The World Bank, Asian Development Bank, Islamic Development Bank and some other international financial institutions have pledged a sum of $4bn to support Pakistan in overcoming its financial crisis. The donors have attached strict conditions for providing the much needed money. They have asked for reforms in tax system, removal of subsidies and restructuring of the central bank. Asian Development Bank has recently released a sum of $500mn, but it has not been able to strengthen the money market in the country.
The greenback has become a rare commodity as rupee has touched record low. Dawn has reported today that even $1000 dollars were not available from money exchangers in the country. In the open market dollar was being traded at 87 rupees which is a record high in history.
President Zardari is in China to get some support from there. China has promised some help, but I do not think that it will provide a huge sum.
The Friends of Pakistan forum has so far done nothing to come to rescue Pakistan. Pakistan expects much from gulf countries, but it seems that hope will be foundered.
The World Bank, Asian Development Bank, Islamic Development Bank and some other international financial institutions have pledged a sum of $4bn to support Pakistan in overcoming its financial crisis. The donors have attached strict conditions for providing the much needed money. They have asked for reforms in tax system, removal of subsidies and restructuring of the central bank. Asian Development Bank has recently released a sum of $500mn, but it has not been able to strengthen the money market in the country.
The greenback has become a rare commodity as rupee has touched record low. Dawn has reported today that even $1000 dollars were not available from money exchangers in the country. In the open market dollar was being traded at 87 rupees which is a record high in history.
President Zardari is in China to get some support from there. China has promised some help, but I do not think that it will provide a huge sum.
The Friends of Pakistan forum has so far done nothing to come to rescue Pakistan. Pakistan expects much from gulf countries, but it seems that hope will be foundered.
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