Pakistan's economical situation is not good and it is nearly on the verge of bankruptcy. Even though there is an ongoing negotiation between the international monetary fund (IMF) and Islamabad for a bailout package of USD 6 billion dollars from IMF.
In the exchange market, there was a sharp decline seen in a Pakistani Rupee against the USD dollar. On 21 June where Pakistani Rupee reached 211.35 for one dollar. Critical levels have been depleted by Pakistan's foreign exchange reserve. According to the Pakistan Tribune, Pakistan is left with less than 9 billion USD reserves.
Where Pakistan is facing Political crises now even economical crises are getting worse for Pakistan day by day. Last year June (2021) Pakistani rupee closed at 157.54, whereas this month June (2022) Rupee increased to 34% or PKR 53.67 which is clearly not a good sign for the Pakistani economy. Now it is clearly stated across the global news that the Pakistani Rupee is the worst currency in the Asian market after the Sri Lankan Currency.
In order to revive the IMF 6 billion Bailout package, the new government (PMLN) is imposing huge taxes and increasing prices on a daily basis on everything. Shahbaz Sharif's government has increased fuel prices 3 times in the past one month which makes it really hard for the people of Pakistan to afford petrol, because of the increased prices people, organizations, and corporations have shut their businesses including the restaurants, cab services, and deliveries business.
As per the Gulf News, it is very important for the new government to take harsh decisions in order to revive the 6 billion dollar package which the new government believes can bring prosperity to the country and will improve the economical crisis, will improve foreign reserves and will give the opportunity to bring more foreign lending in the country.