Despite the country’s dire financial situation, Pakistan has been engaged in a “Pakistan Flag War,” and has set aside PKR 40 crore for a flag-raising ceremony in Lahore. Despite a weakening economy, the South Asian nation has decided to go into a Flag War that is to hoist its national flag on a 500-foot-tall flag mast on Independence Day this year, August 14th.
Pakistan Flag War: Pakistan to Raise Flag Taller than India’s
This declaration came shortly after Pakistan got a bailout package from the International Monetary Fund (IMF) in order to try to stabilise its struggling economy. Despite the nation’s poor financial position, which requires at least PKR 2,000 crore in the next two years to satisfy its foreign debt repayments, Punjab province has decided to focus its efforts on the flag-raising ceremony at Liberty Chowk in Lahore, according to Khalsavox.
This mistaken patriotism exposes the country’s dubious fiscal practices in the face of its mounting financial crisis. The worrying move comes only days after the IMF authorised a USD 3 billion bailout to help Pakistan escape a financial default.
These funds, which were distributed over nine months, were not intended to fund a flag-raising competition with India, but rather to support the country’s economic stability, according to the writer, who adds that Pakistan’s decision to spend its meagre resources on a massive flag appears to be a tragic diversion from the pressing need to rebuild its economy.
In addition to the IMF’s help, Pakistan received financial assistance from the UAE and Saudi Arabia totalling USD 1 billion and USD 2 billion, respectively, to strengthen its depleted reserves.
Pakistan Flag War: Why Pak will hoist Rs 40 Crore Flag on Independence?
Both India and Pakistan gained independence from British rule on the same day, although Pakistan’s Independence Day is celebrated on August 14, one day before India. In truth, Pakistan has some pricey plans for this year’s Independence Day celebrations.
In an attempt to outdo India, Pakistan has decided to fly a gigantic 500-foot national flag on Independence Day, which is worth Rs 40 crore in Pakistani money, according to India Today. This flag will be raised on August 14 at Liberty Chowk in the country’s Punjab region.
What is notable is that Pakistan has decided to spend Rs 40 crore of government funds on flying their national flag on Independence Day, despite the fact that the country has been in a severe financial crisis for several years and is currently in debt to the tune of Rs 2000 crore.
This decision by Pakistan to erect a 500-foot flag comes after India revealed preparations to unfurl a flag as big as 413 feet on the Attari border. However, this is not the first time that ‘flag wars’ between the two hostile countries have erupted.
For years, India and Pakistan have competed over their Independence Day flags. Pakistan chose to install a 400-foot flag along the Attari-Wagah border in 2017, shortly after the Indian government installed a new 360-foot tricolour there.
IMF Approves $3 Billion Loan For Pakistan
The International Monetary Fund (IMF) authorised a 9-month Stand-By arrangement of USD 3 Billion for Pakistan on Wednesday to support the country’s economic stabilisation programme.
Pakistan which is now in a Flag War, signed a short-term IMF agreement on June 30 under which Islamabad will receive USD 3 billion over nine months, subject to approval by the IMF’s board. After months of delays, cash-strapped Pakistan obtained the IMF bailout package after implementing difficult economic measures such as hiking interest rates and increasing taxes to meet IMF demands.
Pakistan’s economic crisis has intensified over the last few months, with the country now taking on more debt after Saudi Arabia, UAE and the IMF have lent it billions of dollars after the flood aftermath in the country.
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