Economic crisis in Pakistan
The economic crisis in Pakistan and the transfer of Saudi Arabia’s Hajj quota: Pakistan has decided to give Saudi Arabia its allotted number of pilgrims for the Hajj for the first time in 75 years.
Pakistan has decided to give Saudi Arabia its allotted number of pilgrims for the Hajj for the first time in 75 years. The country’s soaring inflation, which has led millions of Pakistanis to skip the Hajj this year, was the impetus for this action. Pakistan has returned 8,000 seats that were never used in total, saving the government a significant sum of money totaling $24 million.
The International Monetary Fund (IMF) and Pakistan are currently working together to complete the ninth review of a bailout package. In order to assure the delayed funding of $1.1 billion due in November from a $6.5 billion plan that was agreed upon in 2019, Pakistan and the IMF have been in discussions about fiscal policy measures since February.
With Pakistan’s inflation rate currently at an all-time high of 36.4%, IMF money is essential to avoid external payment obligations being missed. Before it expires in June, the present IMF programme intends to give Pakistan an additional $1.4 billion.
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Hajj quota given up to Saudi Arabia: Key Points
- It has been certified by the Ministry of Religious Affairs that the government programme quota has been returned.
- Due to Pakistan’s severe inflation situation, this choice was made to save millions of dollars that would have been needed to provide accommodations for the pilgrims.
- Because they expected a dearth of applications, the federal authorities had already declared that there would be no balloting for hajj applicants.
- As a result of the government’s ongoing request to expand the quota, Pakistan was granted the entire share for the pilgrimage this year.