On Brink Of Bankruptcy, Imran Khan Lies ‘Pakistan’s Economic Condition Better Than India’

Crippling in the installation debt and rising inflation, Pakistani Prime Minister Imran Khan on Wednesday claimed that the country’s economic conditions were still ‘better than India’. Overcoming the Prime Session of the 2022 International Summit in Islamabad, PM Imran Khan confirmed that inflation was not a problem that only Pakistan dealing with and added that the gas rate was still cheaper than countries such as the US, UK and India.

“Inflation is not a problem only Pakistan, the whole world suffers from him. Joe Biden is being attacked by Donald Trump with price increases, Boris Johnson is being attacked in parliament. His own parliamentary members say gas fares. Can Pakistan do it in this case? Pakistan is still cheaper than Most countries. Look at our gasoline and diesel prices and compare with India and Bangladesh, we are the cheapest country, “he said at a meeting of business leaders.

Forced to make a difficult decision because of the IMF pressure: Pakistan Finance min
Imran Khan’s statement came when Pakistan looked at bankruptcy with his own federal finance minister Shaukat Tarin who admitted that the country was forced to take some ‘difficult decisions’ due to the pressure of the International Monetary Fund (IMF). The country driven by debt wants to revive important funds at USD 6 billion (EFF), which has forced the government led by Imran Khan to implement a new raft from the saving steps on the population.

Apart from its efforts, Pakistan’s consideration for the settlement of the sixth review and release of Tranche USD 1 billion was suspended by the IMF on January 10 after receiving a request from the Pakistani government, the IMF Executive Board decided to postpone the meeting.

A harder day ahead for Pakistan

Lately, Pakistan has witnessed the devaluation of the currency, high inflation, a surge in the level of gasoline, and the transaction deficit runs by aggravating economic problems. Defending the price surge, Shaukat Tarin said that the increase was the result of the IMF advice to increase petroleum development (PDL) levies. Pakistani opposition has accused the government to hand over the Pakistani state bank to the Bank of the IMF.

Apart from the international organization, Pakistan has also regularly borrowed from the United Arab Emirates (UAE) which set a tight clause for Imran Khan-LED countries in exchange for a loan package of $ 4.2 billion. The last time was borrowed from the Arabs, forced to pay back loans by taking a loan with the same number of China.

In turn, Pakistan must pay more than Rs 26 billion in interest costs to China to pay debts that are due in the fiscal year 2020-21. Reportedly, the country’s lack of money also faced a “hidden debt” score with a total of $ 385 billion due to the China Belt and Road Initiative (BRI) project.