Pakistan's Economy is on the Brink of Bankruptcy Said by Financial Times
- 26, January , 2023
NewsToday: The American newspaper "Financial Times" says Pakistan's economy is close to bankruptcy.According to a recent report by US Financial Times, the foreign exchange reserves in Pakistan have decreased. The nationwide power breakdown on January 23 has added to the woes. The report claims that there is a risk of bankruptcy in the Pakistani economy due to the decrease in foreign exchange reserves. Pakistan is facing severe shortage of foreign exchange and it has become difficult to carry on business. The country's foreign exchange reserves have dwindled to less than $5 billion, which is less than a month's worth of imports.
The report further states that negotiations between Shahbaz Sharif's government and the IMF on a $7 billion aid package have stalled. This package was stopped last year.According to the analysts, the economic situation of Pakistan has become serious and the situation of Pakistan is also feared to be similar to Sri Lanka.