Pakistan has to pay nearly $3bn within next three months to foreign creditors. The foreign exchanage reserves of the country have depleted and are barely sufficient for one month’s import bill. It is said that the foreign exchange reserve of the country presently stand at nearly $8bn of which nearly $4bn is being held by commercial banks. This makes the situation very grim. If Pakistan could not get new loans from international donors and lending agencies, it may find it difficult to pay back the loan on time.
A consortium by the name of Friends of Pakistan had been formed during Zardari’s visit to United States. I do not see any sincere effort on the part of friendly Muslim countries to rescue Pakistan from its financial crisis. It is said that Saudi Arabia has refused to supply oil on deferred payments. Saudi Arabia did not even participate the first meeting of Friends of Pakistan in USA.
The government has been forced to lower the oil reserves from 21 days to 10 days in order to check the outflow of dollar. This is not a good sign. It can be very dangerous to lower the strategic oil reserves.
I am of the opinion that only Pakistanis can take their countries out of the crisis which it is facing today. It is said that Pakistani have more than $100bn dollars. If they could only send $10 dollars to the country, most of the current problems of the country will be solved. Pakistani must also force their leadership to behave and attend to the problems of the country themselves, instead of looking at US, UK or Saudi Arabia. I do not mean that we should cut off completely from the rest of the world. We should only learn to live like a nation.
Pakistan and its financial crisis
Pakistan has to pay nearly $3bn within next three months to foreign creditors. The foreign exchanage reserves of the country have depleted and are barely sufficient for one month’s import bill. It is said that the foreign exchange reserve of the country presently stand at nearly $8bn of which nearly $4bn is being held by commercial banks. This makes the situation very grim. If Pakistan could not get new loans from international donors and lending agencies, it may find it difficult to pay back the loan on time.
A consortium by the name of Friends of Pakistan had been formed during Zardari’s visit to United States. I do not see any sincere effort on the part of friendly Muslim countries to rescue Pakistan from its financial crisis. It is said that Saudi Arabia has refused to supply oil on deferred payments. Saudi Arabia did not even participate the first meeting of Friends of Pakistan in USA.
The government has been forced to lower the oil reserves from 21 days to 10 days in order to check the outflow of dollar. This is not a good sign. It can be very dangerous to lower the strategic oil reserves.
I am of the opinion that only Pakistanis can take their countries out of the crisis which it is facing today. It is said that Pakistani have more than $100bn dollars. If they could only send $10 dollars to the country, most of the current problems of the country will be solved. Pakistani must also force their leadership to behave and attend to the problems of the country themselves, instead of looking at US, UK or Saudi Arabia. I do not mean that we should cut off completely from the rest of the world. We should only learn to live like a nation.