Islamabad: The economic crisis in the neighboring country Pakistan (Pakistan Economy Crisis) is getting deeper. The Government of Pakistan is making all efforts to overcome this crisis. But till now the situation has not improved a bit. Rather the problem is increasing. Pakistan’s foreign exchange reserves are at an 8-year low and this figure has come down to $ 5.6 billion. Apart from this, the currency of Pakistan is also going through a period of heavy decline. The Pakistani rupee has reached a level of Rs 227.8 against the dollar.
Rs 10 drop in three months
This is the first time that such a huge decline has been recorded in the Pakistani rupee against the dollar. Although the Government of Pakistan is talking to the IMF for a loan of $ 6.5 billion. But she has not been successful. Within the last three months, a decline of Rs 10 has been recorded in the price of the Pakistani rupee against the dollar. The Pakistani rupee was worth $217.79 against the dollar in October.
Pakistan may go bankrupt if China and Saudi Arabia do not help
According to the report of the Pakistani newspaper Express Tribune, the economic crisis is rapidly deepening in the country and if help is not received from China and Saudi Arabia, the country may be declared bankrupt. Actually, Pakistan has foreign exchange reserves for 25 days to import. Finance Minister Ishaq Dar has made some efforts to manage the value of the rupee in the interbank market. But till now it has not been possible. But due to the debt crisis, the economy and currency of Pakistan continue to decline.
The dollar price in the black market is Rs 270
Those who understand Pakistan’s economy say that the crisis is more. Even though the interbank exchange rate is Rs 227.88, it is not the actual value of the Pakistani Rupee. The price of one dollar has reached Rs 270 in the black market. Pakistan has also reduced the import of raw materials. Pakistan will have to repay the debt of 13 billion dollars in the next 6 months. Pakistan is expected to get a lifeline from IMF’s program itself.
