Symbolic photo related to the plight of Pakistan.
Islamabad: Neighboring Pakistan has now become completely poor. He has absolutely no money to maintain the lives of his people. Indian Prime Minister Narendra Modi had said that Pakistan will wander with a begging bowl. Therefore, now for the third time Pakistan has reached the International Monetary Fund (IMF) with a begging bowl. IMF has agreed to give a new loan of 7 billion dollars to Pakistan to bring it out of poverty. But the Finance Minister of Pakistan has said that for this the people of the country will have to go through transitional pain. After all, we will tell you later what evil this pain is. But before that, let us know how Pakistan became in such a bad condition?
Actually Pakistan is known for running the nursery of terrorism. But after the strictness of Modi government against terrorism and the siege of Pakistan on the international stage, the terrorist funding received by it reduced. Due to this, Pakistan started facing shortage of food. The remaining gap was filled by floods and natural disasters. Now Pakistan has become dependent on every grain. However, it is a matter of relief that its economy has stabilized since coming close to default last summer. Pakistan is now dependent on IMF bailout packages and loans from friendly countries to service its huge debt, which eats up half of its annual revenue.
What is transition pain?
Pakistan Finance Minister Muhammad Aurangzeb told local broadcaster Geo News that after taking this loan, strict conditions of IMF will also have to be implemented. This will cause “transitional pain to the public. This transitional pain will be a huge burden of inflation falling on the public due to IMF conditions. If we have to make this a final program, we will have to do structural reforms,” the Finance Minister said. The IMF said in a statement that it would release “immediate disbursements” of about $1 billion. “The past year has seen a very welcome return to economic stability in Pakistan,” IMF Pakistan mission chief Nathan Porter told reporters on Thursday.
He said, “The challenge now facing Pakistan is to move beyond this new sense of stability and move towards strong and sustained growth, the benefits of which are more widely and equitably shared across society.” Speaking on the sidelines of the United Nations General Assembly in New York on Wednesday, Prime Minister Shehbaz Sharif said the deal was struck due to the “overwhelming support” of Saudi Arabia, China and the United Arab Emirates. (Input-AFP)
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