Bankrupt Pakistan on verge of starvation as IMF delays loan
The IMF had termed Pakistan as the weakest economy in South Asia. According to the World Bank's Global Economic Prospects report, Pakistan's economic growth rate this year will be only 1.7%
According to reports, Pakistan has no means left to feed its people for more than a few more weeks Image Courtesy AFP
Islamabad: The current economic situation of Pakistan is getting worse with each passing day. As the Pakistan economic crisis deepens, common people in the country are suffering from a severe shortage of food, medicines and other essential items.
According to a report by Al Arabiya Post, if the International Monetary Fund (IMF) program is not restarted within the next few weeks, Pakistan’s condition may worsen.
Earlier, the IMF had termed Pakistan as the weakest economy in South Asia. According to the World Bank’s Global Economic Prospects report, Pakistan’s economic growth rate this year will be only 1.7%.
With no effort by Pakistan to meet the required conditions, now even the IMF is delaying the approval of its 24th loan. On the other hand, Saudi and United Arab Emirates (UAE) have also warned Pakistan that unlike in the past, it will not get everything for free.
According to a report, the government of Pakistan had sought help from the IMF, but the IMF had placed a condition that the prices of petrol and diesel must be hiked further.
Several Arab nations have sent a message to Pakistan Prime Minister Shehbaz Shaif and the new Pakistan Army chief General Asim Munir, that if Pakistan wants to improve its economic condition, it will have to implement reforms and see them through to the end, reports Al Arabiya Post.
This warning to Pakistan has come at a time when Pakistan is currently in the grip of the chicken-and-egg syndrome. Pakistan is facing a multidimensional existential crisis of politics and economy with a highly dysfunctional state. It is more than democracy and debt.
The political rivalry between Prime Minister Shahbaz Sharif and his predecessor Imran Khan is hurting Pakistan as the country approaches a possible election this summer.
Meanwhile, the US has confirmed its ‘concern’ about the economic instability of Pakistan. US State Department spokesman Ned Price told the media on January 19 that, “It is a challenge to which we are accustomed.”
Pakistan in dire need of IMF loan
Pakistan is in dire need of a loan from the International Monetary Fund (IMF). The loan has now been delayed by several months and the crisis-hit Pakistan government is hoping for the loan amount to be released as soon as possible.
According to reports, Pakistan has no means left to feed its people for more than a few more weeks.
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