Pakistan Economic Crisis: Like Sri Lanka, Pakistan's economy is in crisis. Pakistan is hoping for help from allies to revive its economy. In the absence of financial assistance, Pakistan's economy is likely to fall into further crisis.
Pakistan is dependent on the International Monetary Fund on the one hand and Saudi Arabia and the United Arab Emirates on the other. Pakistan has reached out to the United Arab Emirates for help. United Arab Emirates will likely invest 1 billion US dollars in aiding Pakistan. On the other hand, the finance minister of Pakistan is afraid of bad days for the economy.
According to reports in the government media in the United Arab Emirates, it is considering increasing economic relations with Pakistan. Pakistan needs $4 billion in aid to meet the International Monetary Fund's bailout criteria. Pakistan Army Chief General Qamar Javed Bajwa has demanded help from America.
Pakistan Army Chief Bajwa has also sought help from Saudi Arabia and the United Arab Emirates. Pakistan is trying to get financial assistance to meet the criteria for getting help from the IMF. Pakistan has to repay the International Monetary Fund's $7 billion loan by August 24.
Bad day for Pakistan's economy
Pakistan's Finance Minister Miftah Ismail has warned that the economy will be in further trouble. In the next three months, Pakistan will have to control imports. He said that the economic policies of former Prime Minister Imran Khan's government brought this crisis to the country. He also said that Shahbaz Sharif's government has to find a way out of this crisis.
India's neighboring countries are in an economic crisis. The Sri Lankan economy was headed for bankruptcy. China's refusal to help in time caused great embarrassment to Sri Lanka. The people of Sri Lanka started a mass movement against the ruling Rajapaksa. Pakistan's economy is also in shambles.