LAHORE – Valentine’s Day is celebrated every year on February 14 across the globe to express love for a special someone. It is the day, when people buy gifts, chocolates and roses for their love ones, besides some arranging dinners at the high-end restaurants.
However, the figure about Americans spending on Valentine’s Day will come as a complete surprise for many, especially for people of Pakistan, a country approaching international lenders and friendly states to stable its foreign reserves and balance of payments.
The amount will also left people in shock who are facing drought in some parts of Africa and other regions including Afghanistan.
According to a survey issued by the US National Retail Federation, people across the US are expected to spend $23.9 billion on Valentine’s Day gifts this year, up from $21.8 billion in 2021.
The amount is four times the amount that Pakistan has received from the International Monetary Fund (IMF) under a loan programme.
Pakistan entered the $6bn, 39-month funding programme with the IMF in July 2019, but the funding stalled in mid-2021 due to issues over some conditions by the global lender.
Later in November 2021, IMF agreed to revive the program and it approved the disbursement of $1 billion in February this year. Pakistan has so far received about $3bn from IMF under the loan programme.
