<p>Amid the ongoing economic crisis in Pakistan, the Shehbaz Sharif government is considering different proposals, including slashing the salaries of government employees by 10 per cent across the board. The National Austerity Committee (NAC) constituted by Prime Minister Shehbaz Sharif is also considering cutting down expenditures of ministries and divisions by 15 per cent, reducing the number of federal ministers, ministers of state, and advisers from 78 to 30 while the remaining should work on a pro bono basis, according to a report by Geo News on Wednesday (January 25).</p>

<p>The recommendations were supposed to be finalised on Wednesday and the NAC would send the report to Sharif. However, there is no update on this development so far.&nbsp;</p>

<p>The Geo News report said the government was finalising recommendations on austerity as it sought another International Monetary Fund (IMF) tranche, but is reluctant to implement the conditionalities. This hesitation created a deadlock for the last two and a half months with the IMF.</p>

<p>A report by Dawn on Thursday said that the government has sought support from the United States to unlock the IMF programme that would release $1.1 billion to the economy. In 2019, Pakistan and the IMF signed a $6 billion bailout which was topped by another $1.1 billion last year. However, this came along with conditions. Citing multiple reports, news agency PTI reported that the Washington-based global lender might not release more funds under the programme until pledges made by the Pakistan government are met.&nbsp;</p>

<p>On Wednesday, Pakistan's Finance Minister Ishaq Dar met a visiting US Treasury delegation, where he said that Islamabad will honour&nbsp;its international commitments and was in the process of taking "very tough decisions" such as increasing the prices of electricity and natural gas, said the Dawn report.</p>

<p>Dar also highlighted that Pakistan required breathing space as industry and agriculture had passed through the most challenging times after the devastating floods last year, it added.&nbsp;<br />
&nbsp;</p>

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Amid the ongoing economic crisis in Pakistan, the Shehbaz Sharif government is considering different proposals, including slashing the salaries of government employees by 10 per cent across the board.

Amid the ongoing economic crisis in Pakistan, the Shehbaz Sharif government is considering different proposals, including slashing the salaries of government employees by 10 per cent across the board. The National Austerity Committee (NAC) constituted by Prime Minister Shehbaz Sharif is also considering cutting down expenditures of ministries and divisions by 15 per cent, reducing the number of federal ministers, ministers of state, and advisers from 78 to 30 while the remaining should work on a pro bono basis, according to a report by Geo News on Wednesday (January 25). The recommendations were supposed to be finalised on Wednesday and the NAC would send the report to Sharif. However, there is no update on this development so far. The Geo News report said the government was finalising recommendations on austerity as it sought another International Monetary Fund (IMF) tranche, but is reluctant to implement the conditionalities. This hesitation created a deadlock for the last two and a half months with the IMF. A report by Dawn on Thursday said that the government has sought support from the United States to unlock the IMF programme that would release $1.1 billion to the economy. In 2019, Pakistan and the IMF signed a $6 billion bailout which was topped by another $1.1 billion last year. However, this came along with conditions. Citing multiple reports, news agency PTI reported that the Washington-based global lender might not release more funds under the programme until pledges made by the Pakistan government are met. On Wednesday, Pakistan's Finance Minister Ishaq Dar met a visiting US Treasury delegation, where he said that Islamabad will honour its international commitments and was in the process of taking "very tough decisions" such as increasing the prices of electricity and natural gas, said the Dawn report. Dar also highlighted that Pakistan required breathing space as industry and agriculture had passed through the most challenging times after the devastating floods last year, it added. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Amid economic crisis, Pakistan mulls 10% cut in salaries of govt employees: Reports

Amid the economic crisis in Pakistan, the country has reportedly sought the support of United States in reviving the International Monetary Fund program. The IMF loan is expected to facilitate a soft landing for Pakistan's economy.

Pakistan's Economic Crisis: Finance Minister Ishaq Dar meets US delegation

Pakistan has finally decided to buy the IMF bullet, battered by a huge financial crunch, the country will give in to all demands laid down by the International Monetary Fund to move forward on the release of desperately needed funds.

Pakistan financial troubles: Pak gives in to IMF demands; Finance Secy writes to IMF

<p>Addressing the passing-out ceremony of probationary officers of the Pakistan Administration Service (PAS) on Saturday,&nbsp;Pakistan&nbsp;Prime Minister Shehbaz Sharif said it was shameful&nbsp;to have a nuclear weapon in one hand and a begging bowl in the other.&nbsp;Shehbaz said that seeking more loans made him feel ashamed and that turning to overseas lenders was the wrong course of action, given they needed to pay the money back. He criticised the&nbsp; main opposition party Pakistan Tehreek-e-Insaf, saying that, in the past, they have lost time with disorder and protests.&nbsp;</p>

<p>PM Shehbaz said that if their "bus moved at a faster rate" and in the proper direction, they could achieve the sustainable development goals (SDGs) and avoid foreign loans.</p>

<p><strong>Also Read |&nbsp;</strong><a href="www.wionews.com/south-asia/who-is-stealing-our-chickens-and-wheat-asks-pakistan-senator-amid-ongoing-food-crisis-552621">‘Who is stealing our chickens and wheat,’ asks Pakistan senator amid ongoing food crisis</a></p>

<p>Sharif explained his perspective on the nation's economic problems and&nbsp;expressed regret that, throughout the last 75 years, many administrations, whether led by civilian leaders or military dictators, had failed to solve the problems plaguing the nation.</p>

<p>Pakistan's PM stated that President Sheikh Mohammed bin Zayed of the United Arab Emirates (UAE) had pledged a $1 billion loan to Pakistan during his most recent trip to the UAE. In his remarks, PM Shehbaz praised Saudi Arabia for its financial assistance.</p>

<p>PM Shehbaz encouraged public officials to perform their duties for the country and nation to the best of their abilities and expressed his optimism that they would be able to guide the country out of the current difficulties.</p>

<p><strong>Watch |&nbsp;Pakistan's Punjab Assembly dissolved after governor refuses to sign summary</strong></p>

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<p>In the meantime, Quaid Nawaz Sharif of the Pakistan Muslim League-Nawaz (PMLN) gave the party's leaders and workers instructions on the elections in Punjab and Khyber Pakhtunkhwa.</p>

<p>According to Minister for Information and Broadcasting Marriyum Aurangzeb, Quaid Nawaz Sharif had directed Prime Minister Shehbaz Sharif, the President of PMLN, to set up a parliamentary board.</p>

<p>She said Nawaz asked the party leaders and workers to contest the election in Punjab with full passion, confidence, strength and preparations.</p>

<p><em>(With inputs from agencies)</em><br />
&nbsp;</p>

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Addressing the passing-out ceremony of probationary officers of the Pakistan Administration Service (PAS) on Saturday, Pakistan Prime Minister Shehbaz Sharif said it was shameful to have a nuclear weapon in one hand and a begging bowl in the other.

Addressing the passing-out ceremony of probationary officers of the Pakistan Administration Service (PAS) on Saturday, Pakistan Prime Minister Shehbaz Sharif said it was shameful to have a nuclear weapon in one hand and a begging bowl in the other. Shehbaz said that seeking more loans made him feel ashamed and that turning to overseas lenders was the wrong course of action, given they needed to pay the money back. He criticised the main opposition party Pakistan Tehreek-e-Insaf, saying that, in the past, they have lost time with disorder and protests. PM Shehbaz said that if their "bus moved at a faster rate" and in the proper direction, they could achieve the sustainable development goals (SDGs) and avoid foreign loans. Also Read | ‘Who is stealing our chickens and wheat,’ asks Pakistan senator amid ongoing food crisis Sharif explained his perspective on the nation's economic problems and expressed regret that, throughout the last 75 years, many administrations, whether led by civilian leaders or military dictators, had failed to solve the problems plaguing the nation. Pakistan's PM stated that President Sheikh Mohammed bin Zayed of the United Arab Emirates (UAE) had pledged a $1 billion loan to Pakistan during his most recent trip to the UAE. In his remarks, PM Shehbaz praised Saudi Arabia for its financial assistance. PM Shehbaz encouraged public officials to perform their duties for the country and nation to the best of their abilities and expressed his optimism that they would be able to guide the country out of the current difficulties. Watch | Pakistan's Punjab Assembly dissolved after governor refuses to sign summary In the meantime, Quaid Nawaz Sharif of the Pakistan Muslim League-Nawaz (PMLN) gave the party's leaders and workers instructions on the elections in Punjab and Khyber Pakhtunkhwa. According to Minister for Information and Broadcasting Marriyum Aurangzeb, Quaid Nawaz Sharif had directed Prime Minister Shehbaz Sharif, the President of PMLN, to set up a parliamentary board. She said Nawaz asked the party leaders and workers to contest the election in Punjab with full passion, confidence, strength and preparations. (With inputs from agencies) WATCH WION LIVE HERE

It's shameful for a nuclear power to beg for funds, says Pakistan PM Shehbaz Sharif

Pakistan’s foreign exchange reserves fell below $5 billion, threatening to spill over into a full-blown economic crisis. Watch this video to know more.

Pakistan's forex reserves dip below $5 billion; No money left for imports

<p>Pakistan Prime Minister Shehbaz Sharif arrived in the United Arab Emirates (UAE) on Thursday (January 12) for a two-day visit to ramp up bilateral economic and trade ties. According to a tweet by the Prime Minister's Office (PMO), Shehbaz landed in Abu Dhabi and was received by the UAE's Minister of Economic Affairs Abdullah Touq Al-Marri and officials of the Pakistan Embassy. Sharif is leading a key delegation of Pakistani ministers. This is his third visit to the UAE since becoming the Prime Minister.&nbsp;</p>

<p>"My visit to the UAE is aimed at building on the conversation I have had with H.H. President Sheikh Mohamed Bin Zayed. We share a resolve &amp; understanding that continuous efforts need to be made to further strengthen trade, investment &amp; economic relations," Prime Minister Sharif tweeted. He met the UAE's President &nbsp;Sheikh Mohammed bin Zayed and will&nbsp;also meet Vice President Mohammad bin Rashid Al Makhtoum.&nbsp;</p>

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<p dir="ltr" lang="en">Prime Minister Muhammad Shehbaz Sharif meets the President of the United Arab Emirates H.H. Sheikh Mohamed Bin Zayed Al Nahyan (12 January 2023)<a href="https://twitter.com/hashtag/PMShehbazinUAE?src=hash&amp;ref_src=twsrc%5Etfw">#PMShehbazinUAE</a> <a href="https://t.co/EOaYsH8jg8">pic.twitter.com/EOaYsH8jg8</a></p>
— Prime Minister's Office (@PakPMO) <a href="https://twitter.com/PakPMO/status/1613502335648399360?ref_src=twsrc%5Etfw">January 12, 2023</a></blockquote>
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<p><strong>ALSO READ | <a href="https://www.wionews.com/business-economy/world-economic-forum-identifies-top-five-risks-faced-by-crisis-hit-pakistan-reports-551910">World Economic Forum identifies top five risks faced by crisis-hit Pakistan: Reports</a></strong></p>

<p>During his two-day visit, Shehbaz Sharif will seek a fresh economic package for Pakistan from the UAE, news agency Reuters reported on Thursday citing a report by ARY news. The report added the Prime Minister will also seek deferment of a $2 billion loan repayment to the UAE due in the coming weeks and hold discussions on finalising a $2 billion investment in Pakistan. There is no comment from the government on this development yet.&nbsp;</p>

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<p dir="ltr" lang="en">My visit to the UAE is aimed at building on the conversation I have had with H.H. President Sheikh <a href="https://twitter.com/MohamedBinZayed?ref_src=twsrc%5Etfw">@MohamedBinZayed</a>. We share a resolve &amp; understanding that the continuous efforts need to be made to further strengthen trade, investment &amp; economic relations.</p>
— Shehbaz Sharif (@CMShehbaz) <a href="https://twitter.com/CMShehbaz/status/1613463610486886400?ref_src=twsrc%5Etfw">January 12, 2023</a></blockquote>
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<p>Sharif's visit comes as Pakistan is facing an economic crisis because of many factors including political instability, depleting forex reserves and high inflation. Last year's devastating floods,&nbsp;which killed at least 1,700 people and displaced around eight million, have further added to the economic pressure.&nbsp;</p>

<p>On Monday (January 9), international donors in Geneva committed more than $9 billion to help Pakistan recover from the floods. Prime Minister Sharif termed the financial pledges as a testament to his government's credibility.&nbsp;</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/explained-with-pm-abroad-pakistanis-struggle-to-put-food-on-table-economy-on-track-551157">Explained: With PM abroad, Pakistanis struggle to put food on table, economy on track</a></strong></p>

<p>Meanwhile, Pakistan's negotiations with the International Monetary Fund (IMF) have not reached any positive outcome yet. The Shehbaz Sharif government has been asking a team from the IMF to come, review and approve the ninth assessment to release the next tranche of $1.1 billion. The IMF's plan is being seen as the only way forward for Pakistan. On Wednesday, Finance Minister Ishaq Dar said the government will take fiscal measures set by the IMF to meet its budgetary targets for the 2022-23 financial year, Reuters reported. Dar said some of these measures include subsidies in the farming and export sectors and shedding energy sector debt.&nbsp;</p>

<p>As the economic crisis in Pakistan worsens, the World Bank on Tuesday slashed the country's economic growth by half from 4 per cent to 2 per cent for the current fiscal year, saying the government faces mounting economic difficulties.&nbsp;</p>

<p><em>(With inputs from agencies)</em></p>

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Pakistan Prime Minister Shehbaz Sharif arrived in the United Arab Emirates (UAE) on Thursday (January 12) for a two-day visit to ramp up bilateral economic and trade ties.

Pakistan Prime Minister Shehbaz Sharif arrived in the United Arab Emirates (UAE) on Thursday (January 12) for a two-day visit to ramp up bilateral economic and trade ties. According to a tweet by the Prime Minister's Office (PMO), Shehbaz landed in Abu Dhabi and was received by the UAE's Minister of Economic Affairs Abdullah Touq Al-Marri and officials of the Pakistan Embassy. Sharif is leading a key delegation of Pakistani ministers. This is his third visit to the UAE since becoming the Prime Minister. "My visit to the UAE is aimed at building on the conversation I have had with H.H. President Sheikh Mohamed Bin Zayed. We share a resolve & understanding that continuous efforts need to be made to further strengthen trade, investment & economic relations," Prime Minister Sharif tweeted. He met the UAE's President Sheikh Mohammed bin Zayed and will also meet Vice President Mohammad bin Rashid Al Makhtoum. Prime Minister Muhammad Shehbaz Sharif meets the President of the United Arab Emirates H.H. Sheikh Mohamed Bin Zayed Al Nahyan (12 January 2023)#PMShehbazinUAE pic.twitter.com/EOaYsH8jg8 — Prime Minister's Office (@PakPMO) January 12, 2023 × ALSO READ | World Economic Forum identifies top five risks faced by crisis-hit Pakistan: Reports During his two-day visit, Shehbaz Sharif will seek a fresh economic package for Pakistan from the UAE, news agency Reuters reported on Thursday citing a report by ARY news. The report added the Prime Minister will also seek deferment of a $2 billion loan repayment to the UAE due in the coming weeks and hold discussions on finalising a $2 billion investment in Pakistan. There is no comment from the government on this development yet. My visit to the UAE is aimed at building on the conversation I have had with H.H. President Sheikh @MohamedBinZayed. We share a resolve & understanding that the continuous efforts need to be made to further strengthen trade, investment & economic relations. — Shehbaz Sharif (@CMShehbaz) January 12, 2023 × Sharif's visit comes as Pakistan is facing an economic crisis because of many factors including political instability, depleting forex reserves and high inflation. Last year's devastating floods, which killed at least 1,700 people and displaced around eight million, have further added to the economic pressure. On Monday (January 9), international donors in Geneva committed more than $9 billion to help Pakistan recover from the floods. Prime Minister Sharif termed the financial pledges as a testament to his government's credibility. ALSO READ | Explained: With PM abroad, Pakistanis struggle to put food on table, economy on track Meanwhile, Pakistan's negotiations with the International Monetary Fund (IMF) have not reached any positive outcome yet. The Shehbaz Sharif government has been asking a team from the IMF to come, review and approve the ninth assessment to release the next tranche of $1.1 billion. The IMF's plan is being seen as the only way forward for Pakistan. On Wednesday, Finance Minister Ishaq Dar said the government will take fiscal measures set by the IMF to meet its budgetary targets for the 2022-23 financial year, Reuters reported. Dar said some of these measures include subsidies in the farming and export sectors and shedding energy sector debt. As the economic crisis in Pakistan worsens, the World Bank on Tuesday slashed the country's economic growth by half from 4 per cent to 2 per cent for the current fiscal year, saying the government faces mounting economic difficulties. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Pakistan PM arrives in UAE on two-day visit to seek fresh economic package: Report

Pakistan's Prime Minister Shehbaz Sharif has arrived in the United Arab Emirates. With this visit, he is seeking to bolden economic relations with the Emirates nation. Watch to know more.

Pakistan PM Shehbaz Sharif arrives in UAE on two-day visit

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<p>Pakistan is going through severe economic hardship. The economic crisis has translated into a food crisis with 'flour' - a staple part of most diets facing an extreme shortage in supply. The repercussions have been dire as people are fighting, often resorting to violence to gain hold of a few mounds of the prized commodity.&nbsp;</p>

<p>Videos of Pakistani residents from Khyber Pakhtunkhwa, Sindh, and Balochistan battling to acquire bags of flour have now gone viral on social media platforms. The three provinces have been facing acute food shortages ever since last year's deadly flood.&nbsp;</p>

<p>The people in the video can be seen snatching the flour bag from each other while engaging in a violent tussle. Meanwhile, in other clips, the residents can be seen chasing the truck supplying the subsidised flour.&nbsp;</p>

<div class="ui-state-default" contenteditable="false">
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<p dir="ltr" lang="en"><a href="https://twitter.com/hashtag/PakistanFlourCrisis?src=hash&amp;ref_src=twsrc%5Etfw">#PakistanFlourCrisis</a>, Visual from <a href="https://twitter.com/hashtag/Sindh?src=hash&amp;ref_src=twsrc%5Etfw">#Sindh</a> Pakistan, people were seen squabbling for flour.<br />
<br />
It's Painful💔💔<a href="https://twitter.com/hashtag/PakistanEconomy?src=hash&amp;ref_src=twsrc%5Etfw">#PakistanEconomy</a> <a href="https://twitter.com/hashtag/ResilientPakistan?src=hash&amp;ref_src=twsrc%5Etfw">#ResilientPakistan</a> <a href="https://t.co/7qlSjh3rni">pic.twitter.com/7qlSjh3rni</a></p>
— Bakhtawar Shah (@Shah_Bakhtawar1) <a href="https://twitter.com/Shah_Bakhtawar1/status/1612686353271070722?ref_src=twsrc%5Etfw">January 10, 2023</a></blockquote>
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<p dir="ltr" lang="hi">“आटा ख़त्म…Gate बंद…”<br />
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<a href="https://twitter.com/hashtag/PakistanEconomy?src=hash&amp;ref_src=twsrc%5Etfw">#PakistanEconomy</a> <a href="https://twitter.com/hashtag/Pakistan?src=hash&amp;ref_src=twsrc%5Etfw">#Pakistan</a> <a href="https://t.co/jgitifBIZR">pic.twitter.com/jgitifBIZR</a></p>
— Jyot Jeet (@activistjyot) <a href="https://twitter.com/activistjyot/status/1612675931268845568?ref_src=twsrc%5Etfw">January 10, 2023</a></blockquote>
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<p>Local media reports state that thousands of people have to spend hours daily to receive the subsidised bag of flour.</p>

<p>Flour prices have touched an exorbitant high amid the crunch. In Karachi, flour is being sold at Rs 160 per kilogramme. Meanwhile, a bag of flour can easily fetch as much as Rs 1500 to 1600 per kg in Islamabad and Peshawar.&nbsp;</p>

<p><a href="https://www.wionews.com/videos/is-pakistans-economic-crisis-getting-worse-550882"><strong>WATCH |&nbsp;</strong></a><strong><a href="https://www.wionews.com/videos/is-pakistans-economic-crisis-getting-worse-550882">Is Pakistan's economic crisis getting worse?</a></strong></p>

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<p>Such is the state of the economy that Islamabad is unable to provide basic amenities to a common Pakistani citizen.</p>

<p>Notably, people are being forced to store LPG (cooking gas) in plastic balloons and bags as the government fails to address the shortage in supply.</p>

<p>In the videos that have gone viral on different social media platforms, citizens in the Khyber Pakhtunkhwa province can be seen storing cooking gas in plastic bags due to shortage.&nbsp;</p>

<p><a href="https://www.wionews.com/south-asia/watch-people-in-pakistan-store-cooking-gas-in-plastic-bags-amid-economic-crisis-549060" target="_blank"><strong>WATCH | People in Pakistan store cooking gas in plastic bags amid economic crisis</strong></a></p>

<p>To arrest the slide,<b>&nbsp;</b>the Pakistani government has proposed to close markets and wedding halls by 8:30 PM and 10 PM respectively to keep the rising debt in check.&nbsp;</p>

<p>The radical changes by the government also include&nbsp;a plan to halt the production of fans and incandescent bulbs.&nbsp;</p>

<p><a href="https://www.wionews.com/south-asia/pakistan-to-close-wedding-halls-malls-early-stop-production-of-bulbs-fans-to-save-money-549205" target="_blank"><strong>Read more: Pakistan to close wedding halls, malls early; stop production of bulbs, fans to save money</strong></a></p>

<p>Pakistan's fiscal deficit stood at 1.5 per cent of GDP from July-October 2022-23. The country's foreign&nbsp;exchange reserves plummeted to its lowest since April 2014 last month when it shrank by $294 million to $5.8 billion, primarily due to external debt repayment.&nbsp;</p>

<p><em>(With inputs from agencies)</em></p>

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Pakistan is going through severe economic hardship. The economic crisis has translated into a food crisis with 'flour' - a staple part of most diets facing an extreme shortage in supply.

Pakistan is going through severe economic hardship. The economic crisis has translated into a food crisis with 'flour' - a staple part of most diets facing an extreme shortage in supply. The repercussions have been dire as people are fighting, often resorting to violence to gain hold of a few mounds of the prized commodity. Videos of Pakistani residents from Khyber Pakhtunkhwa, Sindh, and Balochistan battling to acquire bags of flour have now gone viral on social media platforms. The three provinces have been facing acute food shortages ever since last year's deadly flood. The people in the video can be seen snatching the flour bag from each other while engaging in a violent tussle. Meanwhile, in other clips, the residents can be seen chasing the truck supplying the subsidised flour. #PakistanFlourCrisis, Visual from #Sindh Pakistan, people were seen squabbling for flour. It's Painful💔💔#PakistanEconomy #ResilientPakistan pic.twitter.com/7qlSjh3rni — Bakhtawar Shah (@Shah_Bakhtawar1) January 10, 2023 × “आटा ख़त्म…Gate बंद…” #PakistanEconomy #Pakistan pic.twitter.com/jgitifBIZR — Jyot Jeet (@activistjyot) January 10, 2023 × Local media reports state that thousands of people have to spend hours daily to receive the subsidised bag of flour. Flour prices have touched an exorbitant high amid the crunch. In Karachi, flour is being sold at Rs 160 per kilogramme. Meanwhile, a bag of flour can easily fetch as much as Rs 1500 to 1600 per kg in Islamabad and Peshawar. WATCH | Is Pakistan's economic crisis getting worse? × Such is the state of the economy that Islamabad is unable to provide basic amenities to a common Pakistani citizen. Notably, people are being forced to store LPG (cooking gas) in plastic balloons and bags as the government fails to address the shortage in supply. In the videos that have gone viral on different social media platforms, citizens in the Khyber Pakhtunkhwa province can be seen storing cooking gas in plastic bags due to shortage. WATCH | People in Pakistan store cooking gas in plastic bags amid economic crisis To arrest the slide, the Pakistani government has proposed to close markets and wedding halls by 8:30 PM and 10 PM respectively to keep the rising debt in check. The radical changes by the government also include a plan to halt the production of fans and incandescent bulbs. Read more: Pakistan to close wedding halls, malls early; stop production of bulbs, fans to save money Pakistan's fiscal deficit stood at 1.5 per cent of GDP from July-October 2022-23. The country's foreign exchange reserves plummeted to its lowest since April 2014 last month when it shrank by $294 million to $5.8 billion, primarily due to external debt repayment. (With inputs from agencies) WATCH WION LIVE HERE:

WATCH | Pakistani citizens fight for flour as prices touch record high amid shortage

According to the reports, Pakistan's weekly inflation witnesses 30 percent rise compared to last year amid a rise in the prices of food and a couple of fuel items. Now, the question is will 2023 bring some relief for Pakistan?

Is Pakistan's economic crisis getting worse?

<p>The food crisis in Pakistan, India's northwestern neighbour, reached unprecedented proportions this week. With visuals of stampede at wheat flour shops in different parts of the country dominating the South Asian news cycle, years of economic mismanagement by Islamabad have come to haunt its current rulers.&nbsp;While the Pakistani economy was declining for quite some time, the floods of 2022 caused unprecedented damage to the country with critical infrastructure destroyed and millions displaced.</p>

<p><strong>Pakistan food crisis: How bad is it?</strong></p>

<p>Prices of staple food items have increased by nearly 56 per cent. According to Pakistan Bureau of Statistics (PBS), Onion prices have risen by more than 415 per cent since last year.</p>

<p><strong>ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/is-pakistans-economic-crisis-getting-worse-550882">Is Pakistan's economic crisis getting worse?</a></strong></p>

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<p>The wheat flour, a necessary food item for preparation of various types of breads, is reportedly being sold at prices as high as Rs 140-160/kg in the port city of Karachi. It is also reported that a single roti currently costs Rs 30.&nbsp;</p>

<p>According to reports in local Pakistani media, in several other parts of the country, a 10 kg bag of flour is costing people around Rs 1,500 and a 20 kg bag at Rs 2,800.</p>

<p>At present, Pakistan is on the verge of economic collapse. Its hopes are pinned on getting concessions from the International Monetary Fund (IMF) on the Extended Fund Facility established in 2019. Islamabad further expects to get economic help from friendly nations in the form of donations and long-term loans.</p>

<p><strong>Pakistan economic crisis: Poor foreign reserves, loan repayment deadlines</strong></p>

<p>A report in Pakistan's 'The Frontier Post' newspaper cited The Federation of Pakistan Chambers of Commerce (FPCCI), saying that the country's foreign exchange reserves have fallen to a critical level of $4.5 billion. In the first quarter of 2023, the country has loan repayment obligations of more than $8 billion.&nbsp;</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/pakistan-faces-grim-economic-forecast-amid-loan-pay-back-deadlines-548297">Pakistan faces grim economic forecast amid loan pay back deadlines</a></strong></p>

<p>Pakistan will reportedly be left with just 25 days of import cover if it stands by its loan repayment commitments.</p>

<p>Reports in Pakistani media point out that since Islamabad's change of guard from Imran Khan to Shehbaz Sharif, the corresponding political turmoil too has contributed to the country's economic decline.&nbsp;</p>

<p>Throughout the year, the political elite failed to agree to play by any rules of the game amid the falling economic health of the country, reported The Express Tribune.</p>

<p><strong>Pakistan economic crisis: What country's rulers are doing?</strong></p>

<p>Pakistani leaders are doing what they are known to do at the moments of crisis: visiting foreign nations, asking for help by using 'aid' and 'assistance' adjectives. Country's Prime Minister Shehbaz Sharif is currently in Geneva. On January 9, Sharif asked the International Conference on Climate Resilience to aid the country, citing the damage caused by 2022 floods.&nbsp;On the sidelines, Pakistani representatives met IMF officials regarding its currently stalled Extended Fund Facility.</p>

<p>In the face of the ongoing financial crisis, the Pakistani government has come up with measures to save energy and reduce its energy bill. Markets and restaurants will close at 8:30 PM and 10 PM in a bid to save energy. This January 3 decision, intended to save about $274 million, has drawn flak from both market associations as well as general masses.&nbsp;</p>

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The food crisis in Pakistan, India's northwestern neighbour, reached unprecedented proportions this week. With visuals of stampede at wheat flour shops in different parts of the country dominating the South Asian news cycle, years of economic mismanagement by Islamabad have come to haunt its current rulers.

The food crisis in Pakistan, India's northwestern neighbour, reached unprecedented proportions this week. With visuals of stampede at wheat flour shops in different parts of the country dominating the South Asian news cycle, years of economic mismanagement by Islamabad have come to haunt its current rulers. While the Pakistani economy was declining for quite some time, the floods of 2022 caused unprecedented damage to the country with critical infrastructure destroyed and millions displaced. Pakistan food crisis: How bad is it? Prices of staple food items have increased by nearly 56 per cent. According to Pakistan Bureau of Statistics (PBS), Onion prices have risen by more than 415 per cent since last year. ALSO WATCH | Is Pakistan's economic crisis getting worse? × The wheat flour, a necessary food item for preparation of various types of breads, is reportedly being sold at prices as high as Rs 140-160/kg in the port city of Karachi. It is also reported that a single roti currently costs Rs 30. According to reports in local Pakistani media, in several other parts of the country, a 10 kg bag of flour is costing people around Rs 1,500 and a 20 kg bag at Rs 2,800. At present, Pakistan is on the verge of economic collapse. Its hopes are pinned on getting concessions from the International Monetary Fund (IMF) on the Extended Fund Facility established in 2019. Islamabad further expects to get economic help from friendly nations in the form of donations and long-term loans. Pakistan economic crisis: Poor foreign reserves, loan repayment deadlines A report in Pakistan's 'The Frontier Post' newspaper cited The Federation of Pakistan Chambers of Commerce (FPCCI), saying that the country's foreign exchange reserves have fallen to a critical level of $4.5 billion. In the first quarter of 2023, the country has loan repayment obligations of more than $8 billion. ALSO READ | Pakistan faces grim economic forecast amid loan pay back deadlines Pakistan will reportedly be left with just 25 days of import cover if it stands by its loan repayment commitments. Reports in Pakistani media point out that since Islamabad's change of guard from Imran Khan to Shehbaz Sharif, the corresponding political turmoil too has contributed to the country's economic decline. Throughout the year, the political elite failed to agree to play by any rules of the game amid the falling economic health of the country, reported The Express Tribune. Pakistan economic crisis: What country's rulers are doing? Pakistani leaders are doing what they are known to do at the moments of crisis: visiting foreign nations, asking for help by using 'aid' and 'assistance' adjectives. Country's Prime Minister Shehbaz Sharif is currently in Geneva. On January 9, Sharif asked the International Conference on Climate Resilience to aid the country, citing the damage caused by 2022 floods. On the sidelines, Pakistani representatives met IMF officials regarding its currently stalled Extended Fund Facility. In the face of the ongoing financial crisis, the Pakistani government has come up with measures to save energy and reduce its energy bill. Markets and restaurants will close at 8:30 PM and 10 PM in a bid to save energy. This January 3 decision, intended to save about $274 million, has drawn flak from both market associations as well as general masses. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Explained: With PM abroad, Pakistanis struggle to put food on table, economy on track

<p>Economic troubles in Pakistan are not new as the nation has been reeling because of the high cost of living for quite some time now. Authorities recently directed markets, shopping malls, restaurants, and wedding halls to close early to conserve energy.&nbsp;</p>

<p>To tackle the situation, Pakistan Prime Minister Shehbaz Sharif on Friday held talks with the International Monetary Fund (IMF) chief Kristalina Georgieva. Sharif aimed at breaking the deadlock over the release of the next tranche of assistance for the country.&nbsp;</p>

<p>The Pakistani prime minister said that he received a call from IMF Managing Director Georgieva. They talked about the issue of disbursement of an already pledged loan, Sharif said while addressing a business gathering on Friday.&nbsp;</p>

<p><strong>Watch this report for details:&nbsp;</strong></p>

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<p>Sharif said, "I told the IMF that we cannot put more burden on our masses. I also urged that the IMF should send its delegation to Pakistan for talks."&nbsp;</p>

<p>The problems are not appearing to go away for Pakistan as IMF has refused to issue the new instalment of the already agreed loan. The reason behind the rejection was Pakistan not being able to live up to the promises it made when the stalled loan of $6 billion was restored in 2022.&nbsp;</p>

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<p dir="ltr" lang="en"><a href="https://twitter.com/hashtag/EconWatch?src=hash&amp;ref_src=twsrc%5Etfw">#EconWatch</a>: <a href="https://twitter.com/hashtag/Pakistan?src=hash&amp;ref_src=twsrc%5Etfw">#Pakistan</a> is on the brink of a debt default. Its sovereign bonds have lost more than 60% of their value this year. I'm not surprised. PM Sharif's government is failing to save the sinking ship. <a href="https://t.co/ySDno0MAC2">pic.twitter.com/ySDno0MAC2</a></p>
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<p>Several factors have combined to put Pakistan's economy in dire strait, including tumbling GDP growth, global inflation due to the ongoing Russia- Ukraine war, expensive imports due to the fall in the currency, and plunging forex reserves. Unprecedented floods in 2022 made the situation even worse for the nation.&nbsp;</p>

<p><em>(With inputs from agencies)&nbsp;</em></p>

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Economic troubles in Pakistan are not new as the nation has been reeling because of the high cost of living for quite some time now. Authorities recently directed markets, shopping malls, restaurants, and wedding halls to close early to conserve energy.

Economic troubles in Pakistan are not new as the nation has been reeling because of the high cost of living for quite some time now. Authorities recently directed markets, shopping malls, restaurants, and wedding halls to close early to conserve energy. To tackle the situation, Pakistan Prime Minister Shehbaz Sharif on Friday held talks with the International Monetary Fund (IMF) chief Kristalina Georgieva. Sharif aimed at breaking the deadlock over the release of the next tranche of assistance for the country. The Pakistani prime minister said that he received a call from IMF Managing Director Georgieva. They talked about the issue of disbursement of an already pledged loan, Sharif said while addressing a business gathering on Friday. Watch this report for details: × Sharif said, "I told the IMF that we cannot put more burden on our masses. I also urged that the IMF should send its delegation to Pakistan for talks." The problems are not appearing to go away for Pakistan as IMF has refused to issue the new instalment of the already agreed loan. The reason behind the rejection was Pakistan not being able to live up to the promises it made when the stalled loan of $6 billion was restored in 2022. #EconWatch: #Pakistan is on the brink of a debt default. Its sovereign bonds have lost more than 60% of their value this year. I'm not surprised. PM Sharif's government is failing to save the sinking ship. pic.twitter.com/ySDno0MAC2 — Steve Hanke (@steve_hanke) October 13, 2022 × Several factors have combined to put Pakistan's economy in dire strait, including tumbling GDP growth, global inflation due to the ongoing Russia- Ukraine war, expensive imports due to the fall in the currency, and plunging forex reserves. Unprecedented floods in 2022 made the situation even worse for the nation. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Pak PM Shehbaz Sharif holds talks with IMF chief amid economic crisis

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<p>Currently going through a harrowing economic crisis, the Pakistan government on Tuesday announced a slew of plans to reduce energy consumption and in turn reduce the financial load on the exchequer.&nbsp;</p>

<p>The government proposed to close markets and wedding halls by 8:30 PM and 10 PM respectively to keep the rising debt in check.&nbsp;</p>

<p>“The plan will change the overall lifestyle and habit pattern of the nation and save us $26 million (Pkr 60 billion)," Pakistan Defence Minister Khawaja Asif was quoted as saying by Dawn.</p>

<p>The radical changes by Asif also included a plan to halt the production of fans running on electricity by July.&nbsp;</p>

<p>“Inefficient fans use around 120-130 watts of electricity. Across the globe, fans are available that use 60-80 watts."</p>

<p>Similarly, the manufacturing of incandescent bulbs will be stopped from next month. Meanwhile, the government will&nbsp;make the use of conical geysers mandatory and employ alternative use of streetlights to further cut the wage bill.&nbsp;&nbsp;</p>

<p>Asif added the country is going through a 'critical' situation and that it could not afford to sustain current levels of power consumption. He also announced plans of implementing a 'work from home policy'.&nbsp;</p>

<p>"All government buildings and offices will also reduce the use of energy under the plan, and a policy to work from home will be completed in 10 days," said Asif before adding, "No lights were on in the cabinet meeting today. The meeting was held in full sunlight."</p>

<p><a href="https://www.wionews.com/videos/gravitas-pakistans-facing-a-financial-crisis-537529" target="_blank"><strong>WATCH | Gravitas: Pakistan's facing a financial crisis</strong></a></p>

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<p>According to reports quoting Pakistan's power division, the country's circular debt stood at $10.5 billion (Rs2.437 trillion) which was an increase of $815 million (Rs 185 billion) from September last year.</p>

<p>Such is the state of the economy that Islamabad is unable to provide basic amenities to a common Pakistani citizen. Notably, people are being forced to store LPG (cooking gas) in plastic balloons and bags as the government fails to address the shortage in supply.</p>

<p>In the videos that have gone viral on different social media platforms, citizens in the Khyber Pakhtunkhwa province can be seen storing cooking gas in plastic bags due to shortage.&nbsp;</p>

<p>Local media reports have suggested that people in Hangu city of the province have been living without gas for the past two years.&nbsp;</p>

<p><a href="https://www.wionews.com/south-asia/watch-people-in-pakistan-store-cooking-gas-in-plastic-bags-amid-economic-crisis-549060" target="_blank"><strong>WATCH | People in Pakistan store cooking gas in plastic bags amid economic crisis</strong></a></p>

<p>Pakistan's fiscal deficit stood at 1.5 percent of GDP from July-October 2022-23. The country's foreign&nbsp;exchange reserves plummeted to its lowest since April 2014 last month when it shrank by $294 million to $5.8 billion, primarily due to external debt repayment.&nbsp;</p>

<p>Consequently, economic pundits have sounded the warning bells that Pakistan might be perilously close to default.</p>

<p><em>(With inputs from agencies)</em></p>

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Currently going through a harrowing economic crisis, the Pakistan government on Tuesday announced a slew of plans to reduce energy consumption and in turn reduce the financial load on the exchequer.

Currently going through a harrowing economic crisis, the Pakistan government on Tuesday announced a slew of plans to reduce energy consumption and in turn reduce the financial load on the exchequer. The government proposed to close markets and wedding halls by 8:30 PM and 10 PM respectively to keep the rising debt in check. “The plan will change the overall lifestyle and habit pattern of the nation and save us $26 million (Pkr 60 billion)," Pakistan Defence Minister Khawaja Asif was quoted as saying by Dawn. The radical changes by Asif also included a plan to halt the production of fans running on electricity by July. “Inefficient fans use around 120-130 watts of electricity. Across the globe, fans are available that use 60-80 watts." Similarly, the manufacturing of incandescent bulbs will be stopped from next month. Meanwhile, the government will make the use of conical geysers mandatory and employ alternative use of streetlights to further cut the wage bill. Asif added the country is going through a 'critical' situation and that it could not afford to sustain current levels of power consumption. He also announced plans of implementing a 'work from home policy'. "All government buildings and offices will also reduce the use of energy under the plan, and a policy to work from home will be completed in 10 days," said Asif before adding, "No lights were on in the cabinet meeting today. The meeting was held in full sunlight." WATCH | Gravitas: Pakistan's facing a financial crisis × According to reports quoting Pakistan's power division, the country's circular debt stood at $10.5 billion (Rs2.437 trillion) which was an increase of $815 million (Rs 185 billion) from September last year. Such is the state of the economy that Islamabad is unable to provide basic amenities to a common Pakistani citizen. Notably, people are being forced to store LPG (cooking gas) in plastic balloons and bags as the government fails to address the shortage in supply. In the videos that have gone viral on different social media platforms, citizens in the Khyber Pakhtunkhwa province can be seen storing cooking gas in plastic bags due to shortage. Local media reports have suggested that people in Hangu city of the province have been living without gas for the past two years. WATCH | People in Pakistan store cooking gas in plastic bags amid economic crisis Pakistan's fiscal deficit stood at 1.5 percent of GDP from July-October 2022-23. The country's foreign exchange reserves plummeted to its lowest since April 2014 last month when it shrank by $294 million to $5.8 billion, primarily due to external debt repayment. Consequently, economic pundits have sounded the warning bells that Pakistan might be perilously close to default. (With inputs from agencies) WATCH WION LIVE HERE:

Pakistan to close wedding halls, malls early; stop production of bulbs, fans to save money

<p>Just hours after Pakistan's PML-N-led government announced the early closure of malls, markets and wedding halls to save energy, shopkeepers have resoundingly rejected the move.&nbsp;</p>

<p>Slamming the decision as "unilateral" and "counter-offensive" trader organisations in the country asked the government to reconsider.</p>

<p><strong>Watch |&nbsp;Pakistan PM asks govt departments to reduce energy consumptions by 30%</strong></p>

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<p>The All Pakistan Restaurant Association urged the ruling government to reconsider and let restaurants stay open till midnight.</p>

<p>On the other hand, talking to Geo News, &nbsp;Ajmal Baloch the president of All-Pakistan Anjuman Tajiran (APAT) declared that contrary to the National Energy Conservation Plan asking shops to be closed at 8:30 pm, they will stay open till 10 pm, while restaurants will remain open until 11 pm.</p>

<p>Baloch "suggested" that government officials should stop the use of air conditioners and heaters in their offices and that protocols and allowances given to them should be halted. He also proposed that as a means to save electricity street lights should be switched on post 10 pm and that the excessive use of electricity on national highways should be curbed.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/south-asia/pakistan-to-close-wedding-halls-malls-early-stop-production-of-bulbs-fans-to-save-money-549205">Pakistan to close wedding halls, malls early; stop production of bulbs, fans to save money</a></strong></p>

<p>As per reports the business community claims that the decision was reached unilaterally despite previous meetings in which the participating stakeholders had agreed that markets and malls should be allowed to remain open until 9-10 pm, while restaurants and wedding halls should be allowed to operate until 11-12 pm.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/south-asia/taliban-unable-or-unwilling-to-fulfil-commitments-pakistan-has-right-to-defend-itself-us-549258">Taliban 'unable or unwilling’ to fulfil commitments, Pakistan has right to defend itself: US</a></strong></p>

<p>On Tuesday the Pakistan government announced the energy conservation plan that enforces market closure at 8:30 pm, while wedding halls are slated to be shut at 10 pm. Reportedly all department of the federal government has also been asked to reduce electricity usage by 30 per cent.</p>

<p>Announcing the decision Pakistan Defence Minister Khawaja Asif said "The cabinet, on the recommendation of the power division, has allowed enforcing the energy-saving plan which will be applied to the entire country."</p>

<p><em>(With inputs from agencies)</em></p>

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Just hours after Pakistan's PML-N-led government announced the early closure of malls, markets and wedding halls to save energy, shopkeepers have resoundingly rejected the move.

Just hours after Pakistan's PML-N-led government announced the early closure of malls, markets and wedding halls to save energy, shopkeepers have resoundingly rejected the move. Slamming the decision as "unilateral" and "counter-offensive" trader organisations in the country asked the government to reconsider. Watch | Pakistan PM asks govt departments to reduce energy consumptions by 30% The All Pakistan Restaurant Association urged the ruling government to reconsider and let restaurants stay open till midnight. On the other hand, talking to Geo News, Ajmal Baloch the president of All-Pakistan Anjuman Tajiran (APAT) declared that contrary to the National Energy Conservation Plan asking shops to be closed at 8:30 pm, they will stay open till 10 pm, while restaurants will remain open until 11 pm. Baloch "suggested" that government officials should stop the use of air conditioners and heaters in their offices and that protocols and allowances given to them should be halted. He also proposed that as a means to save electricity street lights should be switched on post 10 pm and that the excessive use of electricity on national highways should be curbed. Also read | Pakistan to close wedding halls, malls early; stop production of bulbs, fans to save money As per reports the business community claims that the decision was reached unilaterally despite previous meetings in which the participating stakeholders had agreed that markets and malls should be allowed to remain open until 9-10 pm, while restaurants and wedding halls should be allowed to operate until 11-12 pm. Also read | Taliban 'unable or unwilling’ to fulfil commitments, Pakistan has right to defend itself: US On Tuesday the Pakistan government announced the energy conservation plan that enforces market closure at 8:30 pm, while wedding halls are slated to be shut at 10 pm. Reportedly all department of the federal government has also been asked to reduce electricity usage by 30 per cent. Announcing the decision Pakistan Defence Minister Khawaja Asif said "The cabinet, on the recommendation of the power division, has allowed enforcing the energy-saving plan which will be applied to the entire country." (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Pakistan traders reject govt's energy saving plan, say officials should stop use of ACs, heaters in offices

<p>Pakistan's slumping economy is pushing people of the South Asian nation to the edge. Islamabad is failing to provide its people with basic amenities to the point that people are storing LPG (cooking gas) in plastic balloons and bags.&nbsp;</p>

<p>Visuals have emerged on social media that show people in Khyber Pakhtunkhwa province storing cooking gas in plastic bags due to shortage in supply of cooking gas cylinders. Reports in the local media suggest that people in Hangu city of the province have been living without gas for the past two years.&nbsp;</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/pakistan-railways-running-trains-with-just-three-day-oil-inventory-claims-report-548986">Pakistan Railways running trains with just three-day oil inventory, claims report</a></strong></p>

<p>People can be&nbsp;seen storing cooking gas in plastic bags instead of gas cylinders. The viral videos from Pakistan, however, cannot be independently verified by WION.</p>

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<p dir="ltr" lang="en">In Pakistan, the practice of using gas packed in plastic bags instead of cylinders for cooking has increased. Gas is sold by filling bags inside the shops connected to the gas pipeline network. People use it in the kitchen with the help of a small electric suction pump.<a href="https://twitter.com/hashtag/pkmb?src=hash&amp;ref_src=twsrc%5Etfw">#pkmb</a> <a href="https://t.co/e1DpNp20Ku">pic.twitter.com/e1DpNp20Ku</a></p>
— R Singh...🤸🤸 (@lonewolf_singh) <a href="https://twitter.com/lonewolf_singh/status/1609065713385496579?ref_src=twsrc%5Etfw">December 31, 2022</a></blockquote>
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<p><strong>Pakistan economic crisis: How the cooking gas is being filled in plastic bags?</strong></p>

<p>According to local media reports, gas vendors in various parts of Pakistan use a compressor to load LPG into a plastic bag before sealing the opening with a nozzle and valve. Around three to four kilograms of the gas is filled in a large plastic balloon in about an hour. The bags are then sold to individuals who use the gas using a small electric suction pump.</p>

<p><strong>About Pakistan's collapsing economy</strong></p>

<p>The Pakistan government raised the prices of wheat flour, sugar, and ghee for sale through the Utility Stores Corporation (USC) with immediate effect, The Dawn reported. &nbsp;The step was reportedly taken to mitigate the impact of untargeted subsidies.</p>

<p><strong>WATCH |&nbsp;<a href="https://www.wionews.com/videos/economic-crisis-worsens-in-pakistan-forex-reserves-fall-to-58-billion-547992">Economic crisis worsens in Pakistan, Forex reserves fall to $5.8 billion</a></strong></p>

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<p>"Benazir Income Support Programme (BISP) beneficiaries would be exempt from the price increase, while the limit for subsidised purchases from the USC has also been curtailed," the report stated.</p>

<p>Under the new rates, the price of sugar has been raised to Rs 89 per kg from Rs 70 per kg, a 27 per cent rise, while the price of ghee has been raised to Rs 375 per kg from Rs 75 per kg. Wheat flour prices have also been raised to Rs 64.8 per kg from Rs 40 per kg.&nbsp;</p>

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Pakistan's slumping economy is pushing people of the South Asian nation to the edge. Islamabad is failing to provide its people with basic amenities to the point that people are storing LPG (cooking gas) in plastic balloons and bags.

Pakistan's slumping economy is pushing people of the South Asian nation to the edge. Islamabad is failing to provide its people with basic amenities to the point that people are storing LPG (cooking gas) in plastic balloons and bags. Visuals have emerged on social media that show people in Khyber Pakhtunkhwa province storing cooking gas in plastic bags due to shortage in supply of cooking gas cylinders. Reports in the local media suggest that people in Hangu city of the province have been living without gas for the past two years. ALSO READ | Pakistan Railways running trains with just three-day oil inventory, claims report People can be seen storing cooking gas in plastic bags instead of gas cylinders. The viral videos from Pakistan, however, cannot be independently verified by WION. In Pakistan, the practice of using gas packed in plastic bags instead of cylinders for cooking has increased. Gas is sold by filling bags inside the shops connected to the gas pipeline network. People use it in the kitchen with the help of a small electric suction pump.#pkmb pic.twitter.com/e1DpNp20Ku — R Singh...🤸🤸 (@lonewolf_singh) December 31, 2022 × Pakistan economic crisis: How the cooking gas is being filled in plastic bags? According to local media reports, gas vendors in various parts of Pakistan use a compressor to load LPG into a plastic bag before sealing the opening with a nozzle and valve. Around three to four kilograms of the gas is filled in a large plastic balloon in about an hour. The bags are then sold to individuals who use the gas using a small electric suction pump. About Pakistan's collapsing economy The Pakistan government raised the prices of wheat flour, sugar, and ghee for sale through the Utility Stores Corporation (USC) with immediate effect, The Dawn reported. The step was reportedly taken to mitigate the impact of untargeted subsidies. WATCH | Economic crisis worsens in Pakistan, Forex reserves fall to $5.8 billion × "Benazir Income Support Programme (BISP) beneficiaries would be exempt from the price increase, while the limit for subsidised purchases from the USC has also been curtailed," the report stated. Under the new rates, the price of sugar has been raised to Rs 89 per kg from Rs 70 per kg, a 27 per cent rise, while the price of ghee has been raised to Rs 375 per kg from Rs 75 per kg. Wheat flour prices have also been raised to Rs 64.8 per kg from Rs 40 per kg. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

WATCH | People in Pakistan store cooking gas in plastic bags amid economic crisis

<p>As Pakistan's fiscal deficit widened by more than 115 per cent between July and October this year, the country's finance ministry forecast&nbsp;that inflation in the South Asian nation will remain between 21 to 23 per cent.&nbsp;"For FY23, economic growth is likely to remain below the budgeted target due to the devastation caused by the floods. This combination of low growth, high inflation and low levels of official foreign exchange reserves are the key challenges for policymakers," Pakistan's Ministry of Finance said on Friday in its Monthly Economic Update and Outlook report, reported the Dawn.</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/with-uncertain-saudi-help-and-imf-loan-pakistans-economic-woes-hit-new-low-543222">With uncertain Saudi help and IMF loan, Pakistan's economic woes hit new low</a></strong></p>

<p>Pakistan’s MoF’s Economic Adviser’s Wing (EAW) prepared a report which stated that from July-October 2022, the government’s fiscal deficit stood at 1.5 per cent of the GDP (Rs 1.266 trillion) compared to 0.9 per cent of the GDP (Rs 587bn) in 2021.&nbsp;Amid such financial woes, the Pakistani government faces the challenge of providing relief to people in flood-hit areas.</p>

<p>"The EAW report said the average Consumer Price Index (CPI) in the first five months (July-November) of FY23 remained at 25.1 per cent compared to 9.3 per cent in the same period last year. It is expected that CPI inflation will remain in the range of 21-23 per cent,” said the Dawn report.</p>

<p><strong>WATCH |&nbsp;<a href="https://www.wionews.com/videos/wion-business-news-pakistan-gdp-growth-to-slip-from-5-to-3-amid-floods-515286">WION Business News: Pakistan GDP growth to slip from 5% to 3% amid floods</a></strong></p>

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<p>"The current account posted a deficit of $3.1bn for July-November FY23 against a deficit of $7.2bn last year, mainly due to an improvement in the trade balance," it added.</p>

<p>The current account deficit shrank to $276 million in November from $569m in October.</p>

<p><strong>Will Pakistan default on loan payments?</strong></p>

<p>Despite such a downcast economic description of the country at present, Pakistan’s Finance Minister Ishaq Dar on Friday said that “there is no way Pakistan is going to default," referring to a number of loans that the country has committed in past to pay back to the multilateral financial institutions and countries.&nbsp;</p>

<p>"We are in a tight position. We don’t have USD 24bn in foreign exchange reserves that our (last) government left in 2016. But that’s not my fault. It’s the system’s fault," Darr told investors at a ceremony to mark the listing of Pakistan’s first developmental real estate investment trust scheme on the stock exchange.</p>

<p>A recent Dawn report&nbsp;quoted the State Bank of Pakistan saying that the incumbent Pakistan government avoided focusing on growth for the fiscal year FY23, resulting in a drop in growth.</p>

<p>Despite sacrificing growth, Pakistan’s government has not been able to achieve price stability and financial stability, the bank said in its annual statement.</p>

<p><em>(With inputs from agencies)</em></p>

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As Pakistan's fiscal deficit widened by more than 115 per cent between July and October this year, the country's finance ministry forecast that inflation in the South Asian nation will remain between 21 to 23 per cent.

As Pakistan's fiscal deficit widened by more than 115 per cent between July and October this year, the country's finance ministry forecast that inflation in the South Asian nation will remain between 21 to 23 per cent. "For FY23, economic growth is likely to remain below the budgeted target due to the devastation caused by the floods. This combination of low growth, high inflation and low levels of official foreign exchange reserves are the key challenges for policymakers," Pakistan's Ministry of Finance said on Friday in its Monthly Economic Update and Outlook report, reported the Dawn. ALSO READ | With uncertain Saudi help and IMF loan, Pakistan's economic woes hit new low Pakistan’s MoF’s Economic Adviser’s Wing (EAW) prepared a report which stated that from July-October 2022, the government’s fiscal deficit stood at 1.5 per cent of the GDP (Rs 1.266 trillion) compared to 0.9 per cent of the GDP (Rs 587bn) in 2021. Amid such financial woes, the Pakistani government faces the challenge of providing relief to people in flood-hit areas. "The EAW report said the average Consumer Price Index (CPI) in the first five months (July-November) of FY23 remained at 25.1 per cent compared to 9.3 per cent in the same period last year. It is expected that CPI inflation will remain in the range of 21-23 per cent,” said the Dawn report. WATCH | WION Business News: Pakistan GDP growth to slip from 5% to 3% amid floods × "The current account posted a deficit of $3.1bn for July-November FY23 against a deficit of $7.2bn last year, mainly due to an improvement in the trade balance," it added. The current account deficit shrank to $276 million in November from $569m in October. Will Pakistan default on loan payments? Despite such a downcast economic description of the country at present, Pakistan’s Finance Minister Ishaq Dar on Friday said that “there is no way Pakistan is going to default," referring to a number of loans that the country has committed in past to pay back to the multilateral financial institutions and countries. "We are in a tight position. We don’t have USD 24bn in foreign exchange reserves that our (last) government left in 2016. But that’s not my fault. It’s the system’s fault," Darr told investors at a ceremony to mark the listing of Pakistan’s first developmental real estate investment trust scheme on the stock exchange. A recent Dawn report quoted the State Bank of Pakistan saying that the incumbent Pakistan government avoided focusing on growth for the fiscal year FY23, resulting in a drop in growth. Despite sacrificing growth, Pakistan’s government has not been able to achieve price stability and financial stability, the bank said in its annual statement. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Pakistan faces grim economic forecast amid loan pay back deadlines

<p>Pakistan's central bank criticised the Shehbaz Sharif government for prioritising growth at the cost of price and financial stability.&nbsp;The State Bank of Pakistan in its annual report said that such economies are not able to sustain growth and face financial crisis, reported the Dawn.&nbsp;&nbsp;</p>

<p>The Sharif government's focus&nbsp;on growth for the fiscal year 2023 might result in a fall in growth overall as it failed to bring price stability with financial stability, it said.&nbsp;</p>

<p><a href="https://www.wionews.com/south-asia/pakistan-punjab-governor-denotifies-cm-with-immediate-effect-545813"><strong>Also read |&nbsp;Pakistan: Punjab governor denotifies CM Elahi with 'immediate effect', Lahore HC reinstates him</strong></a></p>

<p>In its report, 'State of the Economy of the fiscal year FY22',&nbsp;the State Bank of Pakistan anticipated that the economic growth for FY23 will be lower than what was expected. It added that the growth rate will remain less than three or four per cent.</p>

<p>The fall in growth has resulted in mass layoffs of hundreds of people from the trade and industrial sectors. In these sectors, it is hard to survive under the focus set by the government.&nbsp;</p>

<p>The inflation in the South Asian country has been nearly 25 per cent in the last five months, worsening aspects of growth and stability.&nbsp;</p>

<p><a href="https://www.wionews.com/world/watch-bilawal-bhutto-claims-made-to-work-like-donkey-on-foreign-trips-546112"><strong>Also read |&nbsp;WATCH| Bilawal Bhutto claims ‘made to work like donkey’ on foreign trips</strong></a></p>

<p>The SBP added that economies that prioritise 'price stability' tend to have lower inflation as well as less volatility&nbsp;in both inflation and growth.&nbsp;</p>

<p>However, the report further stated that estimating the growth of side supplies like the price of energy and food is hard to predict as they can be driven by both national and international developments.&nbsp;</p>

<p>The document said, "In Pakistan, the coverage and timeliness of information need improvement and there are often large revisions to 'annual' GDP growth estimates relative to provisional estimates. These, together with scarce availability of high-frequency real sector data, complicate forecasting and real-time decision making."</p>

<p><em>(With inputs from agencies)</em></p>

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Pakistan's central bank criticised the Shehbaz Sharif government for prioritising growth at the cost of price and financial stability. The State Bank of Pakistan in its annual report said that such economies are not able to sustain growth and face financial crisis, reported the Dawn.

Pakistan's central bank criticised the Shehbaz Sharif government for prioritising growth at the cost of price and financial stability. The State Bank of Pakistan in its annual report said that such economies are not able to sustain growth and face financial crisis, reported the Dawn. The Sharif government's focus on growth for the fiscal year 2023 might result in a fall in growth overall as it failed to bring price stability with financial stability, it said. Also read | Pakistan: Punjab governor denotifies CM Elahi with 'immediate effect', Lahore HC reinstates him In its report, 'State of the Economy of the fiscal year FY22', the State Bank of Pakistan anticipated that the economic growth for FY23 will be lower than what was expected. It added that the growth rate will remain less than three or four per cent. The fall in growth has resulted in mass layoffs of hundreds of people from the trade and industrial sectors. In these sectors, it is hard to survive under the focus set by the government. The inflation in the South Asian country has been nearly 25 per cent in the last five months, worsening aspects of growth and stability. Also read | WATCH| Bilawal Bhutto claims ‘made to work like donkey’ on foreign trips The SBP added that economies that prioritise 'price stability' tend to have lower inflation as well as less volatility in both inflation and growth. However, the report further stated that estimating the growth of side supplies like the price of energy and food is hard to predict as they can be driven by both national and international developments. The document said, "In Pakistan, the coverage and timeliness of information need improvement and there are often large revisions to 'annual' GDP growth estimates relative to provisional estimates. These, together with scarce availability of high-frequency real sector data, complicate forecasting and real-time decision making." (With inputs from agencies) WATCH WION LIVE HERE

Pak central bank slams Shehbaz govt’s focus on growth over financial stability, warns of economic crisis ahead

<p>The dire state of Pakistan's national finances have been a South Asian constant in the global news cycle. Only this time it's different, it's because of an Islamic prayer to ward off anxiety and depression that Pakistan's finance minister Ishaq Dar tweeted earlier this week. While the minister tweeted citation of a prayer to his followers, many people from Pakistan interpreted it as his way to deal with the prevailing dire federal financial situation in the country.&nbsp;</p>

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<p dir="ltr" lang="en">The finance minister of our country tweeting prayers for people to avoid depression!!!!! Good morning pakistan !!! 😣 <a href="https://t.co/IproddWkmg">https://t.co/IproddWkmg</a></p>
— حَل صرف جماعتِ اسلامی! (@mariaasaleem) <a href="https://twitter.com/mariaasaleem/status/1599974533272076288?ref_src=twsrc%5Etfw">December 6, 2022</a></blockquote>
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<p>Ishaq Dar's tweet did not result in any reactions for or against the actual depression or anxiety-related problems that people face in and beyond Pakistan. In fact, the supposed prayer to ward mental health problems off, stoked people to ask if the minister knew any prayers to ensure that the country doesn't default on the loans it has taken from various countries and multilateral organisations.</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/pakistan-needs-usd-41-billion-in-next-12-months-says-finance-minister-486098">Pakistan needs USD 41 billion in next 12 months</a></strong></p>

<p>"Brother, tell us the prayer to prevent the loan default as well," one user replied. "It surely means that economic situation is out of hand and even the outspoken and&nbsp;self proclaimed experienced Finance Minister is praying to Allah to save him from public backlash amid imminent default threat the country is facing," interpreted another.</p>

<p>"The best thing our finance minister has done for us since returning back from a trip at UK is releasing his own assets from NAB (sic)," joked a third Twitter user, referring to the National Accountability Bureau that can seize illegal assets owned by Pakistani citizens.</p>

<p><strong>WATCH |&nbsp;<a href="https://www.wionews.com/videos/exclusive-pak-finance-minister-speaks-on-trade-with-india-says-will-look-into-options-518547">Exclusive: Pak finance minister speaks on trade with India, says will look into options</a></strong></p>

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<p>On December 6, Pakistan Business Forum (PBF) called upon the State Bank of Pakistan to take necessary measures against what they called a&nbsp;'financial emergency' in the country.&nbsp;</p>

<p>"We still have foreign debt of $130 billion and $73 billion due in three years. Our deficit for next three years is a minimum of $20 billion to $30 billion. Additionally, super inflation is killing the poor. This is a financial emergency,"&nbsp;PBF CEO, Ahmad Jawad said in a statement.</p>

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The dire state of Pakistan's national finances have been a South Asian constant in the global news cycle. Only this time it's different, it's because of an Islamic prayer to ward off anxiety and depression that Pakistan's finance minister Ishaq Dar tweeted earlier this week.

The dire state of Pakistan's national finances have been a South Asian constant in the global news cycle. Only this time it's different, it's because of an Islamic prayer to ward off anxiety and depression that Pakistan's finance minister Ishaq Dar tweeted earlier this week. While the minister tweeted citation of a prayer to his followers, many people from Pakistan interpreted it as his way to deal with the prevailing dire federal financial situation in the country. The finance minister of our country tweeting prayers for people to avoid depression!!!!! Good morning pakistan !!! 😣 https://t.co/IproddWkmg — حَل صرف جماعتِ اسلامی! (@mariaasaleem) December 6, 2022 × Ishaq Dar's tweet did not result in any reactions for or against the actual depression or anxiety-related problems that people face in and beyond Pakistan. In fact, the supposed prayer to ward mental health problems off, stoked people to ask if the minister knew any prayers to ensure that the country doesn't default on the loans it has taken from various countries and multilateral organisations. ALSO READ | Pakistan needs USD 41 billion in next 12 months "Brother, tell us the prayer to prevent the loan default as well," one user replied. "It surely means that economic situation is out of hand and even the outspoken and self proclaimed experienced Finance Minister is praying to Allah to save him from public backlash amid imminent default threat the country is facing," interpreted another. "The best thing our finance minister has done for us since returning back from a trip at UK is releasing his own assets from NAB (sic)," joked a third Twitter user, referring to the National Accountability Bureau that can seize illegal assets owned by Pakistani citizens. WATCH | Exclusive: Pak finance minister speaks on trade with India, says will look into options × On December 6, Pakistan Business Forum (PBF) called upon the State Bank of Pakistan to take necessary measures against what they called a 'financial emergency' in the country. "We still have foreign debt of $130 billion and $73 billion due in three years. Our deficit for next three years is a minimum of $20 billion to $30 billion. Additionally, super inflation is killing the poor. This is a financial emergency," PBF CEO, Ahmad Jawad said in a statement. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Pak finance minister trolled for tweet on depression, netizens doubt his ability to manage economy

<p>Pakistan's Prime Mini­ster Shehbaz Sharif on Wednesday said that even friendly countries have started looking at Pakistan as a nation that is always begging for money. Sharif's remarks show a bleak picture of the country's economy and its poor image portrayal&nbsp;on the global forum.&nbsp;</p>

<p>As quoted by Pakistan-based Dawn News, Prime Minister Sharif in an address to a lawyers' convention said, "Today, when we go to any friendly country or make a phone call, they think that we have come [to them] to beg for money."&nbsp;</p>

<p>Weighing in on the status of the economy, Sharif added that even small economies have surpassed Pakistan, "and we have been wandering for the past 75 years carrying a begging bowl".&nbsp;</p>

<p><strong>WATCH |&nbsp;Pakistan Prime Minister Shehbaz Sharif admits country's grim reality&nbsp;</strong></p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/where-is-masood-azhar-pakistan-says-ungoverned-spaces-within-afghanistan-safe-havens-for-terrorists-516731">Where is Masood Azhar? Pakistan says 'ungoverned spaces' in Afghanistan safe havens for terrorists</a>&nbsp;</strong></p>

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<p>Pakistan is already suffering from political and economic crises and the devastating floods have worsened the situation. As per Sharif, Pakistan's economy was facing a "challenging situation" even before the floods&nbsp;that have&nbsp;made it more "complicated".&nbsp;</p>

<p>At the SCO Summit 2022, Sharif on Friday told the leaders of the member nations that Pakistan looked like "a sea of water" after unprecedented floods hit his country. He also urged for immediate action to tackle climate change. Sharif was addressing the SCO's Council of Heads of State (CHS) Summit in the Uzbek city of Samarkand.&nbsp;</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/no-more-funding-from-india-to-sri-lanka-as-imf-talks-progress-sources-516652">No more funding from India to Sri Lanka as IMF talks progress: Sources</a>&nbsp;</strong></p>

<p>Sharif spoke about the climate catastrophe that has led to cataclysmic floods killing more than 1,500 persons and affecting over 33 million people in the country.&nbsp;</p>

<p>"The devastating floods in Pakistan are most definitely climate change-induced. It is the result of climate change, cloud outbursts, and unprecedented rains, combined with hill torrents coming down. All this put together makes Pakistan look like a sea of water," Sharif said.&nbsp;</p>

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Pakistan's Prime Minister Shehbaz Sharif on Wednesday said that even friendly countries have started looking at Pakistan as a nation that is always begging for money.

Pakistan's Prime Minister Shehbaz Sharif on Wednesday said that even friendly countries have started looking at Pakistan as a nation that is always begging for money. Sharif's remarks show a bleak picture of the country's economy and its poor image portrayal on the global forum. As quoted by Pakistan-based Dawn News, Prime Minister Sharif in an address to a lawyers' convention said, "Today, when we go to any friendly country or make a phone call, they think that we have come [to them] to beg for money." Weighing in on the status of the economy, Sharif added that even small economies have surpassed Pakistan, "and we have been wandering for the past 75 years carrying a begging bowl". WATCH | Pakistan Prime Minister Shehbaz Sharif admits country's grim reality ALSO READ | Where is Masood Azhar? Pakistan says 'ungoverned spaces' in Afghanistan safe havens for terrorists × Pakistan is already suffering from political and economic crises and the devastating floods have worsened the situation. As per Sharif, Pakistan's economy was facing a "challenging situation" even before the floods that have made it more "complicated". At the SCO Summit 2022, Sharif on Friday told the leaders of the member nations that Pakistan looked like "a sea of water" after unprecedented floods hit his country. He also urged for immediate action to tackle climate change. Sharif was addressing the SCO's Council of Heads of State (CHS) Summit in the Uzbek city of Samarkand. ALSO READ | No more funding from India to Sri Lanka as IMF talks progress: Sources Sharif spoke about the climate catastrophe that has led to cataclysmic floods killing more than 1,500 persons and affecting over 33 million people in the country. "The devastating floods in Pakistan are most definitely climate change-induced. It is the result of climate change, cloud outbursts, and unprecedented rains, combined with hill torrents coming down. All this put together makes Pakistan look like a sea of water," Sharif said. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

PM Shehbaz Sharif says 'even friendly countries think Pakistan is always begging'

<p>Pakistan is suffering from catastrophic floods that hit across the country. United Nations Secretary-General Antonio Guterres visited the country. This calamity came at possibly the worst time that Pakistan could expect.&nbsp;</p>

<p>The country is already suffering from political, economic and geopolitical problems. For the past few months, Pakistan is in stringent condition. Husain Haqqani, a former ambassador of Pakistan to the US, recently warned that if this continues Pakistan could become another Sri Lanka.&nbsp;</p>

<p>Let's examine in detail how one catastrophe led to another. It all probably started this April, when then Prime Minister Imran Khan was ousted by the National Assembly of Pakistan in the no-confidence motion.&nbsp;</p>

<p>Shahbaz Sharif, a former chief minister of the Punjab province of Pakistan and younger brother of the former prime minister Nawaz Sharif took over as the new PM of the south Asian nation.&nbsp;</p>

<p>In a parliamentary democracy, it is very common to lose the majority and sit on the other side of the table, but not in Pakistan. Khan, who proclaimed himself the leader of the Muslim ummah, refused to acknowledge the result of the no-confidence motion.&nbsp;</p>

<p>He claimed that the whole motion was a conspiracy by the US government to dethrone him. Khan argued that the West did not approve of Pakistan’s close relations with Russia and China. He alleged that the deep state (Pakistani Military) with the help of American intelligence conspired against him and his party Pakistan Tehreek-e-Insaf (PTI).&nbsp;</p>

<p>Khan along with all of his legislatures of PTI resigned from the National Assembly. Since then he is demanding early elections. But the current government, along with coalition partners, is keen to complete the remaining term of one and a half years.&nbsp;</p>

<p>Before leaving office he staunchly gave excessive subsidies on rations and fuels. This made it very hard for the incumbent government to reverse those actions. Eventually, the political storm coupled with uncertainty in the market led to an economic crisis in the country.&nbsp;</p>

<p>Pakistan, which already was struggling to get an IMF bailout, had to face more economic constraints because of Khan’s subsidy move. In the past 60 years, Pakistan has received loans from the IMF 22 times, all of which have strict terms like raising energy prices, eliminating energy subsidies, raising taxes, privatising state organisations, making budgetary adjustments etc.&nbsp;</p>

<p>It is being perceived by economists that, once the bailout is finalised, Pakistan will notice a sudden surge in inflation rates. Pakistani economy, which was already affected by the coronavirus pandemic, the Russia-Ukraine conflict and being on the FATF grey list (since 2018) is yet at another juncture of getting a fiscal shock, with the current government not able to overturn the risk of the default.&nbsp;</p>

<p>As Miftah Ismail last week imposed an extra tax on fuel and averted the subsidy, former PM Khan was ready to absorb political gain out of the situation. Khan in the last few months made it very hard for the current ruling government to take any substantive decision. In his political rallies, he constantly targets PM Shahbaz and current Army chief, General Qamar Javed Bajwa.&nbsp;</p>

<p>Pakistan right now is in front of the perfect storm. With the Taliban taking over in Afghanistan, another security risk of, the Pakistani Taliban or TTP (Tehrik-i-Taliban Pakistan), is averting in the northwest frontiers. TTP which is considered to be a Pakistani arm of the Afghan Taliban wants the same fate as Afghanistan for Pakistan. TTP is responsible for the disastrous Peshawar army school terror attack of 2014, in which more than 150 people had lost their lives out of which 134 were students. TTP is yet again active in Pakistan as political instability approaches. &nbsp;</p>

<p>The following months will be very hard for Pakistani leaders, the opposition and especially the establishment. On one hand, they will be fighting with the political turmoil on other economic uncertainty. Similarly on one hand they’ll be fighting with the extremism and terror outfits on the other climate floods. It is the need of the hour that Pakistani politicians and the Pakistani establishment come together and work for the collective good of the people ignoring personal gain and benefits.&nbsp;</p>

<p><em><strong>(Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.)&nbsp;</strong></em></p>

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Pakistan is suffering from catastrophic floods that hit across the country. United Nations Secretary-General Antonio Guterres visited the country. This calamity came at possibly the worst time that Pakistan could expect.

Pakistan is suffering from catastrophic floods that hit across the country. United Nations Secretary-General Antonio Guterres visited the country. This calamity came at possibly the worst time that Pakistan could expect. The country is already suffering from political, economic and geopolitical problems. For the past few months, Pakistan is in stringent condition. Husain Haqqani, a former ambassador of Pakistan to the US, recently warned that if this continues Pakistan could become another Sri Lanka. Let's examine in detail how one catastrophe led to another. It all probably started this April, when then Prime Minister Imran Khan was ousted by the National Assembly of Pakistan in the no-confidence motion. Shahbaz Sharif, a former chief minister of the Punjab province of Pakistan and younger brother of the former prime minister Nawaz Sharif took over as the new PM of the south Asian nation. In a parliamentary democracy, it is very common to lose the majority and sit on the other side of the table, but not in Pakistan. Khan, who proclaimed himself the leader of the Muslim ummah, refused to acknowledge the result of the no-confidence motion. He claimed that the whole motion was a conspiracy by the US government to dethrone him. Khan argued that the West did not approve of Pakistan’s close relations with Russia and China. He alleged that the deep state (Pakistani Military) with the help of American intelligence conspired against him and his party Pakistan Tehreek-e-Insaf (PTI). Khan along with all of his legislatures of PTI resigned from the National Assembly. Since then he is demanding early elections. But the current government, along with coalition partners, is keen to complete the remaining term of one and a half years. Before leaving office he staunchly gave excessive subsidies on rations and fuels. This made it very hard for the incumbent government to reverse those actions. Eventually, the political storm coupled with uncertainty in the market led to an economic crisis in the country. Pakistan, which already was struggling to get an IMF bailout, had to face more economic constraints because of Khan’s subsidy move. In the past 60 years, Pakistan has received loans from the IMF 22 times, all of which have strict terms like raising energy prices, eliminating energy subsidies, raising taxes, privatising state organisations, making budgetary adjustments etc. It is being perceived by economists that, once the bailout is finalised, Pakistan will notice a sudden surge in inflation rates. Pakistani economy, which was already affected by the coronavirus pandemic, the Russia-Ukraine conflict and being on the FATF grey list (since 2018) is yet at another juncture of getting a fiscal shock, with the current government not able to overturn the risk of the default. As Miftah Ismail last week imposed an extra tax on fuel and averted the subsidy, former PM Khan was ready to absorb political gain out of the situation. Khan in the last few months made it very hard for the current ruling government to take any substantive decision. In his political rallies, he constantly targets PM Shahbaz and current Army chief, General Qamar Javed Bajwa. Pakistan right now is in front of the perfect storm. With the Taliban taking over in Afghanistan, another security risk of, the Pakistani Taliban or TTP (Tehrik-i-Taliban Pakistan), is averting in the northwest frontiers. TTP which is considered to be a Pakistani arm of the Afghan Taliban wants the same fate as Afghanistan for Pakistan. TTP is responsible for the disastrous Peshawar army school terror attack of 2014, in which more than 150 people had lost their lives out of which 134 were students. TTP is yet again active in Pakistan as political instability approaches. The following months will be very hard for Pakistani leaders, the opposition and especially the establishment. On one hand, they will be fighting with the political turmoil on other economic uncertainty. Similarly on one hand they’ll be fighting with the extremism and terror outfits on the other climate floods. It is the need of the hour that Pakistani politicians and the Pakistani establishment come together and work for the collective good of the people ignoring personal gain and benefits. (Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Perils of Pakistan’s stability

<p>The International Monetary Fund (IMF) said on Thursday that it and Pakistan had reached an agreement to begin a loan programme that had been put on hold. This will inject $1.17 billion into the faltering economy.&nbsp;The new accord comes after months of profoundly unpopular belt-tightening by Shehbaz Sharif's government, which gained power in April and has virtually scrapped gasoline subsidies while also introducing new measures to increase the tax base.&nbsp;Imran Khan, the&nbsp;former prime minister, signed a $6 billion bailout deal in 2019, but it constantly stalled because of his administration's violation of subsidy agreements and poor tax collection.</p>

<p><strong>Watch |&nbsp;Pakistan economic crisis: Inflation at a 13-year high</strong></p>

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<p>A statement by the IMF posted on its website says, "The IMF team has reached a staff-level agreement (SLA) with the Pakistan authorities for the conclusion of the combined seventh and eight reviews of the EFF-supported program. The agreement is subject to approval by the IMF’s Executive Board. Subject to Board approval, about $1,177 million (SDR 894 million) will become available, bringing total disbursements under the program to about $4.2 billion.</p>

<p>It further added that "in order to support program implementation and meet the higher financing needs in FY23, as well as catalyze additional financing", an extension of the EFF through June 2023 will be considered by the IMF Board&nbsp;along with&nbsp;"an augmentation of access by SDR 720 million that will bring the total access under the EFF to about US$7 billion."</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/south-asia/paper-crisis-hits-pakistan-publishers-say-no-books-for-new-academic-session-491200">Paper crisis hits Pakistan, publishers say no books for new academic session</a></strong></p>

<p>The IMF team's leader, Nathan Porter, stated in the statement that "Pakistan is at a challenging economic juncture" and added that both foreign forces and domestic policy were to blame.</p>

<p>Pakistan's economy, which suffers from subpar income collection and diminishing foreign reserves to cover its crushing debt, is in dire need of international assistance.</p>

<p>As per AFP, to satisfy the demands of international financial institutions, the new administration has drastically reduced the number of subsidies, but by doing so, it runs the risk of angering the populace, which is already suffering from double-digit inflation.</p>

<p><strong>Also read |&nbsp;​​​​​​​<a href="https://www.wionews.com/south-asia/is-pakistani-rupee-so-worthless-that-this-cop-in-karachi-demanded-goats-and-cow-as-bribe-494600">Is Pakistani rupee so worthless that this cop in Karachi demanded goats and cow&nbsp;as bribe?</a></strong></p>

<p>Islamabad has already received $3 billion from the initiative, but officials requested an extension until June 2023 since the facility was set to close later this year.</p>

<p>Last month, Miftah Ismail, the finance minister, told the national assembly that it had become "essential to resume the IMF programme to save the country from default".</p>

<p>"We knew it would damage our political reputation, but still we did it."</p>

<p><em>(With inputs from agencies)</em></p>

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The International Monetary Fund (IMF) said on Thursday that it and Pakistan had reached an agreement to begin a loan programme that had been put on hold. This will inject $1.

The International Monetary Fund (IMF) said on Thursday that it and Pakistan had reached an agreement to begin a loan programme that had been put on hold. This will inject $1.17 billion into the faltering economy. The new accord comes after months of profoundly unpopular belt-tightening by Shehbaz Sharif's government, which gained power in April and has virtually scrapped gasoline subsidies while also introducing new measures to increase the tax base. Imran Khan, the former prime minister, signed a $6 billion bailout deal in 2019, but it constantly stalled because of his administration's violation of subsidy agreements and poor tax collection. Watch | Pakistan economic crisis: Inflation at a 13-year high A statement by the IMF posted on its website says, "The IMF team has reached a staff-level agreement (SLA) with the Pakistan authorities for the conclusion of the combined seventh and eight reviews of the EFF-supported program. The agreement is subject to approval by the IMF’s Executive Board. Subject to Board approval, about $1,177 million (SDR 894 million) will become available, bringing total disbursements under the program to about $4.2 billion. It further added that "in order to support program implementation and meet the higher financing needs in FY23, as well as catalyze additional financing", an extension of the EFF through June 2023 will be considered by the IMF Board along with "an augmentation of access by SDR 720 million that will bring the total access under the EFF to about US$7 billion." Also read | Paper crisis hits Pakistan, publishers say no books for new academic session The IMF team's leader, Nathan Porter, stated in the statement that "Pakistan is at a challenging economic juncture" and added that both foreign forces and domestic policy were to blame. Pakistan's economy, which suffers from subpar income collection and diminishing foreign reserves to cover its crushing debt, is in dire need of international assistance. As per AFP, to satisfy the demands of international financial institutions, the new administration has drastically reduced the number of subsidies, but by doing so, it runs the risk of angering the populace, which is already suffering from double-digit inflation. Also read | Is Pakistani rupee so worthless that this cop in Karachi demanded goats and cow as bribe? Islamabad has already received $3 billion from the initiative, but officials requested an extension until June 2023 since the facility was set to close later this year. Last month, Miftah Ismail, the finance minister, told the national assembly that it had become "essential to resume the IMF programme to save the country from default". "We knew it would damage our political reputation, but still we did it." (With inputs from agencies) Watch WION LIVE HERE: You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

IMF agrees to resume inflation-hit Pakistan's loan after fuel, tax hikes

<p>In order to cut down the consumption of tea in the country, Higher Education Commission (HEC) in Pakistan has now asked vice-chancellors to promote the consumption of local drinks such as 'lassi' and 'sattu' as per a report published in 'The News'.</p>

<p>The move “increase employment and generate income for the public” according to HEC acting chairperson Dr Shaista Sohail.</p>

<p>Earlier, Ahsan Iqbal, Pakistan's minister for planning, development, and special initiatives said "I appeal to cut down the consumption of tea by 1-2 cups because we import tea on loan."</p>

<p>In 2021-22, Pakistan's total import bill increased by $60 million in comparison to $340 million in 2020-21.&nbsp;</p>

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<p>Pakistani Prime Minister Shehbaz Sharif's government has adopted the seemingly bizarre austerity measures due to a recent financial crisis that saw the Pakistani rupee at record lows against the US dollar and a fall in foreign exchange reserves.</p>

<p>After Pakistan's benchmark index plunged by more than 2,000 points, the country's stock exchange on Friday halted trading.</p>

<p>Food prices in Pakistan have soared following a hike in the price of fuel, natural gas and electricity by up to 45 per cent.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/south-asia/paper-crisis-hits-pakistan-publishers-say-no-books-for-new-academic-session-491200" hreflang="en">Paper crisis hits Pakistan, publishers say no books for new academic session</a></strong></p>

<p>According to official data, Pakistan owes $16 billion to non-Paris Club countries on December 31, 2021.</p>

<p>Out of approximately $21 billion in outstanding official loans including commercial, bilateral and safe deposits, China had agreed in principle for granting a fresh rollover of $2.5 billion in commercial loans to Pakistan for one year in March.</p>

<p>With additional funds in compliance with its conditionality of doing away with subsidies and raising taxes and power tariffs, the International Monetary Fund has also agreed to extend the Extended Fund Facility to Pakistan.</p>

<p><em>(With inputs from agencies)</em></p>

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In order to cut down the consumption of tea in the country, Higher Education Commission (HEC) in Pakistan has now asked vice-chancellors to promote the consumption of local drinks such as 'lassi' and 'sattu' as per a report published in 'The News'.

In order to cut down the consumption of tea in the country, Higher Education Commission (HEC) in Pakistan has now asked vice-chancellors to promote the consumption of local drinks such as 'lassi' and 'sattu' as per a report published in 'The News'. The move “increase employment and generate income for the public” according to HEC acting chairperson Dr Shaista Sohail. Earlier, Ahsan Iqbal, Pakistan's minister for planning, development, and special initiatives said "I appeal to cut down the consumption of tea by 1-2 cups because we import tea on loan." In 2021-22, Pakistan's total import bill increased by $60 million in comparison to $340 million in 2020-21. × Pakistani Prime Minister Shehbaz Sharif's government has adopted the seemingly bizarre austerity measures due to a recent financial crisis that saw the Pakistani rupee at record lows against the US dollar and a fall in foreign exchange reserves. After Pakistan's benchmark index plunged by more than 2,000 points, the country's stock exchange on Friday halted trading. Food prices in Pakistan have soared following a hike in the price of fuel, natural gas and electricity by up to 45 per cent. Also read | Paper crisis hits Pakistan, publishers say no books for new academic session According to official data, Pakistan owes $16 billion to non-Paris Club countries on December 31, 2021. Out of approximately $21 billion in outstanding official loans including commercial, bilateral and safe deposits, China had agreed in principle for granting a fresh rollover of $2.5 billion in commercial loans to Pakistan for one year in March. With additional funds in compliance with its conditionality of doing away with subsidies and raising taxes and power tariffs, the International Monetary Fund has also agreed to extend the Extended Fund Facility to Pakistan. (With inputs from agencies) Watch WION's live TV here:

Ditch tea, drink lassi: Pakistan education body wants to promote local drinks

<p>Pakistan is in the midst of an economic catastrophe, and the government has no idea how to salvage the country's economy. On Tuesday, the Pakistani government's desperation and irritation came to the fore when a Federal Minister urged citizens to cut their tea consumption in order to save the country's economy, which is on the verge of collapse.</p>

<p>In a news conference, Ahsan Iqbal declared, "I will appeal to the country to reduce one cup of tea," in an attempt to save the economy.</p>

<p>Ahsan Iqbal, Pakistan's Federal Minister for Planning, Development, and Special Incentives.<br />
&nbsp;</p>

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<p dir="rtl" lang="ur">"میں یہ بھی قوم سے اپیل کروں گا کہ چائے کی ایک ایک پیالی کم کر دیں"۔معیشت بچانے کیلئے احسن اقبال کی عوام سے اپیل<br />
<br />
Video Credit : <a href="https://twitter.com/mugheesali81?ref_src=twsrc%5Etfw">@mugheesali81</a> <a href="https://t.co/bcprIFDrTY">pic.twitter.com/bcprIFDrTY</a></p>
— Siasat.pk (@siasatpk) <a href="https://twitter.com/siasatpk/status/1536600747571392513?ref_src=twsrc%5Etfw">June 14, 2022</a></blockquote>
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<p>Pakistan is teetering on the brink of a major calamity. There was a long-running political crisis linked to terrorism, followed by a persistent economic crisis in which even their close ally China was failing to assist.&nbsp;</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/south-asia/pak-currency-stock-markets-take-a-hit-as-budget-fails-to-restore-investors-confidence-487798">Pakistan currency, stock markets take a hit as budget fails to restore investors confidence</a></strong></p>

<p>However, the country is presently in the midst of a severe economic downturn. Pakistan's new government is attempting to meet bailout criteria set by the International Monetary Fund by repaying $6.4 billion in debt over the next three years.</p>

<p><strong>Watch |&nbsp;IMF calls Pakistan's budget 'problematic', urges to raise more direct taxes</strong></p>

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<p>Pakistan has gone to the International Monetary Fund (IMF) 22 times in the past to request a bailout. However, genuine reform initiatives have been lacking, which is why they keep returning. Pakistan's foreign exchange reserves are rapidly diminishing. They've dropped by half in less than a year.</p>

<p><strong>Pakistani netizens mock the Pakistani minister on social media</strong></p>

<p>The video footage of a Pakistani minister's call to restrict tea consumption went viral in no time, and as expected, netizens were quick to mock him and the ruling regime.<br />
&nbsp;</p>

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<p dir="ltr" lang="en">A sensible suggestion considering the financial crisis, however, such demands can only come from ppl who themselves practice this austerity. Not from ppl who have spent 70 million on renovating PM house's swimming pool, giving lavish dinners using public money and maintaining <a href="https://t.co/KgCdBPZR1q">https://t.co/KgCdBPZR1q</a></p>
— Cornered Tiger (@SheikhKhiWala) <a href="https://twitter.com/SheikhKhiWala/status/1536626266119733248?ref_src=twsrc%5Etfw">June 14, 2022</a></blockquote>
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<p dir="ltr" lang="en">Woke up,had a cup of Chai in my hand and watched this Aristotle saying “Chai ki 2 2 pyalyan pini kam ker dein” Are you serious?We can leave everything but not Chai! What an incompetent lot has been imposed on us. Koi economic strategy layo Bongyan na maro! <a href="https://twitter.com/hashtag/%D8%A7%D9%85%D9%BE%D9%88%D8%B1%D9%B9%DA%88_%D8%AD%DA%A9%D9%88%D9%85%D8%AA_%D9%86%D8%A7%D9%85%D9%86%D8%B8%D9%88%D8%B1?src=hash&amp;ref_src=twsrc%5Etfw">#امپورٹڈ_حکومت_نامنظور</a> <a href="https://t.co/5fGLNpQdXw">https://t.co/5fGLNpQdXw</a></p>
— Madi Ahmed (IK’s overseas tigress) (@madi_ahm) <a href="https://twitter.com/madi_ahm/status/1536625933905444865?ref_src=twsrc%5Etfw">June 14, 2022</a></blockquote>
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<p dir="ltr" lang="en">This smart aleck, instead of creating a conducive environment and encouraging farmers to grow tea locally, asks people to reduce their tea intake. 🤡 <a href="https://t.co/e1mcPWT9mJ">https://t.co/e1mcPWT9mJ</a></p>
— M (@minimalfuss_) <a href="https://twitter.com/minimalfuss_/status/1536625673682436097?ref_src=twsrc%5Etfw">June 14, 2022</a></blockquote>
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Pakistan is in the midst of an economic catastrophe, and the government has no idea how to salvage the country's economy. On Tuesday, the Pakistani government's desperation and irritation came to the fore when a Federal Minister urged citizens to cut their tea consumption in order to save the country's economy, which is on the verge of collapse.

Pakistan is in the midst of an economic catastrophe, and the government has no idea how to salvage the country's economy. On Tuesday, the Pakistani government's desperation and irritation came to the fore when a Federal Minister urged citizens to cut their tea consumption in order to save the country's economy, which is on the verge of collapse. In a news conference, Ahsan Iqbal declared, "I will appeal to the country to reduce one cup of tea," in an attempt to save the economy. Ahsan Iqbal, Pakistan's Federal Minister for Planning, Development, and Special Incentives. "میں یہ بھی قوم سے اپیل کروں گا کہ چائے کی ایک ایک پیالی کم کر دیں"۔معیشت بچانے کیلئے احسن اقبال کی عوام سے اپیل Video Credit : @mugheesali81 pic.twitter.com/bcprIFDrTY — Siasat.pk (@siasatpk) June 14, 2022 × Pakistan is teetering on the brink of a major calamity. There was a long-running political crisis linked to terrorism, followed by a persistent economic crisis in which even their close ally China was failing to assist. Also read | Pakistan currency, stock markets take a hit as budget fails to restore investors confidence However, the country is presently in the midst of a severe economic downturn. Pakistan's new government is attempting to meet bailout criteria set by the International Monetary Fund by repaying $6.4 billion in debt over the next three years. Watch | IMF calls Pakistan's budget 'problematic', urges to raise more direct taxes Pakistan has gone to the International Monetary Fund (IMF) 22 times in the past to request a bailout. However, genuine reform initiatives have been lacking, which is why they keep returning. Pakistan's foreign exchange reserves are rapidly diminishing. They've dropped by half in less than a year. Pakistani netizens mock the Pakistani minister on social media The video footage of a Pakistani minister's call to restrict tea consumption went viral in no time, and as expected, netizens were quick to mock him and the ruling regime. A sensible suggestion considering the financial crisis, however, such demands can only come from ppl who themselves practice this austerity. Not from ppl who have spent 70 million on renovating PM house's swimming pool, giving lavish dinners using public money and maintaining https://t.co/KgCdBPZR1q — Cornered Tiger (@SheikhKhiWala) June 14, 2022 × Woke up,had a cup of Chai in my hand and watched this Aristotle saying “Chai ki 2 2 pyalyan pini kam ker dein” Are you serious?We can leave everything but not Chai! What an incompetent lot has been imposed on us. Koi economic strategy layo Bongyan na maro! #امپورٹڈ_حکومت_نامنظور https://t.co/5fGLNpQdXw — Madi Ahmed (IK’s overseas tigress) (@madi_ahm) June 14, 2022 × This smart aleck, instead of creating a conducive environment and encouraging farmers to grow tea locally, asks people to reduce their tea intake. 🤡 https://t.co/e1mcPWT9mJ — M (@minimalfuss_) June 14, 2022 × WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Cutting chai: Govt asks Pakistanis to reduce tea consumption

<p>The Pakistani rupee and stock markets have taken a hit as the government's budget for the next fiscal year 2022-23 failed to gain investors'&nbsp;confidence, on Monday.</p>

<p>The local currency surpassed the critical threshold of 204 against the US dollar in the interbank market during intra-day trade, while the benchmark KSE-100 index of the Pakistan Stock Exchange&nbsp;is pushed by nearly 800 points, falling below the 41,000 barrier.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/south-asia/explainer-what-financial-action-task-force-and-why-is-pakistan-in-its-terror-grey-list-487671">Explainer: What is Financial Action Task Force and why is Pakistan in its 'grey list'?</a></strong></p>

<p>Former planning minister and senior PTI leader Asad Umar also commented on the budget in a sarcastic way, calling the&nbsp;budget for 2022-23&nbsp;“wonderful”.</p>

<p>He further added that "who else is happy with the budget other than the companies that produce candies".</p>

<p><strong>Watch |&nbsp;IMF calls Pakistan's budget 'problematic', urges to raise more direct taxes</strong></p>

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<p>While, capital market expert Saad Ali said that, "the sentiment is negative across all capital markets today".</p>

<p>He mentioned&nbsp;that everyone was looking forward to this budget and it was seen as a "major milestone", however, once again the government has failed to make IMF happy with its budget and is unable to revive the country's economy.&nbsp;</p>

<p><a href="https://www.wionews.com/south-asia/debt-ridden-pakistan-imposes-luxury-tax-on-big-cars-for-hard-times-487101/amp"><strong>Also read |&nbsp;Debt-ridden Pakistan imposes ‘luxury tax’ on big cars for 'hard times'</strong></a></p>

<p>"In line with the statement of Finance Minister Miftah Ismail over the weekend, the market players expect that the government might have to revisit its proposed allocations and targets set in the federal budget in order to convince the IMF", he added.</p>

<p>Ali also suggested that more clarity would be needed to develop a good budget and gain the confidence of investors.</p>

<p><em>(With inputs from agencies)</em></p>

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The Pakistani rupee and stock markets have taken a hit as the government's budget for the next fiscal year 2022-23 failed to gain investors' confidence, on Monday.

The Pakistani rupee and stock markets have taken a hit as the government's budget for the next fiscal year 2022-23 failed to gain investors' confidence, on Monday. The local currency surpassed the critical threshold of 204 against the US dollar in the interbank market during intra-day trade, while the benchmark KSE-100 index of the Pakistan Stock Exchange is pushed by nearly 800 points, falling below the 41,000 barrier. Also read | Explainer: What is Financial Action Task Force and why is Pakistan in its 'grey list'? Former planning minister and senior PTI leader Asad Umar also commented on the budget in a sarcastic way, calling the budget for 2022-23 “wonderful”. He further added that "who else is happy with the budget other than the companies that produce candies". Watch | IMF calls Pakistan's budget 'problematic', urges to raise more direct taxes While, capital market expert Saad Ali said that, "the sentiment is negative across all capital markets today". He mentioned that everyone was looking forward to this budget and it was seen as a "major milestone", however, once again the government has failed to make IMF happy with its budget and is unable to revive the country's economy. Also read | Debt-ridden Pakistan imposes ‘luxury tax’ on big cars for 'hard times' "In line with the statement of Finance Minister Miftah Ismail over the weekend, the market players expect that the government might have to revisit its proposed allocations and targets set in the federal budget in order to convince the IMF", he added. Ali also suggested that more clarity would be needed to develop a good budget and gain the confidence of investors. (With inputs from agencies) Watch WION LIVE HERE: You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Pakistan currency, stock markets take a hit as budget fails to restore investors confidence

<p>Blaming Pakistan’s bureaucratic system, Prime Minister Imran Khan admitted that his government could not bring the desired “changes” in the country.</p>

<p>Speaking at a government event in Islamabad, Khan on Thursday said that he wanted to bring "revolutionary changes" at the start of his term, but he could not do it because the "system was incapable of absorbing shock,” Dawn newspaper reported.</p>

<p>The prime minister further said the government and ministries had not given the desired results.</p>

<p>"The biggest problem is that there has been no connection between the government and the interest of the country," Dawn quoted Khan as saying.</p>

<p>"Are our ministries performing how to stabilise the country through increasing exports and how the condition of the people can be improved, how poverty can be eliminated?" he asked.</p>

<p>Khan said increasing exports, finding import substitution and alleviating poverty were significant areas of national interest.</p>

<p>He stressed the need for putting in place a system of reward and punishment and said that reforms had been made regarding the powers of the National Accountability Bureau that allowed bureaucrats to take initiatives.</p>

<p>The remarks of the prime minister come amid a massive economic crisis plaguing Pakistan. Inflation, poverty and unemployment have reached record levels under Imran Khan’s term.</p>

<p>Pakistan has sought almost 20 bailouts from the International Monetary Fund over half a century to tide over the foreign reserve crisis.</p>

<p>Apart from that, Pakistan has been struggling to pay out debts to China amounting to $4.5 billion.</p>

<p>(With inputs from agencies)</p>


Blaming Pakistan’s bureaucratic system, Prime Minister Imran Khan admitted that his government could not bring the desired “changes” in the country. Speaking at a government event in Islamabad, Khan on Thursday said that he wanted to bring "revolutionary changes" at the start of his term, but he could not do it because the "system was incapable of absorbing shock,” Dawn newspaper reported.

Blaming Pakistan’s bureaucratic system, Prime Minister Imran Khan admitted that his government could not bring the desired “changes” in the country. Speaking at a government event in Islamabad, Khan on Thursday said that he wanted to bring "revolutionary changes" at the start of his term, but he could not do it because the "system was incapable of absorbing shock,” Dawn newspaper reported. The prime minister further said the government and ministries had not given the desired results. "The biggest problem is that there has been no connection between the government and the interest of the country," Dawn quoted Khan as saying. "Are our ministries performing how to stabilise the country through increasing exports and how the condition of the people can be improved, how poverty can be eliminated?" he asked. Khan said increasing exports, finding import substitution and alleviating poverty were significant areas of national interest. He stressed the need for putting in place a system of reward and punishment and said that reforms had been made regarding the powers of the National Accountability Bureau that allowed bureaucrats to take initiatives. The remarks of the prime minister come amid a massive economic crisis plaguing Pakistan. Inflation, poverty and unemployment have reached record levels under Imran Khan’s term. Pakistan has sought almost 20 bailouts from the International Monetary Fund over half a century to tide over the foreign reserve crisis. Apart from that, Pakistan has been struggling to pay out debts to China amounting to $4.5 billion. (With inputs from agencies)

‘Wanted to bring revolutionary changes’: Pak PM admits govt’s failure

<p>Amid the economic crisis in the country, Pakistan is looking to secure a loan of approximately $3 billion from China. Apart from China, Pakistan is also seeking loans from Russia and Kazakhstan.&nbsp;</p>

<p>This development comes ahead of the country's Prime Minister Imran Khan's scheduled visit to Beijing this week.</p>

<p>PM Khan will visit the Chinese capital to attend the opening ceremony of the Beijing Winter Olympics 2022&nbsp;on February 3. During his visit, he will also meet the top Chinese officials on the sidelines for bilateral talks.&nbsp;</p>

<p>It has been understood that Pakistan's government decided&nbsp;to seek a loan worth $5 billion. Loans to be sought from China, Russia and Kazakhstan. A loan of $3 billion is to be sought from China and $1 billion each from Kazakhstan and Russia.&nbsp;</p>

<p>The loan from China will be used to stabilise foreign exchange reserves and loans from Russia and Kazakhstan will be spent on the Main Line One (ML1) Railway Project.&nbsp;</p>

<p>Pakistan's Ministry of Economic Affairs has prepared a plan for borrowing as the loan agreement of $3 billion with China will be signed during PM Khan's visit to China.&nbsp;The initial agreement with China for the loan will be for one year.</p>

<p>The deals with Kazakhstan and Russia are also expected to be finalised and subsequently signed soon.&nbsp;</p>

<p>Meanwhile, PM Khan is set to depart for China for a three-day visit on Thursday and some federal ministers will also accompany him.&nbsp;</p>

<p>The Pakistani PM will hold important meetings during his visit to China and will meet the Chinese President Xi Jinping. &nbsp;</p>

<p>PM Khan is also expected to hold bilateral meetings with other dignitaries at the Winter Olympics.&nbsp;</p>

<p>It is expected that during the Prime Minister's visit to China, CPEC and mutual security issues will be discussed and the regional situation will also be on the agenda.&nbsp;</p>

<p>The matter of China providing loans to Pakistan worth $3 billion will also be finalised and is expected to be signed during PM Khan's China visit.&nbsp;</p>

<p>The Pakistani Economic Affairs Ministry in a rebuttal to the media reports seeking a loan said that no such proposal is under process in the Economic Affairs Division for obtaining a $3 billion loan from China and $2 billion loan from Russia and&nbsp;Kazakhstan.&nbsp;</p>

<p><strong>WATCH |&nbsp;Pakistan PM Imran Khan to visit China from Feb 3-5 amid growing economic crisis</strong></p>

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Amid the economic crisis in the country, Pakistan is looking to secure a loan of approximately $3 billion from China. Apart from China, Pakistan is also seeking loans from Russia and Kazakhstan.

Amid the economic crisis in the country, Pakistan is looking to secure a loan of approximately $3 billion from China. Apart from China, Pakistan is also seeking loans from Russia and Kazakhstan. This development comes ahead of the country's Prime Minister Imran Khan's scheduled visit to Beijing this week. PM Khan will visit the Chinese capital to attend the opening ceremony of the Beijing Winter Olympics 2022 on February 3. During his visit, he will also meet the top Chinese officials on the sidelines for bilateral talks. It has been understood that Pakistan's government decided to seek a loan worth $5 billion. Loans to be sought from China, Russia and Kazakhstan. A loan of $3 billion is to be sought from China and $1 billion each from Kazakhstan and Russia. The loan from China will be used to stabilise foreign exchange reserves and loans from Russia and Kazakhstan will be spent on the Main Line One (ML1) Railway Project. Pakistan's Ministry of Economic Affairs has prepared a plan for borrowing as the loan agreement of $3 billion with China will be signed during PM Khan's visit to China. The initial agreement with China for the loan will be for one year. The deals with Kazakhstan and Russia are also expected to be finalised and subsequently signed soon. Meanwhile, PM Khan is set to depart for China for a three-day visit on Thursday and some federal ministers will also accompany him. The Pakistani PM will hold important meetings during his visit to China and will meet the Chinese President Xi Jinping. PM Khan is also expected to hold bilateral meetings with other dignitaries at the Winter Olympics. It is expected that during the Prime Minister's visit to China, CPEC and mutual security issues will be discussed and the regional situation will also be on the agenda. The matter of China providing loans to Pakistan worth $3 billion will also be finalised and is expected to be signed during PM Khan's China visit. The Pakistani Economic Affairs Ministry in a rebuttal to the media reports seeking a loan said that no such proposal is under process in the Economic Affairs Division for obtaining a $3 billion loan from China and $2 billion loan from Russia and Kazakhstan. WATCH | Pakistan PM Imran Khan to visit China from Feb 3-5 amid growing economic crisis ×

Cash-strapped Pakistan seeks loans of $5 billion from China, Russia and Kazakhstan

<p data-changed="false" data-paragraphid="12">At a time when Pakistan is facing its biggest economic crisis in history, Imran Khan, the prime minister of the&nbsp;cash strapped country, believes that his country is in a better economic position than India.</p>

<p data-changed="false" data-paragraphid="14">Speaking during the opening session of the International Chambers Summit 2022 in Islamabad on Tuesday, Khan stated that Pakistan is in a better economic position than several countries in the area, particularly India.&nbsp;</p>

<p data-changed="false" data-paragraphid="15">"Pakistan is still one of the cheapest countries compared to many countries in the world. They (opposition) call us incompetent, but the fact is that our government has saved the nation from all crises," Khan said.<br />
<br />
<strong>Also read |</strong><a href="https://www.wionews.com/india-news/india-has-less-nukes-than-pakistan-china-new-analysis-of-capabilities-426600">&nbsp;India has less nukes than Pakistan, China: New analysis of capabilities</a></p>

<p data-changed="false" data-paragraphid="16">Khan is also believed to have stated that, among other things, Pakistani oil prices are lower than those in other countries.</p>

<p data-changed="false" data-paragraphid="17">His comments come as the administration prepares to introduce a financial bill in Parliament as part of an IMF condition.<br />
<br />
<strong>Also read |&nbsp;</strong><a href="https://www.wionews.com/south-asia/pakistan-buys-25-chinese-j-10c-fighters-in-response-to-indias-rafale-441092">Pakistan buys 25 Chinese J-10C fighters in response to India's Rafale</a></p>

<p data-changed="false" data-paragraphid="18">If passed, the bill will pave the way for a $1 billion tranche of funding for Pakistan.</p>

<p data-changed="false" data-paragraphid="19">On Tuesday, the bill was debated in the National Assembly, during which Pakistan Muslim League (N) leader and National Assembly Leader Shahbaz Sharif claimed that the government was "putting Pakistan at risk for a mere $1 billion."&nbsp;</p>

<p data-changed="false" data-paragraphid="20"><em>(With inputs from agencies)</em></p>


At a time when Pakistan is facing its biggest economic crisis in history, Imran Khan, the prime minister of the cash strapped country, believes that his country is in a better economic position than India.

At a time when Pakistan is facing its biggest economic crisis in history, Imran Khan, the prime minister of the cash strapped country, believes that his country is in a better economic position than India. Speaking during the opening session of the International Chambers Summit 2022 in Islamabad on Tuesday, Khan stated that Pakistan is in a better economic position than several countries in the area, particularly India. "Pakistan is still one of the cheapest countries compared to many countries in the world. They (opposition) call us incompetent, but the fact is that our government has saved the nation from all crises," Khan said. Also read | India has less nukes than Pakistan, China: New analysis of capabilities Khan is also believed to have stated that, among other things, Pakistani oil prices are lower than those in other countries. His comments come as the administration prepares to introduce a financial bill in Parliament as part of an IMF condition. Also read | Pakistan buys 25 Chinese J-10C fighters in response to India's Rafale If passed, the bill will pave the way for a $1 billion tranche of funding for Pakistan. On Tuesday, the bill was debated in the National Assembly, during which Pakistan Muslim League (N) leader and National Assembly Leader Shahbaz Sharif claimed that the government was "putting Pakistan at risk for a mere $1 billion." (With inputs from agencies)

Here is another gem of a claim from Imran Khan: Pakistan's economy is better than India's

<p>Pakistan's economy is in the doldrums plunging to new lows every day with inflation at an all-time high.</p>

<p>In January, Pakistan had witnessed 12-year high inflation at 14.6 per cent which is among the highest in the world.</p>

<p>Food prices have been spiralling out of control in the country. In October, food inflation was at 16.6 per cent. The Pakistan government has gone on a panic-buying spree to bring the prices down.</p>

<p>The Pakistani currency has weakened at 160 Pakistani rupees to a dollar it has become one of the worst-performing currencies in the region. "Naya Pakistan" is turning out to be a nightmare for Imran Khan which has taken the shape of the country - failed and adrift.</p>

<p>For all his tall promises of a new era, PM Imran Khan has only taken his country backwards.</p>

<p>The total public debt has in Pakistan has ballooned. It has increased by 11 trillion rupees at a total of 36.3 trillion which is 87 per cent of Pakistan's total GDP in the two years under Imran Khan's rule.</p>

<p>Then there are international loans which have been piling up. Islamabad is still turning to foreign banks to meet its balance of payments. In the latest instance, the Asian Development Bank has approved a loan of $300 million to Islamabad, it is in addition to $1.3 billion that Pakistan borrowed from the IMF in April which was in addition to a $6 billion loan it secured from the IMF in July.</p>

<p>Pakistan's economy is scraping the bottom of the barrel with unemployment zooming. According to the World Economic Forum, the youth unemployment rate in Pakistan stands at 8.5 per cent in a country where 64 per cent of the population is below the age of 30.</p>

<p>Pakistan's healthcare has been going from bad to worse. According to Pakistan's national command operation centre, 10,300 healthcare professionals have been infected during the pandemic and at least 100 healthcare workers have lost their lives to the virus from China.</p>

<p>There's also a severe shortage of oxygen in hospitals. In Peshawar, at least 6 patients lost their life due to oxygen shortage even as over 200 patients had their oxygen supply curtailed for hours.</p>

<p>Corruption in Pakistan has become institutionalised. The bus rapid transit project and the billion tree Tsunami project which was the brainchild of Imran Khan are now scams. A report by Pakistan's auditor-general has revealed financial irregularities of up to 2.77 billion Pakistani rupees in the bus rapid transport project and the billion tree Tsunami project is facing a probe for embezzlement of funds and misuse of authority.</p>

<p>PM Imran Khan had promised a tsunami of trees across Pakistan. The money has been spent but there are no trees to show for it, all that is left is a hole in the public exchequer's purse with a loss of over 432 million Pakistani rupees.</p>

<p>Naya Pakistan is riddled with the same old problems - the politicians are embroiled in corruption, the elites have been exploiting the masses and the clerics have been radicalising them. The army is taking control and cash and terrorism have become a means for survival, the people of Pakistan, however. are barely managing to survive.</p>


Pakistan's economy is in the doldrums plunging to new lows every day with inflation at an all-time high. In January, Pakistan had witnessed 12-year high inflation at 14.

Pakistan's economy is in the doldrums plunging to new lows every day with inflation at an all-time high. In January, Pakistan had witnessed 12-year high inflation at 14.6 per cent which is among the highest in the world. Food prices have been spiralling out of control in the country. In October, food inflation was at 16.6 per cent. The Pakistan government has gone on a panic-buying spree to bring the prices down. The Pakistani currency has weakened at 160 Pakistani rupees to a dollar it has become one of the worst-performing currencies in the region. "Naya Pakistan" is turning out to be a nightmare for Imran Khan which has taken the shape of the country - failed and adrift. For all his tall promises of a new era, PM Imran Khan has only taken his country backwards. The total public debt has in Pakistan has ballooned. It has increased by 11 trillion rupees at a total of 36.3 trillion which is 87 per cent of Pakistan's total GDP in the two years under Imran Khan's rule. Then there are international loans which have been piling up. Islamabad is still turning to foreign banks to meet its balance of payments. In the latest instance, the Asian Development Bank has approved a loan of $300 million to Islamabad, it is in addition to $1.3 billion that Pakistan borrowed from the IMF in April which was in addition to a $6 billion loan it secured from the IMF in July. Pakistan's economy is scraping the bottom of the barrel with unemployment zooming. According to the World Economic Forum, the youth unemployment rate in Pakistan stands at 8.5 per cent in a country where 64 per cent of the population is below the age of 30. Pakistan's healthcare has been going from bad to worse. According to Pakistan's national command operation centre, 10,300 healthcare professionals have been infected during the pandemic and at least 100 healthcare workers have lost their lives to the virus from China. There's also a severe shortage of oxygen in hospitals. In Peshawar, at least 6 patients lost their life due to oxygen shortage even as over 200 patients had their oxygen supply curtailed for hours. Corruption in Pakistan has become institutionalised. The bus rapid transit project and the billion tree Tsunami project which was the brainchild of Imran Khan are now scams. A report by Pakistan's auditor-general has revealed financial irregularities of up to 2.77 billion Pakistani rupees in the bus rapid transport project and the billion tree Tsunami project is facing a probe for embezzlement of funds and misuse of authority. PM Imran Khan had promised a tsunami of trees across Pakistan. The money has been spent but there are no trees to show for it, all that is left is a hole in the public exchequer's purse with a loss of over 432 million Pakistani rupees. Naya Pakistan is riddled with the same old problems - the politicians are embroiled in corruption, the elites have been exploiting the masses and the clerics have been radicalising them. The army is taking control and cash and terrorism have become a means for survival, the people of Pakistan, however. are barely managing to survive.

Imran's 'Naya Pakistan' turns into nightmare as economy hits new low

Pakistan's economy is shrinking, unemployment is rising and various sectors are in crisis. Pakistan's exports primarily comprise of textile products. These exports are down since the COVID-19 crisis started.

Your Story: Pak forced to seek debt relief from G-20 | World News

<p>The <a href="https://www.wionews.com/south-asia/asian-development-bank-approves-lending-27-billion-to-pakistan-254799">Asian Development Bank</a> (ADB) on Friday approved a $1 billion emergency loan for cash strapped Pakistan to provide support to the country`s public finances and help strengthen its slowing economy.</p>

<p>The loan is part of a multi-donor economic reform program led by the <a href="https://www.wionews.com/south-asia/international-monetary-fund-approves-450-million-loan-to-pakistan-as-part-of-three-year-package-260967">International Monetary Fund</a> (IMF) to stabilise Pakistan's economy after it crumbled in mid-2018 and caused the "growth to slump and threatened (the country`s) progress in alleviating poverty," the ADB said in a statement.</p>

<p>The financing was approved after the Pakistan government implemented a series of IMF-supported reforms and actions to improve its current account deficit, strengthen its revenue base, and protect the poor against the social impact of the economic crisis.</p>

<p>Commenting on the same, Werner Liepach, ADB Director General for Central and West Asia said that the funds would meet the government`s emergency financing needs to prevent significant adverse social and economic impacts and lay the foundations for a return to balanced growth.</p>

<p>"<a href="https://www.wionews.com/south-asia/pakistan-submits-compliance-report-to-fatf-266131">Pakistan</a> is facing significant economic challenges on the back of a large balance of payments gap and critically low foreign exchange reserves together with weak and unbalanced growth," the ADB`s statement read.</p>

<p>Back in July this year, the IMF had approved a three-year USD 6 billion Extended Fund Facility (EFF) to finance the government`s economic reform program that aims to put Pakistan`s economy on the path of sustainable and inclusive growth.</p>

<p>"The EFF is expected to catalyze at least $38 billion in financing from Pakistan`s development partners. ADB has committed to provide a total of $2.1 billion in policy-based lending during (the) fiscal year 2019-2020 to support the reform program," it added.</p>


The Asian Development Bank (ADB) on Friday approved a $1 billion emergency loan for cash strapped Pakistan to provide support to the country`s public finances and help strengthen its slowing economy.

The Asian Development Bank (ADB) on Friday approved a $1 billion emergency loan for cash strapped Pakistan to provide support to the country`s public finances and help strengthen its slowing economy. The loan is part of a multi-donor economic reform program led by the International Monetary Fund (IMF) to stabilise Pakistan's economy after it crumbled in mid-2018 and caused the "growth to slump and threatened (the country`s) progress in alleviating poverty," the ADB said in a statement. The financing was approved after the Pakistan government implemented a series of IMF-supported reforms and actions to improve its current account deficit, strengthen its revenue base, and protect the poor against the social impact of the economic crisis. Commenting on the same, Werner Liepach, ADB Director General for Central and West Asia said that the funds would meet the government`s emergency financing needs to prevent significant adverse social and economic impacts and lay the foundations for a return to balanced growth. "Pakistan is facing significant economic challenges on the back of a large balance of payments gap and critically low foreign exchange reserves together with weak and unbalanced growth," the ADB`s statement read. Back in July this year, the IMF had approved a three-year USD 6 billion Extended Fund Facility (EFF) to finance the government`s economic reform program that aims to put Pakistan`s economy on the path of sustainable and inclusive growth. "The EFF is expected to catalyze at least $38 billion in financing from Pakistan`s development partners. ADB has committed to provide a total of $2.1 billion in policy-based lending during (the) fiscal year 2019-2020 to support the reform program," it added.

Asian Development Bank approves $1 billion emergency loan for Pakistan

<p><a href="https://www.wionews.com/south-asia/pakistan-economic-crisis-countrys-debts-liabilities-exceed-the-size-of-its-gdp-245554">Pakistan's economy</a> has been going through a serious crisis for some time. Now, in a desperate attempt, the country's <a href="https://www.wionews.com/videos/gravitas-pakistans-economy-in-crisis-businessmen-ask-gen-bajwa-for-help-253577">business community</a> has sought help for Army Chief General Qamar Javed Bajwa.&nbsp;</p>

<p>The sequence of events indicates the weakening of Imran Khan's grip on power.</p>

<p>Businessmen of this Islamic Republic have pressed the panic button. And they went to meet the Army Chief — General Qamar Javed Bajwa — and asking him for help.</p>

<p>For a normal country, this would be odd. For Pakistan, this is par for the course.</p>

<p>It is a known fact that in Pakistan, its the army that calls the shots. But even by Pakistan's standards, this is unprecedented.</p>

<p><strong>Watch: Pakistan's economy in crisis — Business leaders pin hopes on army generals</strong></p>

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<p>General Bajwa has been privately meeting with top business leaders. Reports say as many as three such meetings have taken place so far.</p>

<p>These were held at heavily guarded military offices in Karachi — that's the financial capital of Pakistan. Some meetings were convened in Rawalpindi, which is home to the army headquarters.</p>

<p>Reports say that business leaders shared advice on how to fix Pakistan's economy.Businessmen in Pakistan are a worried lot. They wanted immediate action from the Imran Khan government — but that hasn't happened. &nbsp;</p>

<p>So they knocked on the doors of the army chief. And already, things are moving. Reports say there has been action on some requests.&nbsp;One report says that a meeting led to prompt decisions.</p>

<p>From there — instructions were dispatched to top government officials.The Pakistani government is downplaying these interactions.</p>

<p>A spokesman from Pakistan's finance ministry has denied claims of any interference from the military.At this stage, The businessmen of Pakistan are pinning their hopes on the generals.</p>

<p>They believe that the army chief has enough military power and clout to get things done.</p>

<p><strong>Pakistan Army Chief General&nbsp;Qamar Javed Bajwa</strong></p>

<p>General Bajwa isn't a regular army chief. He wears many hats. He is part of the high powered national development council.This is a 13-member body — that was set up by Imran Khan. It's job is to advise the Pakistan&nbsp;Prime Minister on long term economic policy.</p>

<p>So he was already directly involved in policymaking. These meetings are being called the beginning of a soft coup.And the army has a solid excuse, not that they need one. Pakistan's growth has plummeted to two point four per cent, the budget deficit — that's the difference between revenues and earnings — has spiked to nearly nine per cent.</p>

<p>Pakistan has secured a six billion dollar bailout from the international monetary fund to save its economy. But the bailout may not be enough.Pakistan owes six point seven billion dollars to china alone.</p>

<p>They need some experts to fight the economic battle. The reliance on generals may prove to be a costly mistake.</p>


Pakistan's economy has been going through a serious crisis for some time. Now, in a desperate attempt, the country's business community has sought help for Army Chief General Qamar Javed Bajwa.

Pakistan's economy has been going through a serious crisis for some time. Now, in a desperate attempt, the country's business community has sought help for Army Chief General Qamar Javed Bajwa. The sequence of events indicates the weakening of Imran Khan's grip on power. Businessmen of this Islamic Republic have pressed the panic button. And they went to meet the Army Chief — General Qamar Javed Bajwa — and asking him for help. For a normal country, this would be odd. For Pakistan, this is par for the course. It is a known fact that in Pakistan, its the army that calls the shots. But even by Pakistan's standards, this is unprecedented. Watch: Pakistan's economy in crisis — Business leaders pin hopes on army generals General Bajwa has been privately meeting with top business leaders. Reports say as many as three such meetings have taken place so far. These were held at heavily guarded military offices in Karachi — that's the financial capital of Pakistan. Some meetings were convened in Rawalpindi, which is home to the army headquarters. Reports say that business leaders shared advice on how to fix Pakistan's economy.Businessmen in Pakistan are a worried lot. They wanted immediate action from the Imran Khan government — but that hasn't happened. So they knocked on the doors of the army chief. And already, things are moving. Reports say there has been action on some requests. One report says that a meeting led to prompt decisions. From there — instructions were dispatched to top government officials.The Pakistani government is downplaying these interactions. A spokesman from Pakistan's finance ministry has denied claims of any interference from the military.At this stage, The businessmen of Pakistan are pinning their hopes on the generals. They believe that the army chief has enough military power and clout to get things done. Pakistan Army Chief General Qamar Javed Bajwa General Bajwa isn't a regular army chief. He wears many hats. He is part of the high powered national development council.This is a 13-member body — that was set up by Imran Khan. It's job is to advise the Pakistan Prime Minister on long term economic policy. So he was already directly involved in policymaking. These meetings are being called the beginning of a soft coup.And the army has a solid excuse, not that they need one. Pakistan's growth has plummeted to two point four per cent, the budget deficit — that's the difference between revenues and earnings — has spiked to nearly nine per cent. Pakistan has secured a six billion dollar bailout from the international monetary fund to save its economy. But the bailout may not be enough.Pakistan owes six point seven billion dollars to china alone. They need some experts to fight the economic battle. The reliance on generals may prove to be a costly mistake.

Pakistan's economic crisis: Army chief Bajwa meets business leaders; is Imran Khan isolated in Pakistan?

<p>Pakistan PM Imran Khan announced today that the country's military has decided on "unprecedented voluntary initiative of stringent cuts in its defence expenditures" due to the critical financial situation prevailing in the country.</p>

<p>"Despite multiple security challenges. My government will spend this money saved on development of merged tribal areas and Balochistan," the Pakistan prime minister said on Twitter.</p>

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<p dir="ltr" lang="en">I appreciate Pak Mil's unprecedented voluntary initiative of stringent cuts in their defence expenditures for next FY bec of our critical financial situation, despite multiple security challenges. My govt will spend this money saved on dev of merged tribal areas &amp; Balochistan.</p>
— Imran Khan (@ImranKhanPTI) <a href="https://twitter.com/ImranKhanPTI/status/1135971466552512520?ref_src=twsrc%5Etfw">June 4, 2019</a></blockquote>
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<p>Major General Asif Ghafoor head of Pakistan's Inter-Services Public Relations(ISPR), the military's media wing, added&nbsp;that voluntary cut in the defence budget for a year wouldn't be at the cost of defence and security.&nbsp;</p>

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<p dir="ltr" lang="en">Voluntary cut in def budget for a year will not be at the cost of def &amp; security. We shall maint effective response potential to all threats.Three services will manage impact of the cut through appropriate internal measures. It was imp to participate in dev of tribal areas &amp; Bln.</p>
— Maj Gen Asif Ghafoor (@OfficialDGISPR) <a href="https://twitter.com/OfficialDGISPR/status/1136003059476324353?ref_src=twsrc%5Etfw">June 4, 2019</a></blockquote>
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<p>"We shall maintain effective response potential to all threats. Three services will manage the impact of the cut through appropriate internal measures. It is important to participate in the development of tribal areas and Balochistan," Ghafoor said.</p>

<p>However, the move was criticised by Opposition PML(N) leader Maryam Nawaz Sharif who said PM Imran Khan's announcement was "nothing but an admission of your incompetence and sheer ineptitude."</p>

<p>Last month the International Monetary Fund(IMF) had agreed on a $6 billion bailout for Pakistan's beleaguered economy. The IMF had stated that&nbsp;"priority" areas included improving the management of public enterprises, strengthening institutions and "continuing anti-money laundering and combating the financing of terrorism efforts".</p>

<p>Pakistan has had 21 bailouts since it joined the IMF in 1950. It's most recent loan was issued in 2013, worth $6.6 billion.</p>

<p>Post the bailout, the Pakistan currency had hit an all-time low as the rupee slipped over 3 per cent last month.</p>

<p>Pakistan is battling being blacklisted by Financial Action Task Force (FATF) due to inaction on terror financing. The Pakistan economy for the past two years has been fighting a deep balance-of-payments crisis hit by low growth, soaring inflation&nbsp;and mounting debt.</p>

<p>In recent months, Pakistan prime minister Imran Khan has travelled to China, Saudi Arabia and Malaysia in an attempt to request financial aid, although he has been promised substantial aid but it still hasn't been enough to tide over the crisis.</p>


Pakistan PM Imran Khan announced today that the country's military has decided on "unprecedented voluntary initiative of stringent cuts in its defence expenditures" due to the critical financial situation prevailing in the country.

Pakistan PM Imran Khan announced today that the country's military has decided on "unprecedented voluntary initiative of stringent cuts in its defence expenditures" due to the critical financial situation prevailing in the country. "Despite multiple security challenges. My government will spend this money saved on development of merged tribal areas and Balochistan," the Pakistan prime minister said on Twitter. I appreciate Pak Mil's unprecedented voluntary initiative of stringent cuts in their defence expenditures for next FY bec of our critical financial situation, despite multiple security challenges. My govt will spend this money saved on dev of merged tribal areas & Balochistan. — Imran Khan (@ImranKhanPTI) June 4, 2019 × Major General Asif Ghafoor head of Pakistan's Inter-Services Public Relations(ISPR), the military's media wing, added that voluntary cut in the defence budget for a year wouldn't be at the cost of defence and security. Voluntary cut in def budget for a year will not be at the cost of def & security. We shall maint effective response potential to all threats.Three services will manage impact of the cut through appropriate internal measures. It was imp to participate in dev of tribal areas & Bln. — Maj Gen Asif Ghafoor (@OfficialDGISPR) June 4, 2019 × "We shall maintain effective response potential to all threats. Three services will manage the impact of the cut through appropriate internal measures. It is important to participate in the development of tribal areas and Balochistan," Ghafoor said. However, the move was criticised by Opposition PML(N) leader Maryam Nawaz Sharif who said PM Imran Khan's announcement was "nothing but an admission of your incompetence and sheer ineptitude." Last month the International Monetary Fund(IMF) had agreed on a $6 billion bailout for Pakistan's beleaguered economy. The IMF had stated that "priority" areas included improving the management of public enterprises, strengthening institutions and "continuing anti-money laundering and combating the financing of terrorism efforts". Pakistan has had 21 bailouts since it joined the IMF in 1950. It's most recent loan was issued in 2013, worth $6.6 billion. Post the bailout, the Pakistan currency had hit an all-time low as the rupee slipped over 3 per cent last month. Pakistan is battling being blacklisted by Financial Action Task Force (FATF) due to inaction on terror financing. The Pakistan economy for the past two years has been fighting a deep balance-of-payments crisis hit by low growth, soaring inflation and mounting debt. In recent months, Pakistan prime minister Imran Khan has travelled to China, Saudi Arabia and Malaysia in an attempt to request financial aid, although he has been promised substantial aid but it still hasn't been enough to tide over the crisis.

Pak PM Imran Khan announces military's 'voluntary cut' in defence expenditure amid financial crisis