Pakistan Economic Crisis: There is an atmosphere of financial crisis in Pakistan. The people there are yearning for basic things due to financial constraints. A recent report has claimed that despite the poor condition, luxury cars and high profile electric vehicles are being imported.
According to the report of The News International newspaper, during the last six months, Pakistan has spent $ 1.2 billion on the import of transport items like luxury cars and electric vehicles, despite the lack of cash.
shopping for non-essential items
The News International newspaper also reported that the country is facing a severe dollar shortage and its state bank has less than 4 billion in reserves, which is barely enough for three weeks of imports. Imports of transport vehicles decreased last year, but reports say many Pakistanis are still buying expensive luxury vehicles and non-essential items, putting pressure on the country’s economy.
Constantly trying to ask for loan from IMF
After the report of vehicles worth $1.2 billion came to the fore, many concerns have been raised about the Pakistani government’s policy of stopping imports from the area of technology and commerce and spending huge amounts of money on luxury cars and other vehicles. This report has come at a time when talks between Pakistan and the International Monetary Fund (IMF) are about to begin next week amid falling foreign exchange reserves.
Moreover, if the IMF program is not restarted within a few weeks, Pakistan will sink faster. According to Geo News, the country has already contacted the International Monetary Fund to inquire about the process and complete its ninth review.