look news india
Terrorism, inflation, power cuts and scorching heat are going to increase the problems of neighboring country Pakistan. Prime Minister Shahbaz Sharif has refused to give money to the International Monetary Fund, against which he had created a ruckus. Pakistan kept asking for help and the IMF team ran away. The IMF has put some conditions on Pakistan for the bailout package, which cannot be fulfilled. After examining the economic reforms, the IMF team returned to Washington. Before returning, the team also met US Ambassador to Pakistan Donald Bloom.
The IMF team reached Pakistan on May 10. A staff level agreement was to be signed between the two sides on the new bailout package, but this could not happen due to the poor economic situation and non-fulfillment of the conditions. The IMF team said that the new bailout package will be discussed and considered only after reviewing the progress of the conditions set for obtaining financial assistance. The IMF said that the agreement will be signed only after reviewing the steps taken to fulfill the conditions. The IMF has dealt a blow to Pakistan at a time when inflation is at its peak. Items ranging from flour, rice to cooking gas have become out of the reach of common people. People in Pakistan-occupied PoK as well as other parts of the country are protesting violently against inflation and the ineffectiveness of the government.
The Prime Minister of Pakistan kept requesting continuously
Pakistan's Prime Minister Shahbaz Sharif kept insisting to the IMF team that his government would fulfill all the conditions. But the IMF team did not listen to him. Pakistan was hoping that the IMF team would sign the employee level agreement this time. The bailout package would be given after the agreement. However, this did not happen and Pakistan had to go begging for a penny again. The IMF said that after the budget is approved by the Parliament of Pakistan, it will decide whether to give a new bailout package to Islamabad or not. According to reports, the IMF team went to Pakistan to review the progress of budget preparations and economic reforms.
IMF imposed tough conditions against Pakistan
Pakistan, which is facing a severe economic crisis and mismanagement, needs immediate financial assistance. The foreign currency is also continuously devaluing, which can lead to a new type of crisis. The IMF has called for comprehensive reforms in energy as well as fiscal and tax policies. Apart from this, it has also called for more decisive steps to promote the management and privatization of state-owned companies.