Rupee in Pakistan reached its worst condition in 20 years, country’s condition worsened before IMF visit

WorldRupee in Pakistan reached its worst condition in 20 years, country's condition...
- Advertisement -

Pakistan Economy: The International Monetary Fund (IMF) will launch the mission in January 2023 amid Pakistan’s deteriorating economic conditions amid shortage of food, electricity and fuel in the country. Under this mission, an IMF team is scheduled to visit Islamabad by the end of January. According to Pakistani news agency, The Nation, after accepting all the conditions of the IMF before the financial aid, the 9th Extended Fund Facility (EFF) will hold its discussion under review.

- Advertisement -

The IMF’s action follows a request for funds from the IMF by the Pakistani authorities. An in-person Fund mission is scheduled to visit Islamabad from January 31 to February 9, Esther Perez Ruiz, the IMF’s Resident Representative in Pakistan, reported The Nation.

Pakistan’s condition is miserable due to government corruption

IMF Representative Ruiz further explained that the focus of the mission will be the implementation of policies to restore stability to countries, both domestic and external. In this, the IMF will try to strengthen Pakistan’s fiscal position, along with measures to be taken to improve the country. The IMF mission will also focus on supporting vulnerable Pakistani nationals and those affected by the 2022 floods in Pakistan.

- Advertisement -

Amid worsening economic conditions, civil discontent is also on the rise in Pakistan as the country struggles to provide even basic infrastructure to its people. There are massive demonstrations against the government in Pakistan due to rising inflation and food shortage. People from all walks of life have taken to the streets in the Pakistan-occupied Kashmir region and illegally occupied Gilgit-Baltistan. The protesters have attributed the sharp rise in wheat prices to the failed policies of the Pakistani government.

Read also: Pakistan Economic Crisis: Economy collapsed… Crisis from water to petrol, will Pakistan be like Sri Lanka?

- Advertisement -

Facing an economic crisis, the general population of Pakistan is struggling to make ends meet due to inflation, which has led to a sudden shortage of flour in the country. Meanwhile, government depots providing subsidized wheat to citizens have been locked. The ripple effects of Pakistan’s economic crisis have had an even worse impact on the people of POK.

The visit of the IMF mission is scheduled at a time when Pakistan’s foreign exchange reserves have plummeted to alarming levels. “During the week ended January 20, 2023, the SBP’s reserves decreased by US$ 923 million to US$ 3,678.4 million due to external debt repayments,” the State Bank of Pakistan reported.

Pakistan is also facing massive power outages, amid food shortages and growing economic woes. Darkness has descended after incidents of load shedding in Gilgit-Baltistan region under Pakistan’s illegal occupation. Meanwhile, the regional population of Gilgit-Baltistan has raised the demand for accession to India.

Pakistan Economic Crisis: Allah is responsible for the progress of Pakistan: Finance Minister

- Advertisement -

Recent Articles

Related Stories