In fear of default, over 127,000 flee Pakistan in 2023

Islamabad: As Pakistan continues to suffer from severe economic crisis owing to delay in the International Monetary Fund (IMF) package, a whopping 1,27,000 locals have left the Shehbaz Sharif-led country in first two months of 2023 in search of jobs. As per the data released by Pakistan’s Bureau of Emigration and Overseas Employment, a total of 127,400 Pakistanis left the country during the first two months (January and February) of 2023, according to local media reports. Back in 2015, the highest number of locals (946,571) in Pakistan left the country in search of employment abroad. Who suffers the most? Out of the total number of people who left Pakistan in January and February, 52,398 were laborers and 29,989 were drivers. Besides them, 1,396 were engineers, 1,257 accountants, 549 doctors, and 241 teachers. A breakdown of the statistics show that as many as 61,321 people migrated to Saudi Arabia, 27,501 went to United Arab Emirates, 13,700 to Qatar, and 11,060 left Pakistan for Oman, the local media reports said. The reports further mentioned that the data of the Bureau of Emigration and Overseas Employment pertains to people registered with the bureau, while the ones who shift to other countries for studies or through other routes such as direct immigration are not included in the mentioned list. Ever since the bureau was started in 1971, more than 10 million people have reportedly left the country in search of better opportunities abroad. Pakistan Economic Crisis The Shehbaz Sharif-led Pakistani government has been negotiating with the International Monetary Fund (IMF) to clear its ninth review. If the IMF board approves the review, the global financial institution will release $1.1 billion for Pakistan, which is part of a $6.5 billion bailout agreement. Pakistan’s textile sector has reached the brink of default as it is unable to pay back the loans it received under TERF (Temporary Economic Refinance Facility) and LTFF (long-term facing facilities) which will soon also lead to a possible banking crisis in Pakistan, according to the letter of APTMA to the State Bank of Pakistan written in February earlier this year. Earlier during the Imran Khan-led PTI regime in Pakistan, the State Bank of Pakistan provided the TERF and LTFF facilities to help industrialists install more textile units for growth in Islamabad’s exports. (With inputs from agencies) Read all the Latest News, Trending News,  Cricket News, Bollywood News, India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.