Pakistan spends Rs 40 crore on installing flag taller than India after getting IMF Loan
Lahore: The government in Pakistan’s Punjab province has declared to hoist its national flag on a 500-foot-tall flag mast, costing around PKR (Pakistani rupee) 40 crore on August 14 to mark its 76th Independence Day. This comes after Pakistan secured a bailout package from the International Monetary Fund (IMF) to contain its crumbling economy.
Punjab province in cash-strapped Pakistan, which reportedly needs at least Rs 2,000 crore in the next two years to pay back foreign loans (with interest), will hoist the flag at Liberty Chowk in Lahore.
Six years ago, in 2017, Pakistan unfurled a 400-foot tall flag, the highest in South Asia, at the Attari-Wagah border. The 120×80 feet flag was the largest in the seven-decades-old history of Pakistan.
The decision by the Pakistani authorities came days after the IMF approved a $3 billion bailout for Pakistan to prevent default on debt repayments. The funds will be released over nine months to support the country’s economic stabilisation program.
Earlier, Pakistan on July 12 received USD 1 billion from the UAE to boost its reserves, a day after Saudi Arabia transferred USD 2 billion to the country’s central bank.
Pakistan has been reeling under the heft of its dwindling economy ever since it faced a major shock last year when devastating floods killed 1,739 people, destroyed 2 million homes and caused $30 billion in damage.
