Pakistan Economy Crisis: The economic condition of Pakistan is passing through a very bad phase. Due to non-receipt of bailout funds from IMF, the economic situation has become worse. According to a Dawn report, during the first 11 months of the financial year 2023, Pakistan has suffered huge losses due to low exports.
Due to the continuous decline in exports, Pakistan has suffered a loss of $ 7.15 billion. On the other hand, the Government of Pakistan has set a target of high exports and remittances for the financial year 2024, while the target of the previous financial year has not yet been met. On the other hand, Pakistan is troubled by the high prices of everything including food.
How much loss to Pakistan in export
According to official data, exports fell by $3.491 billion, or 12 per cent, to $25.380 billion during July-May of fiscal year 2023, as against $28.871 billion in the same period last year. Similarly, remittances fell by 12.8 per cent to $24.831 billion during the first 11 months of the current fiscal, resulting in a net loss of $3.658 billion.
debt relief
According to the local newspaper Dawn, now Pakistan is ready to take a huge amount from the IMF to make up for this loss and to improve the economic condition of the country. At the same time, he is also looking for loan from the lending agencies.
Till now, from where did you get the assurance of loan
To get the bailout fund of $ 1.1 billion from the IMF, the government of Pakistan has received an assurance of $ 3 billion from Saudi Arabia and $ 2 billion from the United Arab Emirates. According to Dawn, experts believe that the policy makers lacked a strategy to control the situation, as most of the time was spent on borrowing strategy.
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