ISLAMABAD: It is reported that a new cost-cutting measure has started in Pakistan to tackle the severe economic crisis. Pakistan's Prime Minister Shehbaz Sharif came out with a new announcement stopping the luxury life of ministers and officials. The ministers have been banned from flying abroad in business class and staying in five-star hotels. The Prime Minister says that by doing this, the country will save 200 billion rupees annually.

According to the latest report, all cabinet members have been asked to forego their salaries and to pay their own utility bills. They were also told to auction off their luxury vehicles and travel in economy class without support staff. It has also been decided not to provide security vehicles to government officials. Also, one dish will be served toc cut costs during government programs.

Allotment of more land to government officials has been stopped. The Prime Minister announced that more austerity measures will be introduced in the next budget. The announcements came out ahead of an agreement with the International Monetary Fund this week. The State Bank of Pakistan had informed that Pakistan's foreign exchange reserves had decreased by 5.5 percent on February 3. The country reportedly has total reserves of $8.54 billion, including $5.62 billion held by commercial banks. In 2023, Pakistan is facing the highest inflation since 1975.