It has also become difficult for the common people in Pakistan to meet their daily needs. PTI
Conditions like poverty, wild inflation, debt burden and civil war. There is no need to tell which country we are talking about. Yes, of course our neighboring country Pakistan, Pakistan long to run ‘home’ International Monetary Fund (IMF) Hands are spread in front of him. But seeing its poor condition, this international organization is constantly being avoided. Now while working on Plan B to repay the foreign debt, Pakistan can once again appeal to its old friend China.
imf bailout program is constantly being postponed. He is afraid that Pakistan will not be able to repay the loan by taking it. Pakistani media has now reported that the government has no other option but to seek help from China. ‘The News’ quoted sources as saying that amidst the growing political and economic crisis in the country, the IMF is making us wait. But the condition of Pakistan is not to wait for long.
Pakistan in cross mood with IMF
Expecting help from China, the Pakistani government is no longer in a mood to accept the conditions of the IMF. If sources are to be believed then either IMF will give us a bailout package after doing the ninth review or cancel this program. But now he will not share more information with this international organization. There is information that Pakistan has clearly told the IMF team that they should complete their review as soon as possible, otherwise the outline of the budget for 2023-24 will not be shared.
IMF after knowing that Pakistanis are doing protest everyday and destroying public properties of Pakistan. pic.twitter.com/x2YrCeRxEl
— Sir BoiesX 🕯 (@BoiesX45) May 15, 2023
Western countries fear Pakistan’s bankruptcy
Western countries, including America, are also fearing that due to the current situation in Pakistan, it can become bankrupt anytime. Because of this, giving a new loan can be risky. It has been learned that while talking to the Pakistani minister, the ambassador of a western country directly asked how long do you expect the country’s economy to come to a standstill. Hearing this, the Pakistani minister was shocked, he clarified that Pakistan will never default. Foreign diplomats have also started taking information about the political affairs of Pakistan.
1/3 Pakistani government reduces fuel prices, making IMF review completion even less likely.
ill likely amount to temporary relief before the country defaults & hyperinflation hits.
Mark my words, if IMF deal is not agreed – Pakistan will default. pic.twitter.com/nCJEBuHyFN
— Muneeb Sikander (@MuneebASikander) May 15, 2023
Now China is the only support
Economists of Pakistan believe that now there is no option left in front of Pakistan. To get him out of this quagmire, he will have to go to the shelter of China. According to him, the Asian Infrastructure Investment Bank (AIIB) can also come forward to help Pakistan. The State Bank of Pakistan has only $4.38 billion in reserves left, in such a situation the IMF is taking steps in haste. The Pak government has tried a lot to persuade the IMF, but it is facing the fear of debt default.