Lahore: An official agreement to pay another $1.1 billion in the last installment of the $3 billion aid package announced by the International Monetary Fund (IMF) to Pakistan, which is reeling under severe financial crisis. The amount will be released once approved by the IMF Executive Board. The action is a continuation of the talks held by IMF representatives and Pakistan Prime Minister Nawaz Sharif in the capital of Pakistan five days ago.
The country is seeking financial assistance from global nations and financial institutions to save the Pakistani economy, which has been on the verge of collapse for two years. The country's foreign debt alone is 13,000 crores and the country's foreign investment is only 800 crores. The amount required for fuel imports is only available for eight weeks. In the last two years, the exchange rate against the dollar has fallen by more than 50 percent. Inflation stands at 23 percent.
Pakistani ministers refuse their salaries
Lahore: Pakistan Prime Minister Shahbaz Sharif and ministers have decided to waive salaries and other benefits in view of the severe economic crisis. The decision was taken in a cabinet meeting held to discuss cost-cutting measures. A decision was taken earlier to restrict foreign travel at government expense. According to this, no one including ministers will be allowed to travel at government expense. Last week, President Asif Ali Zardari and Interior Minister Mohsin Naqvi had refused their salaries. The salary of the President is Rs 8,46,550 per month as of 2018. The current president, Zardari, is one of the richest men in Pakistan.