Pakistan Caretaker Govt to spend Big Fund on Purchase of New Vehicles Despite on brink of Default

The condition of Pakistan, which is facing financial difficulties for the last few years, is almost like a pauper. Despite this, the caretaker government of Punjab in Pakistan has decided to spend around 2.3 billion Pakistani rupees on buying luxury vehicles for its officials. Funds are being released to buy vehicles even as many countries, including the International Monetary Fund (IMF), face the threat of default due to their failure to repay their loans.

In a media report, quoting the notification issued in this regard, it has been told that the new double cabin Toyota Hilux will be given to the Assistant Commissioner of each tehsil. Apart from this, new Toyota Yaris will be provided to the deputy commissioner of each district and Toyota Corolla to the additional commissioner of each division. It has also been said in this notification that the vehicle used by the Assistant Commissioner will be given to the Tehsildar. This decision is also being strongly opposed by the opposition parties.

Pakistan has to repay foreign debt of $ 2.44 billion this month. In this, China has given a loan of $ 2.07 billion. Apart from this, the safe deposit of one billion dollars has also not been paid to China. Pakistan and China are in talks this month to rollover about $3 billion in debt. Apart from this, Pakistan has to pay about $ 195 million to Saudi Arabia this month. Countries like France and Japan also have outstanding debt payments.

Production disruptions are on the rise for Indus Motor Company (IMC), which assembles vehicles in Pakistan for Toyota. The IMC had told that the automobile sector is suffering huge losses due to the restrictions imposed by the Central Bank of Pakistan on imports and the weakening of the currency. PSMC assembles and markets Suzuki cars, pickups, vans and motorcycles in Pakistan. Due to the exchange rate crisis, difficulties have increased for Pakistan’s automobile industry, which is highly dependent on imports. Apart from this, the demand is also decreasing due to the deteriorating condition of the economy, high interest rates and high taxes on vehicles.

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