- The country of Imran Khan, who came to power by promising to create a ‘New Pakistan’, is in financial trouble.
- Imran Khan had promised that he would make the country financially strong but the opposite is happening
- Pakistan’s economy has reached a period of devastation and the biggest economic crisis has come.
The Riyasat-e-Madina of Imran Khan, who came to power on the promise of creating a ‘New Pakistan’, is mired in a serious economic crisis. Imran Khan had promised the people of Pakistan that he would make the country financially strong, but now his promise is proving to be hollow. Pakistan’s economy has reached a period of catastrophe and it is facing the biggest economic crisis in history.
According to the report of Pakistani newspaper The News International, the country is going through a serious economic crisis. The Imran government needs $51.6 billion in foreign financial aid within the next two years to meet its needs. The newspaper said that in the year 2021-22, Pakistan will need $ 23.6 billion and in the year 2022-23 $ 28 billion.
Pakistan came among the countries with the highest foreign debt
This development comes at a time when the International Monetary Fund has made very conservative projections about Pakistan. Pakistani officials are now busy in making a final agreement with the IMF to get the loan. Pakistan wants to take loan from IMF so that it can meet its foreign funding needs. The World Bank, in its recent report, had acknowledged that Pakistan has joined the list of 10 countries in the world that have the highest foreign debt.
The World Bank had said in its report that in June this year, Pakistan’s foreign debt increased at the rate of 8 percent. Another report states that the Imran Khan government has borrowed more than $440 million from the World Bank. Meanwhile, the World Bank and the Asian Development Bank have now canceled their loan programs, making it difficult for Pakistan to raise loans. For this reason, now Pakistan will have to raise a loan of $ 6 billion from the IMF by any means.
IMF imposing strict conditions on Pakistan
Meanwhile, it is feared that credit rating agencies may further downgrade Pakistan’s rating, which will make raising money by issuing international bonds more expensive for it. Pakistan is not able to complete its project fast due to which it is not getting full money from World Bank and ADB. For this reason, now the IMF is imposing strict conditions on Pakistan.
Pakistan towards economic devastation under Imran’s rule