The Pakistani rupee had closed at Rs 230 per dollar on Wednesday (January 25). Within a few hours of the market opening on Thursday (January 26), it further fell to Rs 255. The government has not given any statement on this at present.
Pakistan expects a relief package
Pakistan wants to take an important installment of $ 1.1 billion out of the $ 6 billion relief package to avoid default on repaying the debt. Pakistan is talking to the Monetary Fund to release the relief package. Analyst Ahsan Rasool says that the fall in the rupee is a sign that Pakistan is in dire need of a loan from the International Monetary Fund (IMF).
Government ready to accept IMF’s conditions
A few days back, Prime Minister of Pakistan Shehbaz Sharif had said that his government was ready to restore the $6 billion relief package that had been stalled for the last few months. Is ready to accept the tough conditions of the International Monetary Fund (IMF). Pakistan is passing through the worst economic condition amidst the reduction in foreign exchange reserves.
What is the main reason for the deteriorating economy?
The political atmosphere in India’s neighboring country Pakistan is not right. There is a huge load of foreign debt on the country. At present, Pakistan has a debt of 100 billion dollars. The economy has collapsed due to a huge reduction in the country’s foreign exchange reserves. Last year’s flood in the country is also responsible for this plight. Due to the skyrocketing inflation, the condition of the common people is bad. Energy crisis is also a big challenge in the country. The situation of blackouts in many cities of the country in recent times indicates a serious plight.
