Pakistan Economy Crisis: Prime Minister Shehbaz Sharif has taken some drastic steps to bring Pakistan out of poverty. It has been decided by the Shahbaz government that the Prime Minister and other ministers will not take salary. They will bear the responsibility of their expenses from their own pocket. Also, ministers have been barred from traveling in business class and staying in 5-star hotels abroad. It has been claimed by the government that through these measures, Pakistan will save Rs 200 billion annually.
These things have been said in a Bloomberg report. Let us tell you that Pakistan is facing a severe financial crisis, in which the prices of essential commodities including bread and milk have skyrocketed. According to Pakistani media, Prime Minister of Pakistan Shahbaz Sharif announced several measures on Wednesday.
Shahbaz government has taken these measures
According to a report in Dawn, all the cabinet members have been asked to forgo their salaries and foot the bills on their own. All the members of the cabinet have been asked to return their luxury vehicles. Apart from this, cabinet members and government officials have been asked to travel in economy without support staff.
As per the decisions of the Shahbaz government, no security vehicle is to be provided to the government officials. Only one dish will be served in all government functions. Not more than one plot will be allotted to any government officials. Prime Minister Shehbaz Sharif said that the government will come up with these measures in the next budget to come in July.
Pakistan has so much foreign exchange reserves left
The State Bank of Pakistan on Thursday (February 9) said that Pakistan’s foreign exchange reserves declined by 5.5 per cent or USD 170 million to USD 2.91 billion in the week ended February 3. The News reported that the country has total reserves of USD 8.54 billion, including USD 5.62 billion held by commercial banks.
Earlier this month, Prime Minister Sharif described Pakistan’s economic condition as ‘unimaginable’. Pakistan’s inflation hit a new record in January 2023 and reached its highest level since 1975.
