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Pakistan's economy may be bankrupt if not improved on time

Wednesday - October 16, 2019 11:57 am , Category : WORLD
Pakistan's economy may sink anytime
Pakistan's economy may sink anytime

The poor people of Pakistan yearn for bread

OCT 16 (WTN) - Instead of removing the poverty, illiteracy, and backwardness of the country, the Governments of Pakistan have always promoted terrorist activities in India, and the Governments of Pakistan have been doing this work at the behest of the Army there. This is why, because there is democracy in Pakistan only to show the world, the rest of the Army has complete control over the governments there. Pakistan's governments and Army have never paid proper attention to the economy of the country; as a result, Pakistan's economy is on the verge of collapse.

Yes, the World Bank has said about Pakistan, facing a deep economic crisis, in very strong words that Pakistan's economic condition is getting worse from bad to worse, and if this happens then Pakistan's economy will be in recession. According to the World Bank, Pakistan's economic condition is very poor. Pakistan's economic crisis is not ending due to increasing revenue deficit and a decrease in foreign exchange reserves.

For this economic condition of Pakistan, the people of Pakistan consider their Prime Minister Imran Khan to be responsible for this. For your information, let us know that since Imran Khan has become the Prime Minister, the Pakistani rupee has fallen by 30 per cent in the last 10 months. Not only this, but the foreign exchange reserves of Pakistan have also steadily decreased during this period. The condition of Pakistan has become that Pakistan has foreign exchange reserves seven billion dollars, which is equal to the money spent in the 2019 Lok Sabha Elections held in India.

The economic condition of Pakistan, which trains and shelters terrorists, has become such that export has become less in Pakistan. Talk about inflation, so inflation has reached a record level in Pakistan. In Pakistan, the prices of vegetables and groceries have increased so much that they are getting away from the reach of the poor and middle class. The price of bread has also increased so much that it is becoming difficult for the poor to live in Pakistan.

It is not that Pakistan has not received international help after the pathetic economic condition. The World Bank has clearly stated in its report that even after the International Monetary Fund issued a 6 billion dollar bailout package to Pakistan, the slowdown in the Pakistani economy could be deepened because of the financial management of the government of Pakistan is not on the track.

Regarding the economy of Pakistan, the World Bank says that it has expected mild stability in the medium term. According to the report of the World Bank, due to poor economic policies, Pakistan is sinking in debt. Not only this, Pakistan's economy is collapsing due to a rising fiscal deficit.

The World Bank has warned that if Pakistan's economic condition does not improve in such a situation, due to instability in the global financial market, there will be a problem in private external financing.

The World Bank has said in its Outlook report that Pakistan's economic growth could come down to 2.4 per cent in FY 2020. At the same time, by FY 2021, this improvement can reach only 3 per cent. However, the report also notes that this improvement also depends on stability in the global market, softening crude oil prices and declining political and security risks.

As we told you earlier, inflation in Pakistan has reached a record level. The World Bank has said in its report on Pakistan's inflation that by FY 2020, the inflation rate in Pakistan can reach 13 per cent level. However, there will be a drop in inflation after this. Regarding the banks in Pakistan, the World Bank says that the situation of commercial banks of Pakistan will be financially better. But public sector banks’ private credit may be affected due to taking loans from the central bank and increasing interest rates.

That is it is clear that due to many reasons, Pakistan's economy is going through a bad phase these days. It is true that the economies of the whole world are in the grip of the global economic slowdown, but the governments of Pakistan are very much responsible for the worsening condition of Pakistan's economy. It remains to be seen whether Pakistan's Imran Khan Government is able to crack down on terrorists or not, because if Pakistan does not do so, then its sinking economy will find it difficult to get help from global financial institutions.