They have “no plans to freeze foreign currency accounts.”
foreign currency
There are currently no plans to place a freeze on any foreign currency accounts.
“We do not plan on freezing foreign currency accounts, and there have been no proposals to take such an action,” the minister said today.Dr. Aisha Ghaus Pasha, the State Minister for Finance and Revenue, stated on Monday that the federal government does not intend to freeze foreign currency accounts, despite the fact that the country is now experiencing a serious shortage of dollars.The state minister stated the following when speaking with journalists in Islamabad: “We do not plan on freezing foreign currency accounts, and there have been no proposals to take such an action.”
nuclear tests
Following the initial nuclear tests, which took place in May of 1998, the ruling government, which was led at the time by Prime Minister Nawaz Sharif, froze all currency accounts. The fieldwork consisted of carrying out the experiments outside.The foreign reserves of Pakistan are currently at a level where they are unable to cover the country’s imports for even a little bit more than a month. This is a direct result of the government’s twin deficits as well as the unprecedented amount of inflation that the country is experiencing.The destitute government and the International Monetary Fund (IMF) have been unable to reach an agreement on a badly needed bailout plan, which has increased the likelihood that the country may default on its debts.
IMF
The minister stated that the government had provided the lender with the budgetary figures for the fiscal year 2023-2024, and the IMF is currently in the process of negotiating with the State Bank of Pakistan (SBP).The nation’s Finance Minister, Ishaq Dar, presented a budget of Rs14.5 trillion (about $50.5 billion) on Friday. Of this amount, more than half was allocated to pay for the servicing of the nation’s 7.3 trillion rupees in debt; nevertheless, experts feel that this will not help the government’s case in gaining access to the loan.
state minister
“We have instructed the IMF to complete the ninth review as quickly as possible. The state minister made this observation: “We have less time, and there is a lot of tension surrounding the completion of the ninth review.”According to the minister, there would be no problems with the budget including the Fund.According to Pasha, IMF Managing Director Kristalina Georgieva had given her word to the Pakistani government that her institution will finish the most recent evaluation.All of our allied nations have provided their commitments to the International Monetary Fund.
