Reading Now: IMF Wants Pakistan To Freeze Salaries For Government Employees
The coronavirus pandemic has been taking its toll on Pakistan’s already weak and disabled economy. A major part of the socioeconomic infrastructure has collapsed and many businesses have declared bankruptcy with the advent of a crash in the stock market. The businesses which are still functional in the major cities are unable to meet their daily target of revenue collection because of disruption in demand and supply chain. In such difficult time, International Monetary Fund has appeared out of nowhere with some cash-hungry demands of its own. IMF wants Pakistan to freeze salaries for government employees, the only sector in Pakistan’s society which has been slightly less affected by the economic brunt of corona pandemic.
IMF urges cash-strapped Pakistan to freeze government employees' salaries to bring down the public debt. Will Pakistan swallow the bitter pill? @alysonle gets you this report pic.twitter.com/9FEaTDP0mC
— WION (@WIONews) June 5, 2020
Why Does IMF Want This To Happen?
Basically, by taking loans from the IMF, a country is bound to abide by certain terms and conditions and the IMF lies in a position to propose certain ideas that can help a country develop economically in order for it to be able to fulfill the terms and conditions. IMF has urged the Pakistani government to halt the deliverance of salaries to government employees in an attempt to decrease the pubic debt that lies on the country as of now. The Finance Ministry reported that the government refused to accept this proposal because it was outrageous on many different levels and difficult to implement.
It has been estimated that Pakistan’s loans have reached to about 90% of its total national economy. This figure is huge enough to boggle calculators as well as some minds which claim to be good at arithmetic. PM Imran Khan and his government have been launching their efforts in an attempt to get a hold of the exponentially increasing loans on the country.
Government Employees Are Insecure
With this news many people have raised their voices on the social media and expressed their insecurity towards this matter because now the government may consider this a viable or potentially fruitful solution in the long run. Many employees have rendered their services for as long as up to 30 years and they are genuinely infuriated over this concept. Recently, major of the government offices have been closed in light of the pandemic, due to which a lot of staff is on vacation and offices are empty.
The employees are of the view that it is the mandatory duty of any government to provide job security to its workers. With most government employees having no other means of earning like business or trading, a freeze in salaries or major cut in it would be a nightmare.
What are your thoughts on this? Let us know in the comments.