but when the light did not come, they inquired from the people around. People’s anger is also erupting on social media. The Government of Pakistan is already moaning from the economic injury.
10 percent reduction in the salary of employees
In the midst of a huge economic crisis in Pakistan, several proposals are being considered, including a 10 percent reduction in the salaries of employees of all departments of the government. This information was given in a media report released on Wednesday. Pakistan is grappling with the biggest economic crisis in recent years after the reduction in foreign exchange reserves. Geo News reported that the National Economy Committee (NAC), constituted by Prime Minister Shehbaz Sharif, is considering various proposals, including reducing the salaries of government employees of all departments by 10 percent.
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