Pakistan’s Prime Minister Shehbaz Sharif said fears of Pakistan’s default have ended due to the government’s “sensible policies,” .report to Radio Pakistan. However, the prime minister shares more than a dozen economists who believe Pakistan is now facing a new risk of recession due to the growing political and economic crisis and the slowing revival of the International Monetary Fund’s bailout program. Struggled Pakistan has had to suspend debt payments to avoid defaulting on its debt after repeatedly missing deadlines for financing.
Growth and prosperity:
Alliance government is continuously working to lift the economy out of the current “swamp” and set the nation on the path of growth and prosperity. Clashes erupted this week when police tried to detain Imran Khan, the Pakistan Tehreek-e-Insaf (PTI) leader and a former prime minister who has been calling for early elections since he was ousted in a no-confidence vote in April last year.
Pakistan economy:
Pakistan needs money to boost its $350 billion economy, ease serious deficits and replenish its foreign exchange reserves. The country’s dollar reserves have dwindled to less than a month’s worth of imports, making it difficult to finance purchases abroad, leaving thousands of containers of supplies stranded at ports, forcing plant closures and putting tens of thousands of jobs at risk. However, the prime minister Shehbaz said he was confident a deal would soon be signed with the International Monetary Fund to restart the $350 billion economy, a claim that he and Finance Minister Ishaq Dar have been exchanging back and forth with no result.
Providing relief during Ramazan:
He said the government has to control inflation and is committed to ensuring economic austerity during Ramadan and helping the poor.
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