Sunday, March 26th, 2023

Pakistan Default Risk: Pakistan on the verge of default like Sri Lanka, selling properties to foreigners, Imran furious

Islamabad: Even after the Shahbaz Sharif government came to power in Pakistan, the situation is not stable and now the country has reached the verge of default like Sri Lanka. Alam is that the Pakistani rupee has performed the worst in the last two decades. This has blown investors’ senses and fears of becoming the next Sri Lanka. Meanwhile, the Shahbaz government has announced the sale of government assets to foreigners to save Pakistan from default. On the other hand, former Prime Minister Imran Khan has strongly targeted the poor condition of the country.

According to the report of Financial Times, the Pakistani rupee has now fallen by 7.6 percent against the dollar to reach Rs 228. This is the biggest weekly fall in the Pakistani rupee since October 1998. Due to this, the danger of Pakistan becoming the next Sri Lanka has increased very much. Not only this, even if Pakistan gets $ 1.2 billion from the IMF, it will not be enough to solve its balance of payments crisis.

Shahbaz government going to sell properties to foreign countries
Earlier, after the economic collapse and default in Sri Lanka, the political crisis in the country had deepened and President Gotabaya Rajapaksa had to leave the country. Now the same threat is looming over Pakistan. Meanwhile, the Shahbaz government, which is trying to save power in Punjab province, is going to sell the country’s properties to foreign countries under emergency sale to avoid default. The Pakistani cabinet allowed an ordinance bypassing all the process.

The rush to save the Pakistani economy was so great that even six relevant laws were bypassed. Not only this, the Shahbaz government took away the power to issue orders to the governments of the provinces to acquire land in a binding manner. However, President Arif Alvi has not yet signed this ordinance. The Shahbaz government has restrained the courts from hearing any petition filed against the sale of properties.

UAE refuses to give cash to Pakistan for non-repayment of loan
The Shahbaz government has also started this. On Thursday, the government signed an ordinance to sell its stake in the state-owned oil and gas company and power plant to the United Arab Emirates. It expects to achieve 2 to 2.5 billion dollars from this deal. Earlier, UAE had refused to give cash to Pakistan for non-repayment of loan. He had said that Pakistan should open its companies so that investments can be made in them. Meanwhile, Imran Khan has strongly attacked this decision of the government. He said that we are not far from a situation like Sri Lanka when people will come out on the road.

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