Kristalina Georgieva, the managing director of the International Monetary Fund (IMF), urged debt ridden Pakistan to take adequate steps to function as a country and avoid finding itself in a dangerous position where it needs debt restructuring.
She further added that “My heart goes out to the Pakistani people, who suffered due to the shocking flood that affected a huge section of the country’s population.”
She went on to say that we are emphasising two issues: to increase tax revenues, profited public or private sectors must contribute to the country’s ruined economy, and the other important issue is the impartial distribution of valuable resources by seizing subsidies from those who are not eligible for them. Subsidies should be reserved for the poor. “We want to help the country’s poor,” she explained.
Recently, a news agency revealed that Pakistan’s skyrocketing prices and the International Monetary Fund’s delay in sending loans have worsened the country’s economy.
Currently, the petrol price in Pakistan is Rs 272 per litre, and the recent increase has taken place due to the rupee’s devaluation against the dollar, as per the Geo News report.
The panic situation in Pakistan erupted when the IMF team failed to negotiate on a bailout package, and no agreement was inked between the IMF members and the Pakistani authorities. The talks failed despite Finance Minister and Prime Minister Shehbaz Sharif was agreeing with all the preconditions.
The IMF, Saudi Arabia, and the United Arab Emirates have been playing key roles in Pakistan’s politics. They have demanded structural reforms in the country’s economy. The people are suffering as a result of the IMF’s delayed release of funds, as per the news