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Pakistan has reached the shelter of the IMF for the 23rd time in 75 years, the interest rate has increased by 200 basis points.

  
  
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  Islamabad: Pakistan, which is going through an economic crisis, has accepted another condition of the International Monetary Fund. The government of Pakistan has agreed to increase the policy interest rate by 200 basis points to release $1.1 billion under the $6.5 billion bailout package. People who are struggling for bread and flour will now also have to bear the brunt of this increase in interest rate. Accustomed to the IMF bailout package since 1958, Pakistan had no other option but to accept the terms of the international agency. During the 75 years of independence, Pakistan has appealed to the IMF for the 23rd time for a bailout package. Former Deputy Governor of State Bank of Pakistan (PSB) Murtaza Syed said that neighboring India has approached the IMF for funds only seven times and never after the historic Manmohan-Rao reforms of 1991. Pakistan's foreign exchange reserves have dropped to less than three billion dollars. PM Shahbaz Sharif has directed the Ministry of External Affairs to reduce the number of foreign missions as part of cost saving measures. Due to the lack of dollars, there is a shortage of medicines in the country and doctors in hospitals are avoiding surgery. Along with shortage of insulin essential for diabetic patients, patients are not getting enough medicines. People's lives have become cheaper than a sack of flour. He has to import raw materials from other countries including India and China for 95 percent of the medicines. On the China-Pakistan Economic Corridor (CPEC), which started in 2013, 6.2 million dollars have been spent so far, but Pakistan is wandering here and there to repay old debts for other debts. Pakistani nuclear scientist and activist Parvez Hudbhai has written that Pakistan-China friendship is under tension. CPEC as a Marshall Plan for Pakistan is nonsense.
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