New Delhi: Just a few days before the festival of Eid, economic concerns of neighboring Pakistan have increased a lot. For the past few years, the Pakistani economy has been diving, with the pressure of debt rising.
According to Tuesday’s figures, the price of Pakistani rupee has now become 122 against a US dollar. On Monday only the price of Pakistani rupee fell to 3.8 percent. That is, if Pakistan is compared to India, then it appears in a very bad situation. The price of Indian rupee is just Rs 67, i.e. 0.50 Rs. of India has now become equal to the Pakistani rupee.
It is noteworthy that in the next month, there is a general election in Pakistan; in such a situation, deteriorating the country’s economic condition can also be a major issue in the elections.
There is speculation that Pakistan can seek a loan from the International Monetary Fund (IMF) after the elections. There is a danger of a balance of payments crisis in the country, before this the Pak went to the monetary stance in 2013.
Acting Finance Minister Shamshad Akhtar said, “We have to overcome the difference of our trade deficit of 25 billion dollars through our reserves and there is no alternative.” He said that this is a major concern to our government. The country’s central bank devalued 3.7% in rupees.
According to a recent report, Pakistan now has a foreign exchange reserves of $ 10.3 billion, which was $ 16.4 billion in May last year.
Pakistan’s debt from China and its banks in this financial year is on the verge of reaching nearly $ 5 billion. According to the Pakistani newspaper Dawn, Pakistan is going to take a new loan of $ 1-2 billion (68 to 135 billion rupees) from China due to the payment crisis.
This is another indication of how Pakistan has been financially dependent on Beijing. Crisp condition of foreign exchange reserves- This new loan taken from China will be used to repair the condition of its foreign exchange reserves.