There the government believed that with IMF conditions the inflation will go up from 25% to 35%, yet it happened other way round. The IMF program was not consented, and with the default the inflation surged to 60%. Besides there is swear shortage of daily consumables alongside food items.
Unfortunately, similar discussions in Sri Lanka were taking place before the default. There were discussions with IMF but their govt was not ready to opt for IMF conditions. In the meantime, the Sri Lankan monthly trade deficit grew to almost $3 billion. The foreign exchange reserves were depleted fast. Sri Lanka entered IMF program for 16 times in its history.
The foreign remittances fell drastically because of market rate difference and the non-banking channels were used as happening in Pakistan. Finally, Sri Lanka completely ran out of Foreign exchange reserves and defaulted on its obligations towards foreign commitments. In the end the govt and State Bank both acknowledged the mistake of not entering the IMF program, had they opted to do so they would have averted this situation.
ہم نے اس خبر کا خلاصہ کیا ہے تاکہ آپ اسے جلدی سے پڑھ سکیں۔ اگر آپ خبر میں دلچسپی رکھتے ہیں تو آپ مکمل متن یہاں پڑھ سکتے ہیں۔ مزید پڑھ:
پاکستان تازہ ترین خبریں, پاکستان عنوانات
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