Pakistan's economy faces severe headwinds with mounting deficits, high inflation
2 years ago

Pakistan's economy faces severe headwinds with mounting deficits, high inflation

The Hindu  

Pakistan’s economic situation is facing "severe headwinds" with inflation being forecast to stay high between 21-23% and the cash-strapped country's fiscal deficit widening by more than 115% in the first four months of the current fiscal year. "This combination of low growth, high inflation and low levels of official foreign exchange reserves are the key challenges for policymakers,” alerted the MoF on December 30. Pakistan central bank criticises Shehbaz Sharif government’s policy of prioritising growth over price, financial stability It said the average Consumer Price Index in the first five months of FY23 remained 25.1% compared to 9.3% in the same period last year. Thirdly, Pakistan’s official foreign exchange reserves are at relatively low levels, necessitating restrictive monetary policy and other measures to limit imports.

Pakistan High Billion Low Deficit Mof Lsm  high  pakistans  mounting  lsm  deficits  mof  growth  severe  expected  deficit  headwinds  inflation  months  output  economy  low  fiscal  billion  faces

History of this topic

Pakistan blames IMF for record inflation, erosion in purchasing power
1 month ago

Pakistan blames IMF for record inflation, erosion in purchasing power

Firstpost  

Under the IMF programme, Pakistan recorded 840% increase in gas prices, 110% rise in electricity rates, and 43% currency depreciation, according to Finance Minister Muhammad Aurangzeb Cash-strapped Pakistan has turned to the IMF yet again to rescue its ailing economy. Pakistani Finance Minister Muhammad Aurangzeb said on Wednesday that the country recoded 840 per cent increase in gas prices, 110 …

Pakistan economy grows faster than expected buoyed by IMF loan, lower rates
3 months, 2 weeks ago

Pakistan economy grows faster than expected buoyed by IMF loan, lower rates

Hindustan Times  

Pakistan’s economy grew faster than expected last quarter as funds from the International Monetary Fund and lower interest rates buoyed activity. Pakistan's GDP rose 3.07% in the last quarter, aided by IMF funds and lower borrowing costs. {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}} Gross domestic product rose 3.07% in the three months to June from a year ago, the Pakistan Bureau of …

Pakistan reaches new $7 billion loan deal with IMF
6 months ago

Pakistan reaches new $7 billion loan deal with IMF

Associated Press  

Pakistan has reached a staff-level agreement for a new $7 billion loan deal, the International Monetary Fund said Friday, the country’s latest turn to the global lender for help in propping up its economy and dealing with its debts through big bailouts. “The program aims to capitalize on the hard-won macroeconomic stability achieved over the past year by furthering efforts …

Pakistan’s new government presents its first budget as it seeks a new long-term IMF bailout
7 months ago

Pakistan’s new government presents its first budget as it seeks a new long-term IMF bailout

Associated Press  

ISLAMABAD — Pakistan’s new coalition government presented its first budget in parliament on Wednesday, promising an increase of up to 25% in the salaries of government employees and setting an ambitious tax collection target while talks with the International Monetary Fund about a new bailout continue. Analysts say the new budget of about $68 billion — up from $50 billion …

Is Pakistan’s crisis-ridden economy finally recovering?
7 months ago

Is Pakistan’s crisis-ridden economy finally recovering?

Al Jazeera  

Ahead of the country’s budget on Wednesday, inflation is down, forex reserves are up. Islamabad, Pakistan – The Pakistani government will present its annual budget on Wednesday, seeking to balance domestic commitments to the country’s 240 million people and demands of fiscal prudence from the International Monetary Fund – a key source of loans. Sharif recently travelled to Saudi Arabia, …

Saudi foreign minister arrives in Pakistan to discuss how to help with the country's economic crisis
9 months ago

Saudi foreign minister arrives in Pakistan to discuss how to help with the country's economic crisis

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

With 25% inflation, Pakistan has the highest cost of living in Asia: ADB
9 months ago

With 25% inflation, Pakistan has the highest cost of living in Asia: ADB

The Hindu  

Pakistan has the highest living cost in all of Asia with a 25% inflation rate and its economy may grow at the fourth lowest pace of 1.9% in the region, according to a new Asian Development Bank report. The Manila-based lending agency stated that the inflation rate in Pakistan is expected to be 25% in the current fiscal year -- …

Pakistan’s election: Can the next government bring economic stability?
11 months, 1 week ago

Pakistan’s election: Can the next government bring economic stability?

Al Jazeera  

There will be no honeymoon period for winners of this week’s pivotal 2024 polls as economic challenges loom large. As the country found itself at a precarious juncture, then-Prime Minister Shehbaz Sharif managed to secure a crucial bailout package from the International Monetary Fund – its 23rd fund programme since 1958 – just weeks before the government’s term expired. ‘Anti-populist’ …

Pakistani traders strike countrywide against high inflation and utility bills
1 year, 4 months ago

Pakistani traders strike countrywide against high inflation and utility bills

Associated Press  

ISLAMABAD — Pakistani traders on Saturday went on strike against the soaring cost of living, including higher fuel and utility bills and record depreciation of the rupee against the dollar, which has led to widespread discontent among the public. If they don’t consider our problems, we will devise further strategies, said Fahad Ahmed, a trader in Karachi, adding, “If you …

Pakistan granted rollover on $2.4bn Chinese loan: minister
1 year, 5 months ago

Pakistan granted rollover on $2.4bn Chinese loan: minister

The Hindu  

China has granted Pakistan a two-year rollover on a $2.4 billion loan, Islamabad said Thursday, giving the debt-saddled nation breathing space in its balance-of-payments crisis. Soaring inflation, shrinking dollar reserves and crippling foreign debt led Pakistan to the brink of default before a pivotal $3 billion IMF bailout was granted earlier this month. Finance Minister Ishaq Dar said China's EXIM …

China Rolls Over $2.4 Billion Loan to Cash-Strapped Pakistan for Two Years
1 year, 5 months ago

China Rolls Over $2.4 Billion Loan to Cash-Strapped Pakistan for Two Years

News 18  

China has rolled over a USD 2.4 billion loan to its all-weather ally Pakistan for two years to help the cash-strapped country shore up its foreign exchange reserves, Finance Minister Ishaq Dar said on Thursday. “Chinese EXIM Bank has rolled over for 2 years principal amounts of following loans totalling US$ 2.4 billion which are due in next 2 fiscal …

Pakistan’s finance minister says China rolls over $2.4 billion loan for Islamabad for 2 years
1 year, 5 months ago

Pakistan’s finance minister says China rolls over $2.4 billion loan for Islamabad for 2 years

Associated Press  

ISLAMABAD — Pakistan’s finance minister on Thursday said China has rolled over a $2.4 billion loan for the cash-strapped Islamic nation for two years, a move aimed at helping the country overcome one of its worst economic crises. The latest extension in loan maturities by Beijing was a boost to Pakistan’s fragile foreign exchange reserves, which are still only enough …

Pakistan’s forex reserves double to $8.73 billion
1 year, 5 months ago

Pakistan’s forex reserves double to $8.73 billion

Live Mint  

Pakistan's foreign exchange reserves have surged to a nine-month high following a fresh financial bailout from the International Monetary Fund. The country's reserves nearly doubled to $8.73 billion as of July 14, with inflows coming from the IMF and friendly nations like Saudi Arabia and the UAE. The financial assistance, totaling around $4.2 billion received last week, comes as Pakistan …

Pakistan facing "exceptionally high" economic risks, external debt to mount: IMF
1 year, 5 months ago

Pakistan facing "exceptionally high" economic risks, external debt to mount: IMF

India Today  

An assessment from the International Monetary Fund has said that Pakistan's economic challenges were complex and multifaceted and risks were exceptionally high, The Dawn reported. “Resolving Pakistan's structural challenges, including long-term BOP pressures, will require continued adjustment and creditor support beyond the current programme period,” the Fund said in a report. “A possible successor arrangement could help anchor the policy …

Pakistan gets another $600 million loan from China: PM Shehbaz
1 year, 5 months ago

Pakistan gets another $600 million loan from China: PM Shehbaz

The Hindu  

Cash-strapped Pakistan has received a rollover of an additional $600 million loan from its all-weather ally China to help shore up the country's foreign exchange reserves on the back of an IMF deal, Prime Minister Shehbaz Sharif said on Tuesday. It is in addition to the over $5 billion in loans that Beijing has rolled over for Pakistan in the …

Pakistan lost $8.3 bn in remittances, exports in FY23 amid IMF bailout bid
1 year, 5 months ago

Pakistan lost $8.3 bn in remittances, exports in FY23 amid IMF bailout bid

Live Mint  

Earlier this week the International Monetary Fund deposited a much-awaited first installment of $1.2 billion in Pakistan's central bank. The financial infusion was part of a $3 billion new bailout deal that the beleaguered country secured earlier this month after making a slew of changes to comply with conditions set out by the IMF. Recent reports however indicate that Pakistan …

IMF deposits much-awaited $1.2 billion with Pakistan’s central bank under bailout, minister says
1 year, 6 months ago

IMF deposits much-awaited $1.2 billion with Pakistan’s central bank under bailout, minister says

Associated Press  

ISLAMABAD — The International Monetary Fund has deposited a much-awaited first installment of $1.2 billion in Pakistan’s central bank under a bailout deal aimed at helping Islamabad avoid defaulting on its debt repayments, the Pakistani foreign minister said Thursday. U.S. Secretary of State Antony Blinken welcomed the IMF bailout in a tweet saying that the U.S. stands with the Pakistani …

Cash-strapped Pakistan receives $2 billion from Saudi Arabia: Pakistan Finance Minister Dar
1 year, 6 months ago

Cash-strapped Pakistan receives $2 billion from Saudi Arabia: Pakistan Finance Minister Dar

The Hindu  

Pakistan has received deposits of $2 billion from Saudi Arabia, Finance Minister Ishaq Dar said on July 11, ahead of a key meeting of the IMF to endorse a loan for the cash-strapped country. “State Bank of Pakistan has received deposit of $2 billion from the Kingdom of Saudi Arabia. Prime Minister Shehbaz Sharif also extended deep gratitude to the …

Saudi Arabia deposits $2 billion in Pakistan’s central bank as a boost ahead of a key IMF meeting
1 year, 6 months ago

Saudi Arabia deposits $2 billion in Pakistan’s central bank as a boost ahead of a key IMF meeting

Associated Press  

ISLAMABAD — Saudi Arabia has deposited $2 billion into Pakistan’s central bank, the government said Tuesday, a much-needed financial boost ahead of a critical meeting of the International Monetary Fund on the new bailout package for the cash-strapped South Asian country. Dar said that with the Saudi deposit, Pakistan’s foreign exchange reserves which dropped to $9.6 billion last week — …

Pakistan’s flailing economy hit by drop in worker remittances
1 year, 6 months ago

Pakistan’s flailing economy hit by drop in worker remittances

Al Jazeera  

A dramatic drop in foreign workers’ remittances signals a further blow to the economy as Islamabad seeks an IMF bailout. Remittances sent home by Pakistanis working abroad fell to $27bn for the fiscal year 2023, compared with $31.3bn a year earlier, the country’s central bank said on Monday. According to the World Bank last year, Pakistan was the world’s sixth …

Cash-strapped Pakistan slashes trade deficit by 43% in FY 23: Report
1 year, 6 months ago

Cash-strapped Pakistan slashes trade deficit by 43% in FY 23: Report

India TV News  

Cash-strapped Pakistan has reportedly slashed its trade deficit by a staggering 43 per cent to USD 27.55 billion in the fiscal year 2023. In the previous fiscal year 2022, the trade deficit had widened to a daunting USD 48.35 billion, causing concern about the country’s economic stability, The Express Tribune newspaper reported. Ismail Iqbal Securities head of research, Fahad Rauf, …

Pakistan inflation eases for the first time in seven months
1 year, 6 months ago

Pakistan inflation eases for the first time in seven months

Al Jazeera  

Government figures show year-on-year inflation at 29.4 percent, compared with a record 38 percent in May. Pakistan’s headline inflation eased for the first time in seven months in June, figures show – a bright spot for a beleaguered government that must call an election this year. Year-on-year inflation was 29.4 percent last month, Pakistan Bureau of Statistics data showed on …

Pakistan’s economy to grow by 2% in the next fiscal year, says World Bank
1 year, 7 months ago

Pakistan’s economy to grow by 2% in the next fiscal year, says World Bank

The Hindu  

The World Bank has projected Pakistan’s economy to grow by 2% in the next fiscal year, much lower than the 3.5% target set by the National Economic Council, the country's top economic body, saying the lasting effects of the August 2022 floods, along with policy uncertainty and limited foreign exchange resources have depressed activity in the country. “In Pakistan, the …

Number theory: Why Pakistan's current account surplus may spell bad news for the economy
1 year, 7 months ago

Number theory: Why Pakistan's current account surplus may spell bad news for the economy

Hindustan Times  

Pakistan recorded a surplus in its current account for the second consecutive month in April, as per the data released by the State Bank of Pakistan on May 17, shrinking the ongoing fiscal year’s current account deficit by a massive 76% to $3.3 billion in July-April compared to the same period last year. See Chart 1: Revisions in IMF projections …

World Bank estimates decline in Pakistan's GDP per capita income to USD 1,399
1 year, 9 months ago

World Bank estimates decline in Pakistan's GDP per capita income to USD 1,399

Hindustan Times  

The World Bank has estimated a drop in GDP per capita income for Pakistan from USD 1,613.8 in 2021-22 to USD 1,399.1 in 2022-23, Business Recorder reported. In its report 'Macro Poverty Outlook for Pakistan: April 2023', the bank noted that GDP per capita growth is estimated at -1.5 per cent in 2022-23 in comparison to 4.2 per cent in …

IMF slashes Pakistan’s growth rate from 2% to 0.5% for FY23
1 year, 9 months ago

IMF slashes Pakistan’s growth rate from 2% to 0.5% for FY23

The Hindu  

The IMF has lowered its forecast for Pakistan’s economic growth rate from 2% to just 0.5% for the current fiscal year, amid high inflation and a growing unemployment rate in the cash-strapped country. This showed an unambiguous deterioration of economic fundamentals over the last six months since October when the IMF forecast the country’s gross domestic product to grow by …

IMF forecasts Pakistan’s economy to slump, inflation to rise
1 year, 9 months ago

IMF forecasts Pakistan’s economy to slump, inflation to rise

Al Jazeera  

IMF says Pakistan’s economy will grow just 0.5 percent this year, down from 6 percent in 2022. The International Monetary Fund has slashed the growth outlook for cash-strapped Pakistan, forecasting the South Asian country’s fragile economy will grow just 0.5 percent this year, down from 6 percent in 2022. The latest data on Pakistan’s ailing economy was released by the …

IMF massively cuts Pakistan economic growth projection, forecasts over 20% inflation for next two years
1 year, 9 months ago

IMF massively cuts Pakistan economic growth projection, forecasts over 20% inflation for next two years

India TV News  

Pakistan, which is going through its worst economic crisis, the International Monetary Fund in its latest forecast reduced the country's economic growth estimates to 0.5 per cent. The IMF has also projected that the country will see around 20 per cent inflation rate for at least two years. The revision of IMF's inflation estimates for Pakistan also highlight a big …

From the India Today archives (2023) | Pakistan's fast emptying coffers
1 year, 9 months ago

From the India Today archives (2023) | Pakistan's fast emptying coffers

India Today  

We have never defaulted in the past and we won't default now," asserted Pakistan's federal minister for finance Ishaq Dar on March 3, looking irritated at the persistent questions journalists were lobbing at him at a press conference. His irritation stemmed from ongoing speculation about the country's crisis-wracked economy; the latest blow dealt by credit ratings agency Moody's, which had …

Pakistan inflation soars to 47%, Onions up 228% and wheat up 120%
1 year, 9 months ago

Pakistan inflation soars to 47%, Onions up 228% and wheat up 120%

Live Mint  

Crisis-hit Pakistan recorded a new high in inflation based on sensitive price indicator as it went to around 47% year on year the week ended March 22, 2023, according to Pakistan Bureau of Statistics data. Items that have recorded a price high are onions, cigarettes, wheat flour, gas charges for Q1, diesel, tea lipton, bananas, rice basmati broken, petrol, eggs, …

Pakistan receives $2 billion rollover deposits from China to get IMF bailout, says report
1 year, 9 months ago

Pakistan receives $2 billion rollover deposits from China to get IMF bailout, says report

The Hindu  

Cash-strapped Pakistan has received a rollover of $2 billion in deposits for a period of one year from its all-weather ally China to help Islamabad get a much-required bailout from the IMF to stabilise its economy, a media report said on March 24, 2023. The rollover, which basically is not a loan but a financial deposit to be kept at …

IMF sees substantial progress by crisis-hit Pakistan. When will it unlock loan?
1 year, 9 months ago

IMF sees substantial progress by crisis-hit Pakistan. When will it unlock loan?

Live Mint  

Crisis-hit Pakistan has made ‘substantial progress’ toward meeting policy commitments needed to unlock billions of dollars in loans the country needs to avoid default, the International Monetary Fund said, adding that a state-level agreement will follow once the few remaining points are closed. Esther Perez Ruiz, the IMF’s resident representative for Pakistan said, “Ensuring there is sufficient financing to support …

Pakistan's current account deficit hits two-year low
1 year, 9 months ago

Pakistan's current account deficit hits two-year low

India Today  

Curbs on imports by Pakistan began to yield results as the cash-strapped country's current account deficit hit a two-year low of $ 74 million in a month, it emerged on Monday. The State Bank of Pakistan reported that "the current account deficit recorded at $ 0.1 billion in February 2023 against a deficit of $ 0.5 billion in February 2022. …

How skyrocketing inflation has hit Pakistan’s most vulnerable
1 year, 10 months ago

How skyrocketing inflation has hit Pakistan’s most vulnerable

Al Jazeera  

With Ramadan approaching, millions of Pakistanis are struggling to put food on the table amid one of country’s worst economic crises. “I am under debt of 200,000 rupees due to her treatment but I must do what I can as a mother to save her.” Much like Bibi, Ghulam Murtaza Abbasi also had to make difficult calls as Pakistan faces …

The fall and fall of Pakistan
1 year, 10 months ago

The fall and fall of Pakistan

New Indian Express  

How it all came tumbling down 1958-68: General Ayub’s non-liberal policies of the capitalist model increases income inequality 1970s: During Zulfiqar Ali Bhutto’s reign, there was a recession in exports, the partition of East Pakistan, the floods of 1974 and locust attacks. His nationalisation policies became the major reason for the loss of industrial units and private investment 1998: Pakistan …

Nothing is cheap, nothing: Pakistan's inflation at 58-year high, a record
1 year, 10 months ago

Nothing is cheap, nothing: Pakistan's inflation at 58-year high, a record

Hindustan Times  

Monthly inflation jumped to 31.6% in February year-on-year, Pakistan Bureau of Statistics said. In February, prices rose at the fastest pace ever in Pakistan's history, data showed which comes as food and transport costs drove up inflation to a point where analysts fear "families will have to make choices and sacrifices," Pakistan's Dawn reported. In February, prices rose 4.3 per …

Pakistani rupee hits record low amid IMF bailout delay
1 year, 10 months ago

Pakistani rupee hits record low amid IMF bailout delay

Al Jazeera  

Pakistani rupee dropped by 6 percent against the US dollar, while interest rate was raised to 20 percent as the country waits to unlock $1.1bn IMF fund. The Pakistani rupee has touched a record low, while a bigger-than-expected interest rate rise has failed to revive its markets as the South Asian country struggles to unlock critical funding from the International …

Pakistan economic crisis: Islamabad receives $700 mn from China bank, eyes $1,300 mn more
1 year, 10 months ago

Pakistan economic crisis: Islamabad receives $700 mn from China bank, eyes $1,300 mn more

India TV News  

Pakistan economic crisis: Pakistan has received $700 million from the China Development Bank to bolster the country's foreign exchange reserves, which have been under strain due to external debt. The deposit will provide much-needed relief to Pakistan, which has foreign exchange reserves of $3.25 billion as of February 17, barely enough to cover less than three weeks' worth of imports. …

Pakistan Economic Crisis: Millions in danger of losing jobs as industries shut down
1 year, 10 months ago

Pakistan Economic Crisis: Millions in danger of losing jobs as industries shut down

Firstpost  

Karachi: With Pakistan battling its worst economic crisis since its creation, various industries in the country are facing a significant decrease in production and are now bracing for massive layoffs in the workforce. Nasir Mansoor, Secretary General of the National Trade Union Federation Pakistan was quoted as saying by Pakistani media outlet ‘The News International’ that as many as one …

Will crisis-hit Pakistan be able to prevent looming recession?
1 year, 10 months ago

Will crisis-hit Pakistan be able to prevent looming recession?

Live Mint  

The current economic situation of Pakistan has raised the question of whether the cash-strapped country can control mass protests as the cost of living is becoming intolerable for its citizens due to rising inflation, reported Asian Lite International. The current account deficit of the crisis-hit country shrank 90.2% to USD 0.24 billion in January from USD 2.47 billion in the …

High taxes, cost-cutting formula: How Pakistan is dealing with economic crisis?
1 year, 10 months ago

High taxes, cost-cutting formula: How Pakistan is dealing with economic crisis?

Live Mint  

Pakistan has been spiraling into a deep economic crisis as the country's rupee is falling down, fuel prices shooting up, and taxes on luxury goods rising. Pakistan's cost-cutting formula Pakistan Prime Minister Shehbaz Sharif has asked his ministers and advisers to fly economy class, forgo luxury cars and their salaries as part of an austerity drive that will save the …

Pakistan taxing its citizens for IMF deal: 7% surge in tax, luxury goods costly
1 year, 10 months ago

Pakistan taxing its citizens for IMF deal: 7% surge in tax, luxury goods costly

Live Mint  

Pakistan is facing an imminent economic meltdown with the country modifying its policies according to the conditions laid down by the International Monetary Fund, in an effort to unlock the tranche of a $6.5 billion loan facility to overcome the financial crisis. Kristalina Georgieva, IMF Managing Director has also emphasized two things that can help Pakistan get away from economic …

Pakistan's current account deficit decreases as imports grind to near standstill
1 year, 10 months ago

Pakistan's current account deficit decreases as imports grind to near standstill

Firstpost  

Karachi: Pakistan’s current account deficit dropped to $0.2 billion in January 2023, down 90% from last year as the rupee’s depreciation slowed down imports, the central bank said on Monday. In less than a month, cash-strapped Pakistan’s currency has lost more than a quarter of its value against the US dollar after the removal of artificial caps, and fuel prices …

Pakistan economic crisis: Many firms closed, inflation high, forex reserve falls
1 year, 10 months ago

Pakistan economic crisis: Many firms closed, inflation high, forex reserve falls

Live Mint  

Pakistan economic crisis: Several biggest companies in the crisis-hit country have halted operations as they ran out of raw materials or foreign exchange which has compounded the troubles of an economy that's trying to avert a debt default, as per Bloomberg reports. Ghandhara Tyre & Rubber Company, which manufactures tires and tubes for automobiles, shut its plant on February 13, …

Pakistan economic crisis: Inflation, forex reserves among 5 worrisome indicators
1 year, 10 months ago

Pakistan economic crisis: Inflation, forex reserves among 5 worrisome indicators

Live Mint  

Pakistan has been struggling with an economic downfall for the last few months with multiple indicators clearly suggesting that the country is battling its worst nightmare since 1971 when the country lost a war against India and partitioned from Bangladesh. Let's know Pakistan's economic situation with these economic indicators, 1) External debts jump by 70% Pakistan's external debt servicing rose …

Inflation in Pakistan could average 33% in H1 2023, says Moody’s economist
1 year, 11 months ago

Inflation in Pakistan could average 33% in H1 2023, says Moody’s economist

Live Mint  

Inflation in Pakistan could average 33% in the first half of 2023 before trending lower, and a bailout from the International Monetary Fund alone is unlikely to put the economy back on track, a senior economist with Moody's Analytics told Reuters. "Food prices are high and they can't avoid paying for that, so we're going to see higher poverty rates …

Fitch downgrades Pakistan's rating; warns default a 'real possibility'
1 year, 11 months ago

Fitch downgrades Pakistan's rating; warns default a 'real possibility'

India Today  

The beleaguered Pakistani economy faces substantial credit risks with "critically low levels” of foreign exchange reserves, New York-based global ratings agency Fitch said on Tuesday, warning that a default is a "real possibility." The downgrade reflected a sharp deterioration in external liquidity and funding conditions, along with decline of foreign exchange reserves to “critically low levels," Fitch said. Fitch said …

Pakistan economic crisis: Tax hikes may surge inflation, check food prices here
1 year, 11 months ago

Pakistan economic crisis: Tax hikes may surge inflation, check food prices here

Live Mint  

Pakistan has been struggling with a huge economic crisis after its forex reserve has fallen down. This comes after the International Monetary Fund delayed the release of a crucial $1.1 billion portion of a 2019 deal worth $6 billion, on hold since December over Pakistan's failure to meet the terms. Ehtisham-ul-Haq, a veteran economist said, “The imposition of more taxes …

Pakistan to impose taxes worth Rs 170 billion to meet IMF conditions
1 year, 11 months ago

Pakistan to impose taxes worth Rs 170 billion to meet IMF conditions

India TV News  

Pakistani government approved the imposition of new taxes on electricity to raise an additional Rs 170 billion in revenue in order to meet the conditions set by International Monetary Fund, according to a statement. The meeting approved an overarching Revised Circular Debt Reduction Plan worth Rs 952 billion for the current fiscal year that would also involve an additional budget …

Data | Why is Pakistan’s economy collapsing? Explained in charts
1 year, 11 months ago

Data | Why is Pakistan’s economy collapsing? Explained in charts

The Hindu  

Pakistan’s economy is on the brink of collapse. Foreign exchange reserves with the State Bank of Pakistan dipped to $3.08 billion in the week ending January 27, 2023. Chart 3 shows the week-wise foreign exchange reserves held by Pakistan’s central bank. Chart 6 shows financial year-wise Pakistan’s total debt and liabilities in billion PKR. Source: State Bank of Pakistan, Economic …

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