Islamabad: A cash-strapped Pakistan, which recently secured a $3 billion bailout package from the International Monetary Fund (IMF), is reportedly led by a government made up of cash-rich leaders and wealthy ministers. A report released by the Election Commission of Pakistan looks into the financial status of these leaders, making a record of their assets and liabilities.
The report states that while the caretaker Prime Minister, Anwaarul Haq Kakar, is "not a rich man, even in his hometown in Balochistan", he has "Rs 47.72 million cash in hand or in banks", Dawn said in a report.
His key Cabinet minister Sarfraz Ahmed Bugti, hailing from a strong tribal family in Balochistan "owns 90 camels, 8,870 sheep, 4,060 goats, 400 cows, 80 bulls and 86 buffaloes — all inherited — and their worth was around Rs 7bn". The Interior Minister has properties valued at around Rs 76m, while his cash reserve is pegged at Rs 7.42m, with Rs 6.80m worth of household items, as per the report.
The caretaker Finance Minister Dr Shamshad Akhtar does not own a car but has inherited gold worth Rs 200,000, gifted assets worth Rs 2.19m, investments worth Rs 134m in T-bills and stocks, and properties worth Rs 4.57m. Her cash holding, however, is pegged at Rs 5.86m.
Privatisation Minister Fawad Hasan Fawad seemed to be the black sheep in the group, owning only a 100-yard plot, valued at Rs 357,000. The minister is also under a massive debt, owing a loan amount of Rs 130m. But the minister owns four businesses worth Rs 3.90m and owns jewellery, household items and other assets worth Rs 96m.
Pakistan is under severe financial duress and had received a $3 billion bailout package from the IMF in June this year to save it from a default. On Thursday, the IMF reached a preliminary deal with Islamabad to release the second tranche of $700m from the fund. The first tranche of $1.2bn was released in July when the IMF asked Pakistan to take a series of corrective steps, including revising its budget and ending its electricity and fuel subsidies.2023-11-17T07:41:02Z dg43tfdfdgfd