An over-optimistic Prime Minister Shehbaz Sharif on Wednesday asserted that the government’s prudent policies had reversed the growing risks of Pakistan defaulting on its international obligations, JEE News reported.
But the prime minister’s views differed from those of more than two dozen economists, who believed Pakistan was headed for recession amid a deepening political and economic crisis and delays in revitalizing the International Monetary Fund’s (IMF) bailout program. Facing a new threat.
Over the past few months, the cash-strapped country has failed to meet several deadlines to secure funds to avert a default, raising fears that Pakistan could default on debt. .
The prime minister – who came to power in April last year – told a delegation of Council of Pakistan Newspapers Editors in Islamabad that the coalition government would do everything possible to pull the economy out of the current “swamp” and plunge the country into crisis mode. is trying The path to progress and prosperity.
The political crisis has also deepened after clashes this week when police tried to arrest former prime minister and Pakistan Tehreek-e-Insaf (PTI) chairman Imran Khan, following his ouster by a no-confidence motion in April. They are demanding early elections. last year.
Pakistan needs funds to revive its $350 billion economy, address widespread shortages and rebuild its foreign exchange reserves. The country’s dollar reserves have dwindled to less than a month’s worth of imports, limiting its ability to fund overseas purchases, stranding thousands of supply containers at ports, forcing plant shutdowns. And tens of thousands of jobs have been put at risk.
To jump-start the $350 billion economy, the prime minister expressed confidence that a deal with the IMF would be done soon – a claim that he and Finance Minister Ishaq Dar have been going back and forth with, with no results. It didn’t turn out.
Prime Minister Shehbaz Sharif said the government is aware of the sufferings of the common people due to the current situation – which has pushed inflation to the highest level in history.
The Prime Minister also appreciated the role of all the coalition partners in running the affairs of the government effectively and said that the government is united and moving forward to bring the country out of the crisis.
