Pakistan is facing an economic catastrophe and its friendly countries Saudi Arabia, China and the United Arab Emirates have pulled back. Pakistan’s Prime Minister Shahbaz Sharif has to beg in front of the world for a loan. Meanwhile, to push Pakistan into poverty, the new Finance Minister of the beleaguered country, Ishaq Dar, has played the Islamic card. He said that if Allah can build Pakistan, he can protect us as well. After this statement, now Ishaq Dar has reached the shelter of Maulanas to save the country. Let’s know the whole matter…
Pakistani Finance Minister Ishaq Dar wants to issue Islamic Sukuk bonds to save the country’s economy. Dar has announced that he will consult Ulema and Islamic scholars on this. Chairing the steering committee meeting, Dar praised the Islamic financing and interest-free system of the State Bank of Pakistan. He hoped that the Islamic interest free system would be taken to its true end. Ishaq Dar put pressure on Nawaz Sharif and took over the chair of former Finance Minister Miftah Ismail but he is not able to handle the country.
Blames the Imran Khan government
This is the reason why Ishaq Dar has now started blaming the Imran Khan government for this whole serious economic crisis. He has said that Imran is responsible for all the troubles of Pakistan. His statement has come at a time when the country’s currency reserves have gone down the drain. The State Bank of Pakistan has said that its foreign exchange reserves decreased by $923 million last week. In a statement on Thursday night, the central bank said that during the week ending January 20, the total foreign exchange reserves of the Pakistani central bank fell to around $3.67 billion.
The bank said the shortfall was “on account of servicing external debt”. It said that the net foreign exchange reserves with commercial banks stood at $5.77 billion. According to the SBP, the total liquid foreign reserves held by the South Asian country stood at around $9.45 billion. Meanwhile, Prime Minister Shehbaz Sharif has also joined the blame game. Sharif said that due to the inefficiency of the Imran Khan government, several development projects have been left in limbo. While Shahbaz Sharif is accusing Imran, he is not able to give any concrete plan to Pakistan to get rid of it. The Government of Pakistan is now eyeing the IMF which is imposing various conditions for giving loans worth billions of dollars.
Pakistan is currently going through its worst phase. Inflation is breaking records, unemployment is at its peak and debt is increasing. Meanwhile, Pakistan’s Finance Minister Isaac Dar has given a statement regarding these deteriorating conditions. He has left everything to Allah.
Talking to Pak media, Ishaq Dar said that if Allah can make Pakistan, he will save it, develop it and take care of its progress. Now on one hand everything was left on Allah from their side, on the other hand when it came to fixing the responsibility, they blamed the previous governments. According to the Finance Minister of Pakistan, the previous governments did many such things, due to which the present situation was created. It was emphasized that Pakistan was on the path of development during the Shahbaz government, but since then everything has gone haywire. In the last five years, Pakistan has seen only drama.
Now Finance Minister Isaac Dar on one hand mentioned Allah and on the other hand even said that his country has been built in the name of Islam, so the situation will definitely improve here in the coming times. It was also told from his side that at present the Shahbaz government is working day and night only for the public. There is an attempt to bring the situation back on track before the elections. Now efforts are being made, but the situation on the ground is going on badly.
The Pakistani rupee fell 2.73 percent against the dollar on Friday. Now the value of one dollar has become Rs 262.6 in Pakistani rupee. On Wednesday, the Pakistani rupee had closed at Rs 230 per dollar. It broke down to the level of Rs 255 on Thursday. Continually weakening currency cash and facing high inflation is making the condition of Pakistan worse. To improve the situation, Pakistan is reaching out to other countries and international agencies. But nothing has helped so far.
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