Pakistan grants 500% salary hike for top lawmakers, month after IMF’s $1bn bailout | All you need to know
&imwidth=600&imheight=450&format=webp&quality=medium "Pakistan grants 500% salary hike for top lawmakers, month after IMF’s $1bn bailout | All you need to know")
Pakistan grants 500% salary hike for top lawmakers, month after IMF’s $1bn bailout | All you need to know Photograph: (Reuters)
Amid the ongoing economic struggle, Pakistan has officially given a massive hike to top lawmakers, just a month after the IMF approved a bailout of $1 billion. The Shehbaz Sharif-led government has raised the monthly salary of the National Assembly speaker and the Senate chairman to ₹1.3 million.
Amid the ongoing economic struggle, Pakistan has officially given a massive hike to top lawmakers, just a month after the International Monetary Fund (IMF) approved a bailout of $1 billion. As per the latest report, the Shehbaz Sharif-led government has raised the monthly salary of the National Assembly speaker and the Senate chairman to ₹1.3 million (approx. $12k).
Previously, the speaker was getting ₹205,000 per month.
The Ministry of Parliamentary Affairs issued the notification on May 29, but details surfaced on Friday, Samaa TV reported.
Not just that, both officials will get an additional 50 per cent temporary allowance, as per the official notification.
The revised salary structure will be effective retrospectively from January 1, 2025.
There are also reports that he federal ministers approved a summary of the salary increments for themselves and ministers of state through circulation.
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IMF approves loan after Pahalgam attack
The massive hike in salaries came after the IMF approved a huge bailout of $1 billion to Pakistan, weeks after the Pahalgam terrorist attack in Jammu and Kashmir in which 26 people were killed.
"This decision allows for an immediate disbursement of around USD 1 billion (SDR 760 million), bringing total disbursements under the arrangement to about USD 2.1 billion (SDR 1.52 billion)," the IMF said.
What’s Pakistan's economic condition?
Pakistan has become the world's fourth-largest borrower from the IMF. The country is stuck under a $10.4 billion loan, clearly showing Pakistan is anything but an economically stable country.
As per the data till March 2023, Inflation in Pakistan touched 35.37 per cent. This was the highest in nearly 50 years in the country's history.
Pakistan is also going through a crisis as its public debt continues to spiral, with most of its budget being eaten up by loan installments.
