Pakistan economic crisis: Hajj quota surrendered to Saudi Arabia for first time in 75 years

Pakistan has surrendered its Hajj quota to Saudi Arabia for the first time in 75 years. This decision was taken due to the country's rising inflation that has led to thousands of Pakistanis skipping the pilgrimage this year.

Pakistan reportedly returned 8,000 unutilised seats, which will save the Pakistani government $24 million. The religious affairs ministry confirmed the returning of the government scheme quota.

According to reports by the Express Tribune, this move was aimed to save millions in dollars of additional amount the government would have had to shell out for the accommodation of the pilgrims.

As per the report, the federal government had earlier announced that there would be no balloting for the Hajj applicants as they had anticipated a shortage in applications. Pakistan was given the full share for the pilgrimage this year, following the government’s long-standing demand to increase the quota.

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Meanwhile, the International Monetary Fund is working with Pakistan to conclude a ninth review of a bailout programme. Pakistan and IMF have been discussing fiscal policy measures since February for the stalled funding of $1.1 billion due in November from a $6.5 billion programme that was agreed in 2019.

The country saw the highest ever inflation in April at 36.4 per cent. The IMF funding is crucial for Pakistan to avert default on its external payment obligations.

The current IMF programme aims to disburse an additional $1.4 billion for Pakistan before it concludes in June.

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