Mon, 30 Jan 2023

Islamabad [Pakistan], January 22 (ANI): Pakistan Democratic Movement (PDM)'s spokesperson Hafiz Hamdullah on Sunday said that Pakistan's next general elections will be postponed if the country's economy fails to recover, Pakistan-based news channel Geo News reported.

According to Hamdullah, the Pakistan Tehreek-e-Insaf (PTI) left the country financially tied.

"PTI was imposed by force," he said.

Currently, Pakistan is putting efforts to boost its foreign exchange reserves, held by the State Bank of Pakistan (SBP), which currently stand at USD 4.601 billion, just enough to pay for four weeks of imports, Geo News reported.

After a decline of 22.11 per cent, SBP-held forex reserves plunged to the lowest level since February 2014.

The country now needs foreign aid to reduce its current account deficit and ensure that there are enough reserves to pay its debt obligations for the ongoing financial year.

During the week ended on January 6, the central bank's forex reserves fell by USD 1.233 billion, or 22.12 per cent to USD 4.343 billion, down from last week's USD 5.576 million, Geo News reported.

Pakistan could sink deeper into the quagmire especially if the International Monetary Fund (IMF) program is not resumed within the next few weeks, reported Al Arabiya Post.

IMF is delaying its 24th loan, and the Saudis and the UAE have warned Pakistan that they will no longer serve free lunch.

Al Arabiya Post recently reported that Pakistan must introduce reforms and push them to the last. The Gulf friends delivered this message to Prime Minister Shehbaz Sharif and the new Army Chief, General Asim Munir, who visited earlier.

Pakistan is facing existential multi-dimensional crises of politics and economy with a highly dysfunctional state. It is about much more than democracy and debt. Short-term fixes and political engineering may not work this time. The country needs a radical break from the past policies but nobody wants to do it, reported Al Arabiya Post.

The zero-sum political game between Sharif and his predecessor Imran Khan is hurtling down the nation on the path of a likely election in the summer of this year.

Islam Khabar reported that Pakistan is South Asia's weakest economy and it will take a herculean effort to pull the country out of poverty. (ANI)

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