File photo of Pak PM Imran Khan. Photograph:( Reuters )
According to the latest numbers released by Pakistan Bureau of Statistics, inflation in Pakistan is at an all-time high at 9.41 per cent, up from the previous 8.21 per cent
Imran Khan's promise of 'Naya Pakistan' seems to be a distant dream' with the country's economy in shambles
According to the latest numbers released by Pakistan Bureau of Statistics, inflation in Pakistan is at an all-time high at 9.41 per cent, up from the previous 8.21 per cent.
A sharp rise in food, fuel and transport costs have squeezed household budgets in Pakistan, according to the data.
Energy costs, in particular, have risen sharply, hit by a series of devaluations of the Pakistan Rupee. To add to consumer woes, the Pakistan government on Sunday announced a Rs 6 rise in petrol prices to 98.88 rupees a litre.
Pakistan’s currency has lost over a quarter of its value over the past year.
The country has been in talks with the international monetary fund on what would be its 13th bailout since the late 1980s.
However, there are wide differences over issues ranging from lifting exchange rate controls to bringing down the twin deficits.
As a saving grace, Imran Khan government has however secured loans over $8 billion from Saudi Arabia, the United Arab Emirates (UAE)and China. This besides credit oil facility on deferred payment of $3 billion each from Riyadh and the UAE.
The escalation of tensions between India and Pakistan in recent months after the Pulwama attack has put international pressure on Pakistan to act against terror camps operating from its soil, squeezing it of international aid that it could have otherwise secured, draining its already bleeding economy.