New Delhi: Economic crisis of Pakistan has become very bad. Debt burden on the head of Pakistan is increasing day by day. Now the situation is such that he has to sell properties abroad to meet the expenses. Pakistan has recently given advertisements in the American newspapers to sell the building of the Pakistan Embassy in Washington, the capital of America. According to Pakistani media, the diplomats of the Pakistani Foreign Ministry posted in the US have not received their salaries for 4 months. Not only this, non-payment affected the day-to-day work of the Pakistani embassy in Germany.
The building has been vacant for 20 years
R. of Washington. The building across the street housed the embassy’s defense section from the 1950s until the early 2000s. Its cost is around 13 crores in Pakistani rupees. Which has been vacant for the last 20 years and is in a dilapidated condition. Officials at Pakistan’s embassy in the US say the building is very old and has been vacant for about 15 years. It will be sold only after getting the right price. Also, Pakistan’s Federal Minister for Information and Broadcasting, Maryam Aurangzeb, also confirmed that the Cabinet had approved the sale of Washington-based Pakistani Datavas.
Why did such a situation arise?
Pakistan’s debt from IMF, World Bank, China and other countries has reached 70 percent of its total GDP. Corruption, political instability and excessive military interference in the country’s politics are worsening its condition. According to a report, Pakistan’s total debt and liabilities stood at 59.7 lakh crore Pakistani rupees as of August 2022. This is Rs 11.9 lakh crore i.e. 25 percent more than the previous financial year.
Continued devaluation of foreign exchange
In the year 2022, Pakistan’s foreign exchange reserves are continuously decreasing. Pakistan’s foreign exchange reserves stood at $16 billion in February. It crossed $10 billion in the first week of June. At the same time, in August, Pakistan’s foreign exchange reserves fell sharply to $7.83 billion. This was the lowest level of foreign exchange in Pakistan since 2019. However, there has been some improvement since August. According to a Geo News report, Pakistan’s foreign exchange on December 10 was 18.56 billion US dollars. The decline in Pakistan’s foreign exchange reserves resulted in the Pakistani Ministry of Finance being unable to disburse money to Pakistani missions for nearly 4 months.