Expert opinion; Move towards political instability
New Delhi: Pakistan’s foreign exchange reserves are dwindling. Therefore, its purchasing power is decreasing and the mountain of debt and interest is increasing. Economic crisis on Pakistan is not limited to Pakistan but it is dangerous for Asia, experts said.
There is also fear that the economic crisis will affect the political situation. With dwindling foreign exchange reserves, country-wide power shortage crisis, stampede for food grains and depreciating rupee, Pakistan’s situation is clearly dire. The Pakistani rupee has depreciated by 50 percent. One dollar is worth 262 Pakistani rupees. There is a fear that the economic situation will affect not only Pakistan but also Asia.
Pakistan has reached out to the International Monetary Fund to overcome the financial crisis; But the monetary fund has imposed onerous conditions. They are unacceptable to the Government of Pakistan. Citizens, the government has found itself in a financial crisis. Therefore, there is a possibility of spreading chaos in Pakistan. Due to this, a political crisis is also predicted.
There is a possibility that militants will raise their heads after seeing Pakistan stuck in bankruptcy. The government will have to work hard to curb them. It will be filled with citizens. It has been demanded that the IMF should help with 7 billion dollars. The IMF has avoided Pakistan since November. Allies such as the United Arab Emirates and Saudi Arabia have refused to pay. Foreign exchange reserves have come to $4.43 billion. Last year it was 16.6 billion dollars. The debt is 274 billion dollars. Eight billion dollars to be paid in a quarter. There is no money left for imports. Inflation has reached 24 percent.