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Pakistan is going through a serious economic crisis. America has also broken its silence on Pakistan facing foreign exchange crisis. Pakistan’s foreign exchange reserves have reached the lowest level in nine years.
Commenting on the fast depleting foreign exchange reserves in Pakistan, the official spokesman of the US State Department, Ned Price, said that the US wants to see Pakistan as an economically stable country.
Despite the millions of efforts of the Government of Pakistan, the foreign exchange reserves are rapidly decreasing. According to the data received last week, Pakistan’s foreign exchange reserves have remained only $ 4.3 billion. This amount is not enough even for one month’s import.
what did america say
During the daily press conference address, US State Department spokesman Ned Price said on Wednesday, “The financial crisis for Pakistan is a challenge and we are all aware of it. I know that Pakistan is seeking financial assistance from the International Monetary Fund (IMF). Talking for help. We want to see Pakistan in an economically stable position.”
What did America say on the help from IMF
Responding to a question about help from the US-dominated IMF, Ned Price said that as far as I understand, talks are going on between the IMF and Pakistan. Where we can help Pakistan, we do. But this matter is between Pakistan and IMF.
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IMF refused to give loan
Pakistan’s Prime Minister Shahbaz Sharif requested the IMF chief Kristalina Georgieva on 6 January to release the next tranche of loan assistance for Pakistan. But the IMF refused to release a new installment of the loan. Because Pakistan did not live up to the rules and regulations of the IMF.
The Pakistan government will have to work hard for the loan under the International Monetary Fund (IMF) loan programme. According to the English newspaper ‘The Express Tribune’, in the meeting between Pakistan’s Finance Minister Ishaq Dar and the head of the IMF mission, Nathan Porter, the IMF has asked Pakistan to fulfill all the instructions given in recent days.
However, the United Arab Emirates has agreed to rollover the existing $2 billion line of credit to Pakistan and provide an additional $1 billion line of credit.
economic crisis in pakistan
Pakistan’s foreign exchange reserves have come down to $4.34 billion. This amount is the lowest since February 2014. The country’s deteriorating economy and serious foreign exchange crisis have forced Pakistan to sell foreign assets.