Now every child of the country has approached Rs 137000
News Time
China’s involvement in the Pakistani economy has contacted IMF for lending loans and these former governments have the first priority to acquire loans for domestic affairs. A few days ago, the Pakistan Tehreek-e-Insaf (PTI) government has decided to approach IMF for the global financial institutions to acquire loan after several days of hesitation and thought saving. It is a hot discussion on political parties, although it is not the first time it is seen. A government has decided to take loan from the IMF, but since the 1980s, many governments have contacted the IMF for the loan. And these former governments have the first priority to acquire loans for domestic affairs.
According to an estimate, there was a loan of 2800 billion in 1999, which reached 6000 billion during the period, from 2008 to 2013, the loan increased from 6000 billion to 14000 billion. When the PML-N’s government came to power, it broke the record of erosion. Because in this period such a loan was taken that the foreign debt volume reached the highest level of the date and now every child in the country has been approximate about Rs 137000.
The Muslim League-N government has gained foreign $ 30.1 billion foreign debt in the last five years. According to figures, foreign debt volume was $ 60 billion in 2013, which has now increased to $ 91 billion. In the last five years, local debt rose up to Rs 65. In the year 2013 the local debt volume was Rs 95 billion, which has now increased to Rs 160 crores, the former government has not left any source of European bonds, Sakuk or the World Bank and IMF to take the loan. Under the burden of external debt there is also a long list of debt repayers in Pakistan according to which in last 27 years, governments apologized for more than Rs 4 billion loan, to include more than 988 companies and personalities. Those lost over Rs 30 billion more than Rs. 6 crores. Abdullah Papers Private Limited in the case of debt consent left everyone behind which, in the form of Nawaz Sharif, that in 2015, a liter of 54 billion 84 million, the main character of the Mehran Bank scandal, Younis Habib, in 1997, was two billion 47 million, the owner of the Rado Textile and former chairman Accountability Bureau, Saifur Rehman, forgiven a billion rupees of Rs. 67 million in 2006.
On one hand, Pakistan was going to drowning in the interest of external debt; on the other hand, there is a long narrative of the internal debt which was forgiven in the previous democratic period, which can be determined by this fact. Chief Justice Supreme Court Mian Saqib Nisar remarked that 222 people should submit a 75 percent share of debt obliged in 3 months during the hearing of the apex court case. Did you if the nation’s money is not refunded then the matter will be handed over to the National accountability Bureau (NAB) and the property owners will also be seized, now how much did you submit your obligatory loan, its details could not come back again. There is no doubt that the Pakistani government faces severe problems due to the acquisition of loans. And due to these economic issues, the international financial institution has been asked for a formal loan but here the US and IMF have raised objections that Chinese loans are due to borrow from the International Monetary Fund. These are going to be tougher for Pakistan. IMF has demanded full and transparent information about the loans from Pakistan in particular, emphasizing the details of loans taken from China, has also informed Pakistan about American concerns. The US Foreign Minister has already warned that IMF should not give more money to Pakistan to borrow sugar. IMF has given the terms of lending and demands them to provide the details of the first loan. The government is unable to meet the IMF’s condition.
Christine Lagarde, head of the IMF, says Pakistan will have to tell full transparency where and how much money did he spends from where country, including China and where this amount was spent. International financial institutions IMF and the United States of America have Chinese investment or the objection on China’s involvement in its economy is not less than a dream mark and moment. Economics of IMF say that if the BullIcon package is spoken, its purpose will be to deliver Pakistan to its full potential. Due to the increasing financial and current account deficit of Pakistan, due to low savings deposits and non-flexible currency, it is facing huge investment potential, if the global financial institution gets involved in negotiations with Pakistan, its goal will be to improve which will expand its domestic capability without giving specific details to Pakistan. The government has expressed its desire to implement structural reforms, which will eliminate the habit of financial assistance through the funds of Pakistan.
Pakistan needs more infrastructure development, with which investment in China (CP) project can be beneficial for Pakistan. And on this the United States and its allies have many reservations. According to IMF expert economics, it is very important that the design of these projects is very strong in which loans should be ignored, which can not be paid, recently Finance Minister Asad Umar said that Prime Minister Imran Khan announced the implementation of simplicity and expressed the desire to replace it instead of the IMF’s bailout program. Due to the Muslim League-N government, the Tehrik-e-Insaf (PTI) has completely stuck in both the circulation, in the current context; it is to see that Prime Minister Imran Khan will succeed in breaking the continuation of economic disadvantages in Pakistan.
