Pakistan Economic Crisis: India’s neighboring country Pakistan has made its condition miserable. The situation is so bad that about 74 percent of the country’s urban population is not able to meet their monthly expenses. The situation is such that people have to do two jobs each. The economic crisis is spreading so fast that the figure which was 60 percent in May 2023 has now increased rapidly and has gripped three-fourths of the population.
People are also buying food items in less quantity
Citing a survey by Pulse Consultant, ARY News reported that Pakistan’s urban population is in great trouble. About 60 percent of people are not only reducing their expenses but are also buying food items in less quantity. Apart from this, 40 percent of people have started asking for loans from family and friends to meet their expenses. This survey has revealed that 10 percent of people are forced to do two jobs.
More than half the population is unable to do any saving
This survey was conducted in 11 cities. People between the ages of 18 and 55 were included in the survey. It has been found that more than half of the population is somehow managing to meet their expenses. These people are not able to save anything. Pakistan’s foreign debt is increasing. It is expected to reach $446.61 billion in 2029. The government is breaking down paying its interest.
Pakistan is waiting for a bailout package from IMF
Pakistan was expecting the International Monetary Fund (IMF) to give it a bailout package. But, in return for giving more help to the country, the IMF has put such conditions that Pakistan is finding it very difficult to accept them. The government’s fiscal deficit has remained at around 7.3 percent in the last 5 years. Pakistan’s debt to China is also increasing. It has demanded from China that it be given relief from debt for 8 years. The situation is such that it has to take more loans to repay the debt.
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