Pakistan has only 45 days left, the danger on the country’s 22 crore population has increased!
Pakistan
Highlights
- Pakistan’s foreign exchange reserves are less than $10 billion
- This allows only 45 days’ worth of imports to be paid
- IMF has put many strict conditions for giving bailout package
The bad phase of Pakistan, which is going through the phase of economic crisis, is not taking its name to pass. Finance Minister Miftah Ismail has said that Pakistan’s foreign exchange reserves are less than $10 billion. There is only 45 days left in Pakistan’s exchequer to import essential goods. Many oil exporting countries have stopped supplying crude oil due to the poor condition of Pakistan.
In view of the deteriorating situation, now the Shahbaz Sharif government has also started taking strict steps. The government has banned its employees from buying cars. At the same time, in order to rein in the fiscal deficit and to get a bailout package from the International Monetary Fund, the Government of Pakistan has announced to increase the tax on the rich.
Ban on import of expensive goods
Pakistan’s Finance Minister Mifta Ismail presented the budget for 2022-23. In order to improve the dilapidated economic condition in the budget, it has been decided to increase the tax on the rich. Along with this, the government has banned the import of expensive cars, gadgets or other luxury items. Along with this, government officials have also been banned from buying new cars.
Difficult road in front of government
The IMF is the only way the Pakistan government is seeing to get out of the pit. But the IMF has put strict conditions for the bailout package. These include removing all types of losses. Simply put, the government has to cut its expenditure.
Earning by stopping tax evasion
Tax evasion is a big problem in Pakistan. Finance Minister Ismail is preparing to put a stop to this. He said that if we are successful in this, then in 2022-23 there will be an increase of Rs 7 lakh crore in revenue. This will help in bridging the deficit. The government has set a fiscal deficit target of 4.9 per cent of GDP for 2022-23 from 8.6 per cent in the current fiscal.
Petrol will have to be expensive
The people of Pakistan are already buying expensive petrol from Rs 200. There is going to be a new hit on it. The IMF has asked the government to end subsidies on petrol and diesel. The government has implemented it. Recently, the price of petrol and diesel in the country has increased by 40 percent. Ismail said that the government has set a target of five per cent economic growth in 2022-23 from 5.97 per cent in the current financial year ending June 30.
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