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Big jolt to Pakistan IMF denies financial help to bankrupt Pakistan employee salary may cut by ten percent

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There is big news from the neighboring country Pakistan which is facing economic crisis. The International Monetary Fund (IMF) has refused to give loan to Pakistan. Earlier, the IMF had sought additional information from Pakistan regarding the budget. Pakistan is in urgent need of $10 billion foreign loan.

This step of the IMF may cost the salaries of the government employees there. It is discussed in the media reports that the Shehbaz Sharif government has given instructions to plan a 10 percent reduction in the salaries of government employees.

IMF has distanced itself from Pakistan at a time when its economic crisis has turned from bad to worse. The IMF has also refused to send rescue teams to help the beleaguered country. The Shehbaz Sharif government had requested the IMF to send a team to complete the review. Speculations were rife that the IMF might provide financial assistance to Pakistan to tide over the economic crisis, but the international body turned down Pakistan’s request.

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Pakistan is grappling with a balance of payments crisis. According to Reuters, the foreign exchange reserves of the State Bank of Pakistan (SBP) have fallen to the lowest level of $4.343 billion. Pakistan secured a $6 billion bailout in 2019, topped with $1 billion earlier this year.

Pakistan had approached various countries including the IMF to get out of the economic plight. Pakistan is facing the worst situation in the last several years. There has been a 70 per cent increase in gas prices and 30 per cent increase in electricity bills in the recent past.

Pakistan is also planning to cut the salaries of government employees by 10 percent. Apart from this, the government is considering various measures to deal with the crisis. Ministries have been asked to cut expenditure by 15 percent. Apart from these, federal ministers and state ministers have also been asked to spend less.

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