When Pakistan Prime Minister Imran Khan became Prime Minister, he showed his countrymen a variety of dreams. He made many promises to Pakistan standing at the face of destruction. Such as – improvement in economy, removal of poverty of the people, etc. However, even after a long time in the formation of the government, Imran Khan could not save his country from various kinds of problems and the people are getting disillusioned. The debt on the country is increasing every day, due to which many countries have started thinking a hundred times before giving loans to it. Due to the cash crunch, Imran Khan is neither able to strengthen the infrastructure in Pakistan nor do anything special for the public. Now once again, he has to spend the money by asking for a loan. Pakistan has signed a $ 500 million loan agreement with the International Monetary Fund (IMF).
The IMF and Pakistan’s Foreign Ministry gave information about the agreement. Foreign Minister Dr. Hafeez Sheikh tweeted that concerted efforts are needed to deal with the challenges caused by the Corona epidemic. This agreement is very important for the development of Pakistan. At the same time, the IMF has issued a statement that this package strikes a balance between supporting the economy, ensuring debt stability and advancing structural reforms. The fund confirmed that the deal was worth $ 500 million.
The IMF further said in the statement, “Pakistan’s progress under the Extended Fund Facility (EFF) was temporarily hampered by the shock of the epidemic.” Pakistani officials are committed to ambitious policy actions and reforms, so that economic resilience is strengthened, sustainable development is achieved and objectives are achieved within the timeframe through the EFF. ”
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At the same time, reacting to the agreement, the Minister of Industry and Production in Pakistan, Hammad Azhar, said that Pakistan’s economy had successfully run through the stabilization phase. Even during the shock of the Kovid-19, our economy performed better than most countries and is now poised for growth. On the agreement with the IMF, he said that it would provide certainty and buffer to the economy.
Let me tell you that Pakistan, which came under the guise of Beld and Road Initiative, is badly trapped. For the power projects, Pakistan, which has been taking heavy loans from China in the last 8 years, is no longer able to repay the installment. In such a situation, he is now preparing to seek relief from his alleged friend. Pakistan and China have held informal discussions for relief in repayment of loan installments for about a dozen power plants. At the same time, after the economy and debt have surrounded their own country, the Imran government is blaming the previous governments for this. By the end of September 2020, Pakistan’s total debt and liabilities had grown to 44,801 billion rupees ($ 280 billion) in Pakistani rupees. Subsequently, an increase of 245 billion was recorded in three months.