Via India These days Global Table: The federal government in Pakistan’s Punjab province has declared to hoist its nationwide flag on a 500-foot-tall flag mast, costing round PKR (Pakistani rupee) 40 crore on August 14 to mark its 76th Independence Day. This comes after Pakistan secured a bailout bundle from the Global Financial Fund (IMF) to include its crumbling financial system.
Punjab province in cash-strapped Pakistan, which reportedly wishes no less than Rs 2,000 crore within the subsequent two years to pay again overseas loans (with pastime), will hoist the flag at Liberty Chowk in Lahore.
Six years in the past, in 2017, Pakistan unfurled a 400-foot tall flag, the perfect in South Asia, on the Attari-Wagah border. The 120×80 toes flag was once the most important within the seven-decades-old historical past of Pakistan.
The verdict by means of the Pakistani government got here days after the IMF authorized a $3 billion bailout for Pakistan to stop default on debt repayments. The finances will probably be launched over 9 months to make stronger the rustic’s financial stabilisation program.
Previous, Pakistan on July 12 gained USD 1 billion from the UAE to spice up its reserves, an afternoon after Saudi Arabia transferred USD 2 billion to the rustic’s central financial institution.
Pakistan has been reeling below the heft of its dwindling financial system ever because it confronted a significant surprise closing yr when devastating floods killed 1,739 other people, destroyed 2 million properties and led to $30 billion in harm.
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