Pakistan Economic Crisis: ‘Even after getting $ 1 billion help from IMF…’, claims former Finance Minister of Pakistan
Pakistan Economic Crisis: Former Finance Minister of Pakistan Miftah Ismail says that Pakistan will remain at risk of default even after getting $ 10 million help from IMF.
Pakistan: The troubles of Pakistan, which is facing economic crisis, are not taking the name of abatement. There is a danger of default on the neighboring country. The standard of living of the people has reached a pathetic condition. Even before this, many videos of Pakistan have gone viral on social media, in which it has been seen how people are yearning for basic needs. Meanwhile, Pakistan’s former Finance Minister Miftah Ismail says that the risk of default hovering over the country cannot end.
Not only this, Miftah Ismail claims that even if Pakistan gets a bailout package of $10 million from the International Monetary Fund (IMF), then the situation is not going to change much. The risk of default on the country will remain. That is, Ismail clearly says that even after getting help from IMF, Pakistan cannot escape from default.
Bad phase of Pakistan’s economy
During a conversation with a news channel, the former finance minister said that whichever government comes to power after the elections, it will need to get a fresh bailout package from the IMF. Referring to the falling Pakistani rupee against the dollar, Ismail said that it was a bad day for Pakistan’s economy that the rupee had reached close to 300 against the dollar and the interest rate had reached 20 per cent.
Pakistan’s friendly countries are angry with it
He said during his conversation that the IMF’s estimate of Pakistan’s current account deficit reaching $8 billion is not fair. During this, the former Finance Minister accused his own country of going back on his promises and said that Pakistan’s friendly countries are angry with him because he does not do what he says. Advising the government, the former finance minister said that we need to secure a deal with the IMF.
Please tell that people in Pakistan are seen fighting and fighting for food and drink. Many such videos have gone viral on social media. People are facing tremendous inflation. Economic crisis has also created situations like retrenchment and employment crisis.