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Pakistan's economy becomes ‘worse’ due to Modi Government‘s 'diplomacy'; hope to get some relief from the 'bailout package' of IMF

Monday - May 13, 2019 11:14 am , Category : WTN SPECIAL
Pakistan's economy far away from development goals
Pakistan's economy far away from development goals

Pakistan gets bailout package from the IMF; the amount being raised by selling the property of the ministries!

MAY 13 (WTN) - The economic condition of Pakistan, the neighboring country of India, is getting worse due to support the terrorism as well as the Modi Government's diplomacy. Now the Prime Minister of Pakistan, Imran Khan himself has conceded that the people of his country are upset with rising inflation. Imran Khan appealed to the people of the country to ‘stay strong’ till the recovery of the sinking economy of Pakistan.

After the Pulwama terror attack, Modi Government took many economic steps against Pakistan. After which important requirements like petrol, diesel, electricity and gas, in Pakistan, have become very expensive. Pakistan's economy has dipped in debt this time, due to which the people are constantly facing inflation. Since Imran Khan being the Prime Minister of Pakistan in August last year, continuous debt is increasing on Pakistan.

Here Pakistan is calling for help from its friendly countries, after which China has helped Pakistan by $ 2.2 billion. It is being said that with the help of China, there will be a slight increase in Pakistan's foreign exchange reserves. Apart from China, Pakistan had also taken help from Saudi Arabia a few days ago. Pakistan's financial condition is going on so poor these days that efforts are being made to collect funds in different ways. The situation has so worse that the assets of ministries are being sold to raise the fund.

But now there is good news of the relief to Pakistan, facing the financial crisis. After the repeated appeal of Prime Minister Imran Khan to International Monetary Fund, IMF has accepted a bailout package for Pakistan. For your information, let you know that an agreement was signed between Pakistan and the IMF on Sunday. Under this agreement, the IMF will give a 'bailout package' of $ 6 billion in the coming three years to Pakistan. At present, this agreement is at the staff level, and this is yet to get the formal approval of the IMF Board of Directors in Washington.

For your information, let you know that the growth rate of Pakistan's economy is almost halfway from the target of 2018-19. In 2018-19, the growth rate of Pakistan's GDP had been 3.3 per cent, which was much less than the target of 6.2 per cent set. According to experts, the performance of all major areas in the first year of Pakistan's Prime Minister Imran Khan's tenure has been quite weak.

In the review meeting of the National Accounting Committee in Pakistan recently released the figures of 2018-19. This report says that the government was expected to grow 3.8 per cent in the agricultural sector, 7.6 per cent in the industrial sector and 6.5 per cent in the service sector. And for these reasons, the target of 6.2 per cent growth in the GDP was expected. But these goals could not be achieved in the Imran Khan Government. According to the report, the growth rate of the agriculture sector is only 0.85 per cent compared to the target. The growth rate of the industrial sector and the services sector was 1.4 per cent and 4.7 per cent, respectively.

The statistics clearly show that Pakistan has been far behind from its developmental goals. The experts of international politics believe that this worse economic condition of Pakistan, which promotes terror, had to be like this one or the other day. Instead of working on issues like poverty and illiteracy, Pakistan focused more to provoke terrorism in India. The result is that due to the Modi Government's diplomacy, Pakistan has been set alone in the whole world. The Modi Government also ended many trade relations with Pakistan, after which Pakistan's economic condition worsened even worse.

It can be said that the result of successful diplomacy of the Modi Government is that Pakistan's economic condition has become so worse today. Countries like China are giving help to Pakistan. But in return, China is also tapping Pakistan's resources heavily. At the time, the bail-out package from the IMF is just a support for the economy of Pakistan. This bail-out package will give a short term help in the improvement in the financial condition of Pakistan. Now it is necessary to see how and how quickly Pakistan can come out of this economic crisis?