Cash-starved Pakistan doles out Rs 90bn to lawmakers
The government of Pakistan has reportedly approved a significant increase of 30% in development money to PKR 90 billion for Parliamentarians while facing a serious foreign exchange constraint and an economic crisis.
The decision was made during a meeting of the Economic Coordination Committee (ECC) of the Cabinet on Wednesday, which also authorised the addition of nearly PKR 1 billion in funding for the upkeep of the rest homes and residences of the judges of the Supreme Court of Pakistan in various cities across the country.
The ECC meeting, presided over by Finance Minister Ishaq Dar, also approved an assistance programme for the relatives of people who perished during a recent political march and a 25 percent price rise for a vial used in pregnancy tests, reported Dawn.
The meeting postponed making a decision over a request to raise the pricing of 54 other medications.
Prime Minister Shehbaz Sharif said that Pakistan faced fiscal and economic challenges a day earlier and wanted the IMF support to sail through these difficult times.
Pakistan, which is due to receive USD 10 billion payout in coming months amid its faltering economy, is in a soup over its shoddy past of corruption, reported Islam Khabar. Pakistan already owes the world about USD 100 billion, USD 21 billion of which is due to be repaid to the creditors in this fiscal.
As 2023 progresses, the country will inevitably continue the vicious cycle of taking out loans from one creditor to pay off another, only to extend the time it takes to settle the initial debt while steadily pushing itself off a cliff.
The status of citizens has been reduced to that of animals and insects fighting on the streets for a morsel of bread while braving the cold over the past three days as a result of a significant power outage in major cities of Pakistan, including Karachi, Lahore, Islamabad, and Quetta, the report stated.
According to the report, people are stealing wheat and pulses like crazy as a result of inflation, and flour is missing from storage facilities where it was kept in order to garner higher prices, oblivious to the needy population.
