Economic and Gas Crisis in Pakistan

Pakistan Prime Minister Imran Khan will meet IMF chief Christine Lagarde in Dubai on Sunday to discuss the conditions of the bailout package for his cash-strapped country.

Officials said that Pakistan would seek around $8 billion from the IMF which would be the biggest package by the Fund for Islamabad.

Imran Khan is paying a day-long trip to the UAE to take part in the 7th edition of the World Government Summit on the invitation of Vice President and Prime Minister of the UAE Sheikh Mohammad Bin Rashid Al-Maktoum.

In UAE imran khan will meet IMF chief Christine Lagarde and urge her to provide loans to meet country’s need.

The IMF is asking for an adjustment of around Rs 1,600-2,000 billion over three to four years. It also wants some corrective measures to put Pakistan’s economy on the right track after witnessing the highest-ever current account deficit.

Imran’s government has secured a breathing space from Saudi Arabian and the UAE loans, an IMF programme is essential to unlock access to resources from other multilateral lenders like the World Bank and the Asian Development Bank, as well as the global capital markets.

Pakistan government has received around $1 billion each from Saudi Arabia and the UAE, as part of the bailout package by the two Gulf nations.

Saudi Arabia’s assistance was part of the $ 6 billion bailout package – $ 3 billion balance-of-payments support and another $ 3 billion in deferred payments on oil imports – which Riyadh had agreed in October last year.

Saudi Arabia is going to help Pakistan and likely provide welcome relief for its cash-strapped Muslim ally. Saudi Arabia is going to invest around $10 billion in refinery and oil complex in the strategic Gwadar port.

Saudi Arabia and its Gulf partner, the UAE, have already deposited $3 billion each in Pakistan’s central bank to help resolve a balance of payments crisis and shore up its declining rupee.

Gas Crisis

KARACHI: Many domestic consumers have been complaining about low gas pressure or not getting any gas at all since the beginning of winter in the city, and the situation has worsened over the last couple of days.

In Naya Pakistan people are not getting gas users are joking about gas crisis.

A user said – ‘Yeh hukoomat logon ke gharon ke choolhay bujhaa rahi hai’.

 

Gas pressure has gone down to such an extent that you can’t even cook food.

Pakistan the 23rd Largest economy in the world is facing crisis which are unprecedented, but they are themselves responsible for their conditions. Hope better sense prevails in government of Pakistan and they took some concrete measures in their country.

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