Crippling under its mounting debts and rising affectation, Pakistan Prime Minister Imran Khan on Wednesday claimed that his country’s profitable condition was still’better than India’. Addressing the initial session of the International Chambers Summit 2022 in Islamabad, PM Imran Khan asserted that affectation isn’t a problem that only Pakistan is dealing with and added that its gas rates are still cheaper than countries like the US, UK, and India.
Forced To Take Tough Opinions Due To IMF’s Pressure Pakistan Finance Min PM Imran Khan’s statement comes at a time when Pakistan is gaping at ruin with its own Federal Minister of Finance Shaukat Tarin admitting that the country was being forced to take several’ tough opinions’ due to the pressure of the International Monetary Fund (IMF). The debt-ridden country is looking to revive the pivotal USD 6 billion Extended Fund Facility (EFF), which has forced the Imran Khan- led government to apply a new raft of austerity measures on its population.
READ| IMF defers Pakistan’s 6th review to release$ 1 billion under Extended Fund Facility Despite its attempts, Pakistan’s consideration of the completion of the sixth review and release of a USD 1 billion tranche was remitted by the IMF on January 10. After entering a request from the Pakistan government, the IMF’s Executive Board decided to defer the meeting.
Tougher days ahead for Pakistan Recently, Pakistan has been witnessing currency devaluation, high affectation, a shaft in its petrol rates, and a current account deficiency compounding its profitable problems. Defending the shaft in prices, Shaukat Tarin said that the hike was a result of the IMF’s suggestion to increase the petroleum development tax (PDL). Pakistan’s Opposition has contended that the government was turning the State Bank of Pakistan into the bank of IMF.
Piecemeal from transnational associations, Pakistan has also been regularly adopting from the United Arab Emirates (UAE) which last month laid down strict clauses for the Imran Khan- led nation in exchange for its$4.2 billion loan package. The last time it espoused from the Arab nation, it was forced to repay the loan by taking a loan of the same quantum from China.
In turn, Pakistan has had to pay over Rs 26 billion in interest cost to China to repay a growing debt in the financial time 2020-21. Reportedly, the cash-strapped nation is also facing scores of” retired debts” totaling$ 385 billion due to China’s Belt and Road Initiative (BRI) design.
The post On Brink Of Bankruptcy, Imran Khan Lies ‘Pakistan’s Economic Condition Better Than India’ first appeared on NewsBamboo.