Just months ago, Bangladesh was grabbing headlines as an economic miracle. Then all of a sudden, its growth story took a hit. Economists have talked of Bangladesh going the Sri Lanka-Pakistan way, stressing though that the situation is not irreversible. Why is Bangladesh's Economy in a nosedive mode? Watch this report.

Bangladesh success story fizzles, booming economy slows | Inside South Asia

UK Lawmakers launch an investigation into food-supply chain as food price inflation hits 46-year high. Cross-party committee will examine overall profits and risks in the industry while EFRA committee examines impact of external factors on supply chain.

UK cost of living crisis: Lawmakers launch probe into the food inflation crisis

U.S. Inflation eased slightly in April but still remained elevated. Moderating price pressures is good news for the U.S. As that gives the federal reserve room to pause. The consumer price index rose by a below-forecast 4.9% from a year earlier, the first sub-5% reading in two years.

US inflation cooler than expected in April

Inflation in the U.S eased slightly in April but still remained elevated, media reports said on Wednesday.

Moderating price pressures is good news for the US as that gives the Federal Reserve room to pause.

The consumer price index (CPI) rose by a below-forecast 4.9 percent from a year earlier, the first sub-5 percent reading in two years. Notably, economists had forecast the rate to be 5 percent.

The annual CPI peaked at 9.1 percent last June, posting its biggest increase since November 1981, and is subsiding as last year’s initial surge in energy prices following Russia’s invasion of Ukraine drops out of the calculation.

But the reactions to the latest US inflation report were mixed.&nbsp;

For some analysts, the inflation report does not give a clear signal on Federal Reserve's rate path.

“Today’s consumer inflation report supports the case for the Fed to seriously contemplate a pause in rate hikes in June, but does not support any near-term rate cuts,” said Scott Anderson, chief economist at Bank of the West in San Francisco.

Inflation has definitely moderated from overheated rates last year. But it still remains elevated and above the Federal Reserve's target of 2 percent.

“On balance, inflation is still too high and it is not going to fall back to 2% if it increases 0.4% a month,” Chris Low, chief economist at FHN Financial in New York, told Reuters.&nbsp;

The Federal Reserve's dichotomy is whether to look at inflation and hike rates or focus on the banking crisis.&nbsp;The aggressive rate hikes over the past year have hurt the banking industry heavily. But the central bank had no choice but to list rates because of soaring inflation.

Now, the domino effect of banks collapsing is keeping the US central bank on its toes.

(With agency inputs)&nbsp;

Inflation in the U.S eased slightly in April but still remained elevated, media reports said on Wednesday. Moderating price pressures is good news for the US as that gives the Federal Reserve room to pause.

Inflation in the U.S eased slightly in April but still remained elevated, media reports said on Wednesday. Moderating price pressures is good news for the US as that gives the Federal Reserve room to pause. The consumer price index (CPI) rose by a below-forecast 4.9 percent from a year earlier, the first sub-5 percent reading in two years. Notably, economists had forecast the rate to be 5 percent. The annual CPI peaked at 9.1 percent last June, posting its biggest increase since November 1981, and is subsiding as last year’s initial surge in energy prices following Russia’s invasion of Ukraine drops out of the calculation. But the reactions to the latest US inflation report were mixed. For some analysts, the inflation report does not give a clear signal on Federal Reserve's rate path. “Today’s consumer inflation report supports the case for the Fed to seriously contemplate a pause in rate hikes in June, but does not support any near-term rate cuts,” said Scott Anderson, chief economist at Bank of the West in San Francisco. Inflation has definitely moderated from overheated rates last year. But it still remains elevated and above the Federal Reserve's target of 2 percent. “On balance, inflation is still too high and it is not going to fall back to 2% if it increases 0.4% a month,” Chris Low, chief economist at FHN Financial in New York, told Reuters. The Federal Reserve's dichotomy is whether to look at inflation and hike rates or focus on the banking crisis. The aggressive rate hikes over the past year have hurt the banking industry heavily. But the central bank had no choice but to list rates because of soaring inflation. Now, the domino effect of banks collapsing is keeping the US central bank on its toes. (With agency inputs)

US inflation eases in April: Markets see only tiny possibility of June rate hike

The Bank of England is forecast Thursday to deliver its twelfth straight interest rate hike as it seeks to dampen high inflation but risks worsening a cost-of-living crisis. It is expected to lift the key rate by 25 basis points to 4.5 percent, matching the previous March hike and taking borrowing costs to a level last seen in 2008 during the early stages of the global financial crisis.

Inflation-fighting Bank of England set for 12th straight interest rate hike

The Australian government has announced a $10 billion package over four years to ease the financial burden of its citizens due to rising living costs.

The relief plan, announced as part of the country annual budget, aims to provide financial assistance to families and businesses without stoking inflation, which is still at a near 30-year high of 7 percent despite a slight decline in the first quarter.

The financial assistance will benefit over 5 million low-income families, small businesses, and pensioners struggling with high power bills. This aid is particularly crucial as Australia's energy prices have been increasing, leading to a surge in power bills.

The government has been careful with its spending to prevent inflationary pressures, unlike the Reserve Bank of Australia (RBA), which surprised traders by raising rates by 0.25 percent&nbsp;to 3.85 percent&nbsp;last week.&nbsp;

The RBA has warned that inflation risks are on the rise due to low productivity growth, increasing energy prices, and surging rents. The government's latest relief measures come after it set aside $8 billion for wage rises for aged care workers over four years.

Inflation remains a concern for policymakers, and the the central bank's decision to raise rates has been met with mixed reactions from traders.

While some have called the rate hike&nbsp;premature, given that inflation has not yet shown signs of being sustained at the current level. Others, however, called the move necessary, arguing that it will prevent inflation expectations from becoming entrenched, leading to a more prolonged inflationary period.

The financial package and the surprise rate hike come&nbsp;at a time when the Australian economy faces the threat of recession, which is partly blamed on the central bank's aggressive rate hikes.

While interest rate hikes have been used across the world to cool inflation down, they also deaccelerate economic growth.&nbsp;With the surprise rate cut in May, there is a 45 percent probability of Australia slipping into a recession this year, say media reports.&nbsp;

The Australian government has announced a $10 billion package over four years to ease the financial burden of its citizens due to rising living costs. The relief plan, announced as part of the country annual budget, aims to provide financial assistance to families and businesses without stoking inflation, which is still at a near 30-year high of 7 percent despite a slight decline in the first quarter.

The Australian government has announced a $10 billion package over four years to ease the financial burden of its citizens due to rising living costs. The relief plan, announced as part of the country annual budget, aims to provide financial assistance to families and businesses without stoking inflation, which is still at a near 30-year high of 7 percent despite a slight decline in the first quarter. The financial assistance will benefit over 5 million low-income families, small businesses, and pensioners struggling with high power bills. This aid is particularly crucial as Australia's energy prices have been increasing, leading to a surge in power bills. The government has been careful with its spending to prevent inflationary pressures, unlike the Reserve Bank of Australia (RBA), which surprised traders by raising rates by 0.25 percent to 3.85 percent last week. The RBA has warned that inflation risks are on the rise due to low productivity growth, increasing energy prices, and surging rents. The government's latest relief measures come after it set aside $8 billion for wage rises for aged care workers over four years. Inflation remains a concern for policymakers, and the the central bank's decision to raise rates has been met with mixed reactions from traders. While some have called the rate hike premature, given that inflation has not yet shown signs of being sustained at the current level. Others, however, called the move necessary, arguing that it will prevent inflation expectations from becoming entrenched, leading to a more prolonged inflationary period. The financial package and the surprise rate hike come at a time when the Australian economy faces the threat of recession, which is partly blamed on the central bank's aggressive rate hikes. While interest rate hikes have been used across the world to cool inflation down, they also deaccelerate economic growth. With the surprise rate cut in May, there is a 45 percent probability of Australia slipping into a recession this year, say media reports.

Australia's budget to provide $10 billion financial package amid record-high inflation

The IMF stated that due to inflation and the global economic slowdown, Bangladesh's foreign reserves and economic growth are in jeopardy. This declaration follows the IMF's just finished visits to Bangladesh in January of this year.

IMF: Inflation, global slowdown risks to Bangladesh and its economy

All is not well in Pakistan. The Pakistani rupee has dethroned Sri Lanka as the worst performing currency in South Asia due to Pakistan's severe inflation, according to a report from our bureau chief in Pakistan, Anas Malit. The situation has gotten much worse for the average person.

Pakistan: Amenities double in price, fuel rates make cargo transport costly

Pakistan's economy appears to be worsening with every passing day. The country has now overtaken Sri Lanka, which too is suffering severe economic crisis and is gradually showing signs of recovery.

Pakistan overtakes Sri Lanka with weakest currency

The US Federal Reserve raised its interest rates by a quarter of a percentage point for a 10th&nbsp;consecutive time on Wednesday (May 3), while indicating a pause in further increases. This comes amid recent bank failures as well as Congress’ ongoing deadlock over the debt ceiling issue.&nbsp;

The central bank has been aggressively raising interest rates since March last year in a bid to control the US’ soaring inflation and pushed its benchmark overnight interest rate somewhere in the 5.00 per cent and 5.25 per cent range. In the statement, the Fed also said that it would “take into account” the impact of tighter monetary policy and “economic and financial developments” going forward.

During the press conference, Fed Chair Jerome Powell said that the central bank still views inflation as too high and that it remains concerned by high price pressures. However, it no longer “anticipates” further hikes and monitors the incoming data to make the decision if more hikes “may be appropriate.”

Therefore, Powell has said that it is too soon to say if the rate-hike cycle is over as the decisions made by officials are taking on a “meeting-by-meeting” basis, adding, “we are prepared to do more&nbsp;with rate rises if needed.”&nbsp;

The decision about the recent hike came after the policy-setting Federal Open Market Committee’s (FOMC) recent meeting and was in line with the expectations of analysts and traders.&nbsp;

Notably, the recent statement by the central bank marks a departure from the last rate announcement where policymakers had said that they expect “additional policy firming” to rein in inflation. This time around, the Fed’s ease of guidance suggests that the economy is somewhat beginning to cool.&nbsp;

“If you add up all the tightening that's going on through various channels, we feel like we're getting close or are maybe even there,” said Powell, as quoted by Reuters, about monetary policy. The Fed chair also pushed back on market expectations of rate cuts this year adding, “We on the committee have a view that inflation is going to come down not so quickly, it will take some time.”&nbsp;

It is worth noting that the Fed’s policy rate, this time around, is somewhat close to where it was on the eve of the 2008 financial crisis. The rate hikes have more than doubled mortgage rates, elevated the costs of auto loans, credit card borrowing and business loans and heightened the risk of a recession, reported The Associated Press.&nbsp;

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The US Federal Reserve raised its interest rates by a quarter of a percentage point for a 10th consecutive time on Wednesday (May 3), while indicating a pause in further increases.

The US Federal Reserve raised its interest rates by a quarter of a percentage point for a 10th consecutive time on Wednesday (May 3), while indicating a pause in further increases. This comes amid recent bank failures as well as Congress’ ongoing deadlock over the debt ceiling issue. The central bank has been aggressively raising interest rates since March last year in a bid to control the US’ soaring inflation and pushed its benchmark overnight interest rate somewhere in the 5.00 per cent and 5.25 per cent range. In the statement, the Fed also said that it would “take into account” the impact of tighter monetary policy and “economic and financial developments” going forward. During the press conference, Fed Chair Jerome Powell said that the central bank still views inflation as too high and that it remains concerned by high price pressures. However, it no longer “anticipates” further hikes and monitors the incoming data to make the decision if more hikes “may be appropriate.” Therefore, Powell has said that it is too soon to say if the rate-hike cycle is over as the decisions made by officials are taking on a “meeting-by-meeting” basis, adding, “we are prepared to do more with rate rises if needed.” The decision about the recent hike came after the policy-setting Federal Open Market Committee’s (FOMC) recent meeting and was in line with the expectations of analysts and traders. Notably, the recent statement by the central bank marks a departure from the last rate announcement where policymakers had said that they expect “additional policy firming” to rein in inflation. This time around, the Fed’s ease of guidance suggests that the economy is somewhat beginning to cool. “If you add up all the tightening that's going on through various channels, we feel like we're getting close or are maybe even there,” said Powell, as quoted by Reuters, about monetary policy. The Fed chair also pushed back on market expectations of rate cuts this year adding, “We on the committee have a view that inflation is going to come down not so quickly, it will take some time.” It is worth noting that the Fed’s policy rate, this time around, is somewhat close to where it was on the eve of the 2008 financial crisis. The rate hikes have more than doubled mortgage rates, elevated the costs of auto loans, credit card borrowing and business loans and heightened the risk of a recession, reported The Associated Press. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

US Federal Reserve announces quarter-point interest rate hike, signals potential pause

Amid soaring inflation in the country, the Iranian parliament on Sunday voted in an impeachment session to remove industry minister Reza Fatemi Amin. Parliament Speaker Mohammad Bagher Ghalibaf announced the results during a session broadcast live on state television.

Amid soaring inflation in the country, the Iranian parliament on Sunday voted in an impeachment session to remove industry minister Reza Fatemi Amin. Parliament Speaker Mohammad Bagher Ghalibaf announced the results during a session broadcast live on state television. Amin failed to garner enough votes to save his spot as 162 MPs voted in favour of his removal while 102 against. This was the second instance an impeachment motion had been brought against him. In November last year, Amin managed to stave off the challenge after securing 182 votes. Parliamentarians, who voted to remove industry, mines and trade minister Reza Fatemi-Amin, accused him of failing to control "skyrocketing prices of automobiles and the rising costs of industrial production" and lambasted him for mismanagement. Ahead of the vote, President Ebrahim Raisi batted for him and urged "stability in the management of this ministry". Even Amin argued, "The automobile industry is based on assembly and domestication, so it has problems with the ups and downs of sanctions." According to reports, the major reason that contributed to Amin's downfall was supreme leader, Ayatollah Ali Khamenei, who has the final say in major policies criticising the high prices and low quality of home-made products including cars. Rial plunges to historic low Earlier this year in February, the Iranian currency, the rial plunged to its lowest with the US dollar fetching as much as 601,500 rials on Iran's unofficial market. At the time, the Iranian authorities blamed the currency's fall on "the enemies' plot" to destabilise the Islamic Republic. Reports also attributed this drop to the country’s increasing international isolation over its human rights violations and reportedly supplying drones to Russia. ALSO READ | Iran says it has developed long-range cruise missile, triggers concerns in West Iran’s economic conditions have also contributed to widespread anger among its citizens. Couple that with the protests that started in the aftermath of 22-year-old Kurdish woman Mahsa Amini's death, the public has been overly critical of the government. Amid the rise in prices and economic hardship, Iranians have turned to the US dollar or gold to protect their savings. WATCH | Shifting ties in West Asia | The West Asia Post × According to reports, protests have continued in parts of Iran despite the government’s harsh crackdown. Meanwhile, Tehran has also recently faced pressure from the West after accusations of supplying drones to Russia for using it amid its conflict with Ukraine, a claim that Iran has denied. ALSO READ | Iranian rial plunges to record low amid anti-government protests, international isolation (With inputs from agencies) WATCH WION LIVE HERE

Iranian industry minister impeached over rising inflation, mismanagement

The Department of Census and Statistics yesterday said that inflation in Colombo has dropped to 35.3 percent in April. Sri Lanka’s headline inflation, as measured by the Year-on-Year (Y-O-Y) change in the Colombo Consumer Price Index (CCPI), significantly eased to 35.3% in April 2023, in comparison to March 2023, the department said.

Sri Lanka’s inflation drops further to 35.3% amid economic crisis in the month of April

The World Bank has released a new report stating that food, energy, and metals prices will continue to drop in 2023.

World Bank's Report: Commodity prices to fall

According to South Africa's national statistics agency, the country's inflation rate in March increased to an all-time high of 7.1% from 7.0% in February, marking the highest level in ten years.

South Africa: March inflation marks the second consecutive acceleration

According to recent study, the cost of British essential foods like cheddar cheese, white bread, and porridge oats has increased dramatically since last year. The highest price increase was for cheddar cheese, which went up by an average of 28.3% across Aldi, Asda, Lidl, Morrisons, Ocado, Sainsbury's, Tesco, and Waitrose. According to Which?, the overall rate of food inflation increased further in March, rising to 17.2%% from 16.5% in February.

Prices of British food staples soar by up to 80%, biggest hike on white breads oats

In Argentina, the annual inflation rate has soared to a high of 104.3 per cent. The astounding high was revealed by the nation's official statistics agency on Friday. Reuters reports that this is one of the highest inflation rates in the world.&nbsp;Argentina's soaring prices have badly dented people's salaries and have pushed up poverty in the nation to 40 per cent.

Argentina, which is one of the world's major grain exporters, is currently grappling with one of the worst droughts in its history. The dry season has reportedly "hammered" soy, corn and wheat crops, and lost exports and falling domestic prices have knocked billions off the country's economy.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/uber-accused-of-charging-people-higher-prices-when-their-phone-battery-is-low-report-582509">Uber accused of charging customers more when their phone battery is low: Report</a>

"The number we see today represents the worst moment of the impact of the war on international prices and the worst drought in history in our country," said presidential spokeswoman Gabriela Cerruti on Twitter.

"We know, it hurts us, it occupies us, how this affects daily life and every family," she said adding that the government is "redoubling" its efforts and that they hoped a downward trend in inflation would be "reflected soon."

"In my case, I have zero capacity to save," said Claudia Hernansaez, a publishing company employee while talking to Reuters.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/pakistan-gets-a-step-closer-to-getting-imf-bailout-after-uae-saudi-arabia-pledge-billions-in-assistance-582451">Pakistan a step closer to getting IMF bailout after UAE, Saudi Arabia pledge billions in assistance</a>

The inflation rate for the month registered at 7.7 per cent, significantly exceeding the 7.1 per cent that analysts had anticipated, and making it the highest monthly growth since 2002. This puts additional strain on the government, which is confronted with agitated citizens prior to the October elections.

The inflationary crisis is Argentina's worst since 1991, a year that as per Reuters marked the end of a period of hyperinflation. With the increase in inflation, approval ratings for the nation's President Alberto Fernandez have taken hits and are currently hovering just above 20 per cent. Inflation is expected to be one of the deciding issues for voters in the upcoming October elections.

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In Argentina, the annual inflation rate has soared to a high of 104.3 per cent. The astounding high was revealed by the nation's official statistics agency on Friday.

In Argentina, the annual inflation rate has soared to a high of 104.3 per cent. The astounding high was revealed by the nation's official statistics agency on Friday. Reuters reports that this is one of the highest inflation rates in the world. Argentina's soaring prices have badly dented people's salaries and have pushed up poverty in the nation to 40 per cent. Argentina, which is one of the world's major grain exporters, is currently grappling with one of the worst droughts in its history. The dry season has reportedly "hammered" soy, corn and wheat crops, and lost exports and falling domestic prices have knocked billions off the country's economy. Also read | Uber accused of charging customers more when their phone battery is low: Report "The number we see today represents the worst moment of the impact of the war on international prices and the worst drought in history in our country," said presidential spokeswoman Gabriela Cerruti on Twitter. "We know, it hurts us, it occupies us, how this affects daily life and every family," she said adding that the government is "redoubling" its efforts and that they hoped a downward trend in inflation would be "reflected soon." "In my case, I have zero capacity to save," said Claudia Hernansaez, a publishing company employee while talking to Reuters. Also read | Pakistan a step closer to getting IMF bailout after UAE, Saudi Arabia pledge billions in assistance The inflation rate for the month registered at 7.7 per cent, significantly exceeding the 7.1 per cent that analysts had anticipated, and making it the highest monthly growth since 2002. This puts additional strain on the government, which is confronted with agitated citizens prior to the October elections. The inflationary crisis is Argentina's worst since 1991, a year that as per Reuters marked the end of a period of hyperinflation. With the increase in inflation, approval ratings for the nation's President Alberto Fernandez have taken hits and are currently hovering just above 20 per cent. Inflation is expected to be one of the deciding issues for voters in the upcoming October elections. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Argentina annual inflation over 104%, poverty up by 40%, people report ‘zero capacity to save’

The United Arab Emirates (UAE) has confirmed that it would provide a $1 billion loan to Islamabad, said Pakistan Finance Minister Ishaq Dar, on Friday (April 14),&nbsp;getting the cash-strapped country one step closer to receiving the long-awaited bailout tranche from the International Monetary Fund (IMF). This comes a week after Pakistan had said that Saudi Arabia had assured that it would provide a $2 billion loan after the Washington-based lender had asked Islamabad to get financing assurances before a loan can be disbursed.

Referring to the country’s central bank, Dar took to Twitter and wrote, “The State Bank of Pakistan is now engaged for needful documentation for taking the said deposit from UAE authorities.” The commitment by UAE is one of the last requirements of the IMF before it would release a tranche of $1.1 billion which is crucial for&nbsp;Pakistan’s acute balance of payments crisis.

Pakistan is facing soaring inflation at 35.37 per cent, the highest in over five decades, while prices of essential food items such as wheat flour, sugar, and edible oil rose significantly. This also comes nearly a week after a United States-based think tank released a report which said that Pakistan owes around $77 billion to several public and private entities in China, Saudi Arabia, and UAE.&nbsp;

The recent announcement makes UAE the third country after Saudi Arabia and China to have come to Pakistan’s assistance amid the country’s need for external financing to bridge the balance of payments gap for this fiscal year which ends in June. According to reports, Pakistan has less than a month’s worth of foreign exchange reserves.&nbsp;

As of December 2022, Islamabad also holds external debt and liabilities of $126.3 billion, at least 77 per cent of this debt, which amounts to around $97.5 billion, is directly owed by Pakistan’s government to various creditors, said a report by Washington-based think tank, United States Institute of Peace (USIP), earlier this month.&nbsp;

Speaking about Pakistan’s bailout, IMF managing director Kristalina Georgieva, on Thursday, said, “My hope is that with the goodwill of everyone, and the implementation of what has been already agreed by the Pakistan authorities, we can complete our current programme successfully.” She added that they are also in talks with friendly countries of Pakistan to provide financial assurances so it can complete the programme. &nbsp;&nbsp; &nbsp;&nbsp;

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The United Arab Emirates (UAE) has confirmed that it would provide a $1 billion loan to Islamabad, said Pakistan Finance Minister Ishaq Dar, on Friday (April 14), getting the cash-strapped country one step closer to receiving the long-awaited bailout tranche from the International Monetary Fund (IMF).

The United Arab Emirates (UAE) has confirmed that it would provide a $1 billion loan to Islamabad, said Pakistan Finance Minister Ishaq Dar, on Friday (April 14), getting the cash-strapped country one step closer to receiving the long-awaited bailout tranche from the International Monetary Fund (IMF). This comes a week after Pakistan had said that Saudi Arabia had assured that it would provide a $2 billion loan after the Washington-based lender had asked Islamabad to get financing assurances before a loan can be disbursed. Referring to the country’s central bank, Dar took to Twitter and wrote, “The State Bank of Pakistan is now engaged for needful documentation for taking the said deposit from UAE authorities.” The commitment by UAE is one of the last requirements of the IMF before it would release a tranche of $1.1 billion which is crucial for Pakistan’s acute balance of payments crisis. Pakistan is facing soaring inflation at 35.37 per cent, the highest in over five decades, while prices of essential food items such as wheat flour, sugar, and edible oil rose significantly. This also comes nearly a week after a United States-based think tank released a report which said that Pakistan owes around $77 billion to several public and private entities in China, Saudi Arabia, and UAE. The recent announcement makes UAE the third country after Saudi Arabia and China to have come to Pakistan’s assistance amid the country’s need for external financing to bridge the balance of payments gap for this fiscal year which ends in June. According to reports, Pakistan has less than a month’s worth of foreign exchange reserves. As of December 2022, Islamabad also holds external debt and liabilities of $126.3 billion, at least 77 per cent of this debt, which amounts to around $97.5 billion, is directly owed by Pakistan’s government to various creditors, said a report by Washington-based think tank, United States Institute of Peace (USIP), earlier this month. Speaking about Pakistan’s bailout, IMF managing director Kristalina Georgieva, on Thursday, said, “My hope is that with the goodwill of everyone, and the implementation of what has been already agreed by the Pakistan authorities, we can complete our current programme successfully.” She added that they are also in talks with friendly countries of Pakistan to provide financial assurances so it can complete the programme. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Pakistan a step closer to getting IMF bailout after UAE, Saudi Arabia pledge billions in assistance

As Americans continue to feel burdened by higher costs for rental, housing and food, US consumer prices they have accelerated last month and has given a rise to possibilities that Federal Reserve was far from causing its interest rates hiking rates.

US inflation at a two year low, fed fears mild recession in 2023

The Shehbaz Sharif government in Pakistan completes one year in office this week. Perhaps the biggest highlight of the year gone by in Pakistan has been an economy in tailspin mode. Inflation is at an all time high, the Pakistani Rupee has sunk to new lows, and the IMF clearing a $1.1 billion bailout package remains desperately awaited. The state of the economy is just one end of Pakistan's troubles that range from frequent terror attacks, intense politicking and big fissures within state institutions. The common man is seeing the most difficult Ramadan yet, with the nightmare refusing to end.

1 year of Shehbaz Sharif's govt: What went wrong? | Inside South Asia

As Pakistan continues to struggle economically, a report by the prominent Washington-based think tank, United States Institute of Peace (USIP), said that the cash-strapped country needs to repay a whopping $77.5 billion in external debt from April 2023 to June 2026. The report published on Thursday (April 6) also warned that Islamabad could face “disruptive effects” if it ultimately defaults.&nbsp;

Pakistan is currently facing soaring inflation at 35.37 per cent which is the highest in over five decades while prices of essential food items such as wheat flour, sugar, and edible oil rose significantly. Meanwhile, the country is also facing political conflicts and rising terrorism, said the report, warning that it is at risk of default due to its massive external debt obligations.&nbsp;

According to the USIP report, in the next three years, the debt-stricken country has to repay a number of Chinese financial institutions, private creditors and Saudi Arabia. Between April to June, this year, Islamabad faces near-term debt repayment pressure as the external debt servicing burden is at $4.5 billion, said the report. It added that Pakistan has to repay $1 billion to the Chinese SAFE deposit and another loan of around $1.4 billion from Chinese commercial is also due to mature.&nbsp;

The US-based think tank, in its report, also suggests that Pakistani officials are hoping to convince the Chinese to not only refinance but also roll over both debts, adding that they have managed to do so before. However, even if they do pull it off this time as well, the next fiscal year for Pakistan would be more challenging as the debt servicing will reportedly rise to nearly $25 billion.

The short-term debt repayments include $4 billion to Chinese SAFE deposits, $3 billion to Saudi deposits and $2 billion to United Arab Emirates (UAE) deposits, said the report, adding that the “Pakistani government assumes they will be rolled over by the creditors each year.” Separately, Pakistan also needs to repay another $1.1 billion of long-term commercial loans to Chinese banks, said the USIP.&nbsp;

As of December 2022, Islamabad also holds external debt and liabilities of $126.3 billion, at least 77 per cent of this debt, which amounts to around $97.5 billion, is directly owed by the government of Pakistan to various creditors.&nbsp;

Meanwhile, Pakistan also continues to struggle with securing the $6.5 billion bailout package the International Monetary Fund (IMF) approved in 2019 which also expires in June this year. However, Pakistan and the IMF have been negotiating the programme's resumption for months but are yet to reach an agreement.

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As Pakistan continues to struggle economically, a report by the prominent Washington-based think tank, United States Institute of Peace (USIP), said that the cash-strapped country needs to repay a whopping $77.

As Pakistan continues to struggle economically, a report by the prominent Washington-based think tank, United States Institute of Peace (USIP), said that the cash-strapped country needs to repay a whopping $77.5 billion in external debt from April 2023 to June 2026. The report published on Thursday (April 6) also warned that Islamabad could face “disruptive effects” if it ultimately defaults. Pakistan is currently facing soaring inflation at 35.37 per cent which is the highest in over five decades while prices of essential food items such as wheat flour, sugar, and edible oil rose significantly. Meanwhile, the country is also facing political conflicts and rising terrorism, said the report, warning that it is at risk of default due to its massive external debt obligations. According to the USIP report, in the next three years, the debt-stricken country has to repay a number of Chinese financial institutions, private creditors and Saudi Arabia. Between April to June, this year, Islamabad faces near-term debt repayment pressure as the external debt servicing burden is at $4.5 billion, said the report. It added that Pakistan has to repay $1 billion to the Chinese SAFE deposit and another loan of around $1.4 billion from Chinese commercial is also due to mature. The US-based think tank, in its report, also suggests that Pakistani officials are hoping to convince the Chinese to not only refinance but also roll over both debts, adding that they have managed to do so before. However, even if they do pull it off this time as well, the next fiscal year for Pakistan would be more challenging as the debt servicing will reportedly rise to nearly $25 billion. The short-term debt repayments include $4 billion to Chinese SAFE deposits, $3 billion to Saudi deposits and $2 billion to United Arab Emirates (UAE) deposits, said the report, adding that the “Pakistani government assumes they will be rolled over by the creditors each year.” Separately, Pakistan also needs to repay another $1.1 billion of long-term commercial loans to Chinese banks, said the USIP. As of December 2022, Islamabad also holds external debt and liabilities of $126.3 billion, at least 77 per cent of this debt, which amounts to around $97.5 billion, is directly owed by the government of Pakistan to various creditors. Meanwhile, Pakistan also continues to struggle with securing the $6.5 billion bailout package the International Monetary Fund (IMF) approved in 2019 which also expires in June this year. However, Pakistan and the IMF have been negotiating the programme's resumption for months but are yet to reach an agreement. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Cash-strapped Pakistan owes $77bn to China, Saudi Arabia, needs to repay by 2026: Report

Argentina has been in economic difficulty for years. On Wednesday, social & political organizations blocked multiple streets and highways into the argentine capital, Buenos Aires. The Argentinians are up in arms against soaring inflation, & poverty affects nearly half the population. Nearly 18.6 million people are unable to cover their basic food needs with their salaries. Left-leaning organizations are demanding more social aid from the government to counteract the economic deterioration.

Argentina: Poverty now affects nearly half the population; People protest IMF deal and demand jobs

RBI keeps repo rate unchanged: On Thursday, India's central bank, the Reserve Bank of India (RBI) finally applied the brakes on increasing the repo rate by keeping it unchanged at 6.

RBI keeps repo rate unchanged: On Thursday, India's central bank, the Reserve Bank of India (RBI) finally applied the brakes on increasing the repo rate by keeping it unchanged at 6.5 per cent. The pause came after the central bank had announced six hikes since May last year to a cumulative 250 basis points. Presiding over the RBI Monetary Policy Committee (MPC) meeting, RBI Governor Shaktikanta Das said although the repo rate was unchanged, it could be altered should the situation warrant so. “While we have kept the policy rate unchanged, this decision was taken based on our assessment of the macroeconomic and financial conditions with reference to information available up to today,” Das told the reporters after the meeting. “Overall inflation is above the target and the current policy rate still remains accommodative. It is now necessary to evaluate the action of past rate hikes." WATCH | Is the Indian Rupee challenging the Dollar's dominance in global trade? × India's central bank is wary of the rising uncertainty in international markets and inflation pressures. It has projected the inflation to stand at 5.1 per cent and 5.4 per cent in Q1, Q2 respectively. Notably, worried due to the global indicators and increasing inflation, the MPC last year in an unscheduled meeting in May raised rates for the first time by 40 basis points. The trend continued in June, August and September when the committee increased repo rates by a combined 150 points. The last two hikes came in December 2022 and February 2023 with MPC hiking the rates by 35 basis points and 25 basis points respectively. ALSO READ | RBI hikes repo rate by 25 bps in Monetary Policy 2023: What is repo rate, reverse repo rate & monetary policy? What is repo rate? When commercial banks loan by selling their securities to the central bank, the RBI charges them an interest rate. This interest rate is called the repo rate in the monetary policy. Lower interest rates make it easier for individuals and businesses to borrow money to invest in new economic activities. India Inc cheers RBI, terms decision ‘prudent’ move Meanwhile, Indian industry cheered RBI’s stance of keeping the key interest rate unchanged, terming it a "prudent" move in the wake of headwinds emanating from global banking stress. The industry honchos said the move will improve business sentiments by containing the rise in borrowing costs. Industry bodies cautioned that any further hike in the benchmark repo rate at this juncture would have affected India's economic growth even as domestic demand impulses remain healthy. "The industry body agrees with the central bank's observation that the lagged impact of the past rate hikes should be allowed to percolate into the system, and not stifle demand by further rate hikes," said CII president Sanjiv Bajaj. The market sentiment was also buoyed by the RBI announcement and the Sensex closed up by 143 points at 59,832, while the Nifty settled at 17,599 at the end of the day's trade. (With inputs from agencies) WATCH WION LIVE HERE:

RBI applies brakes on repo rate hike, keeps it unchanged at 6.5%

The Pakistan rupee on Tuesday hit a new record low of 287.9 rupees against the US dollar. There's no let up from the economic crisis as the country battles record-high inflation and falling foreign reserves.

Pakistan's rupee falls to a new record low against US dollar | World Business News

Pakistan's economic situation is going from bad to worse. Last week, inflation in Pakistan hit a 60-year-high at 35.37%. Molly Gambhir reports.

Gravitas: Pakistan's inflation rate touches 60-year-high

Thousands of people in Portugal have taken to the streets across the country in protest against increasing rents and house prices at a time when high inflation is making it even tougher for people to make ends meet.

Thousands take to streets in Portugal to protest against high rents

Pakistan's annual inflation rate reached 35.37 per cent in March, the highest-ever in over five decades, as per reports citing government data.&nbsp;According to official figures issued Saturday, month-over-month inflation was 3.72 per cent, while year-on-year inflation&nbsp;was at an average of 27.26 per cent.

The country is experiencing high levels of inflation with the prices of essential food items such as wheat flour, sugar, and edible oil increasing significantly.&nbsp;At least 20 people have died in crowd crushes at food distribution centres since the start of the Muslim fasting month of Ramadan.&nbsp;

Watch | <a href="https://www.wionews.com/world/watch-two-dead-a-child-injured-after-hot-air-balloon-catches-fire-mid-air-in-mexico-578162">Hot air balloon catches fire mid-air in Mexico, two dead and a child injured</a>

This comes as the Pakistani government hurried to comply with IMF requirements in order to secure a much-needed bailout. Moreover, the future of almost 20,000 workers is in jeopardy as nearly all of the country's 30 mobile phone assembly plants, including three operated by international brands, have to stop working.

The assembly units remained closed as manufacturers claim&nbsp;that they have run out of raw materials due to import restrictions. After paying workers half of their April salary in advance, the majority of businesses have placed them on hold. The employees have been informed that they will be contacted once manufacturing starts&nbsp;again.

Also Read | <a href="https://www.wionews.com/south-asia/nepal-president-ramchandra-paudel-admitted-to-hospital-578148">Nepal President Ramchandra Paudel admitted to hospital</a>

Mobile manufacturers claim that in order for the industry to run at full capacity, they have to import parts and components worth $170 million each month. However, because of the dollar shortage, the government is not permitting the opening of credit letters.&nbsp;

The high inflation rate has&nbsp;a significant impact on the people of Pakistan, especially those with low and fixed incomes. The rising prices of essential goods and services is making it difficult for them to make ends meet.&nbsp;

Watch | WION Exclusive: Indian Actor Dia Mirza speaks to WION on playing Geetanjali in 'Bheed'

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The Pakistani government took several measures to control inflation, such as increasing interest rates and reducing import duties on essential food items. However, these measures had limited impact, and inflation continues to remain high.

The country has also been facing challenges due to a widening current account deficit and a decline in foreign exchange reserves. The government had taken measures to address these challenges, such as seeking assistance from international organisations.&nbsp; 
 
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Pakistan's annual inflation rate reached 35.37 per cent in March, the highest-ever in over five decades, as per reports citing government data. According to official figures issued Saturday, month-over-month inflation was 3.

Pakistan's annual inflation rate reached 35.37 per cent in March, the highest-ever in over five decades, as per reports citing government data. According to official figures issued Saturday, month-over-month inflation was 3.72 per cent, while year-on-year inflation was at an average of 27.26 per cent. The country is experiencing high levels of inflation with the prices of essential food items such as wheat flour, sugar, and edible oil increasing significantly. At least 20 people have died in crowd crushes at food distribution centres since the start of the Muslim fasting month of Ramadan. Watch | Hot air balloon catches fire mid-air in Mexico, two dead and a child injured This comes as the Pakistani government hurried to comply with IMF requirements in order to secure a much-needed bailout. Moreover, the future of almost 20,000 workers is in jeopardy as nearly all of the country's 30 mobile phone assembly plants, including three operated by international brands, have to stop working. The assembly units remained closed as manufacturers claim that they have run out of raw materials due to import restrictions. After paying workers half of their April salary in advance, the majority of businesses have placed them on hold. The employees have been informed that they will be contacted once manufacturing starts again. Also Read | Nepal President Ramchandra Paudel admitted to hospital Mobile manufacturers claim that in order for the industry to run at full capacity, they have to import parts and components worth $170 million each month. However, because of the dollar shortage, the government is not permitting the opening of credit letters. The high inflation rate has a significant impact on the people of Pakistan, especially those with low and fixed incomes. The rising prices of essential goods and services is making it difficult for them to make ends meet. Watch | WION Exclusive: Indian Actor Dia Mirza speaks to WION on playing Geetanjali in 'Bheed' × The Pakistani government took several measures to control inflation, such as increasing interest rates and reducing import duties on essential food items. However, these measures had limited impact, and inflation continues to remain high. The country has also been facing challenges due to a widening current account deficit and a decline in foreign exchange reserves. The government had taken measures to address these challenges, such as seeking assistance from international organisations. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Pakistan inflation at 50-year high; future of 20,000 employees in jeopardy as phone assembly units shut

With inflation breaking all-time records, ordinary people are struggling to purchase even the most basic goods - Wheat, Onion and cooking oil prices are soaring astronomically. The situation is so desperate that on Friday, 12 people were killed in a stampede over food.

Pakistan: Inflation hits Ramadan, above 40% at 50-year-high

The Swiss watchmaking industry is thriving despite inflation and warnings of an economic crisis. Geneva is hosting the Fashion Week of watchmakers. It is opening doors to the public with watches featuring reversible watch faces, recycled steel and price tags of up to four million dollars.

Swiss watchmaking industry thriving despite inflation

More than 94,000 prepayment meters were installed in homes in Britain using warrants and without customer consent in 2022, the government said on Monday, adding that British Gas, Scottish Power and OVO Energy accounted for 70% of them.

More than 94,000 prepayment meters forcibly installed in Britain in 2022

Kenyans were preparing for a fresh round of anti-government protests over the increasing cost of living on Monday after the opposition promised to take action even after a police ban.

Veteran opposition leader Raila Odinga appealed to citizens to take to the streets every Thursday and Monday, a week after the protests had turned violent and various parts of Nairobi were paralysed.

However, on Sunday, the police announced a ban on the rallies. "We will not allow violent demonstrations," said Inspector General of Police Japhet Koome.

"The demonstrations they plan tomorrow (Monday) are illegal and will not be allowed,” he added.

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/kenya-to-solve-its-alcohol-problem-with-one-bar-per-town-plan-573540">Kenya to solve its alcohol problem with 'one bar per town' plan</a>

A university student was killed and 31 officers had suffered injuries in a police fire during the previous Monday's clashes as running battles took place between demonstrators and riot police in Nairobi as well as opposition strongholds in western Kenya.

Police arrested around 200 people which included various senior opposition politicians while protesters, including their own convoy of Odinga, were hit with water cannons and tear gas.

This was the first major political unrest since incumbent President William Ruto came to power around six months ago after Odinga was defeated in an election that his rivals alleged was "stolen".

Even after the police ban, Odinga appealed to the Kenyans on Sunday to take part in what he called “the mother of all demonstrations".

"I want to tell Ruto and the IG Koome that we are not going to be intimidated. We are not going to fear tear gas and police,” he added. President Ruto appealed to his rival to stop the action.

"I am telling Raila Odinga that if he has a problem with me, he should face me and stop terrorising the country," he stated on Thursday.

WATCH | Kenya: Opposition leader Odinga vows to hold protest rally despite ban

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"Stop paralysing the businesses of mama mboga, matatu and other Kenyans," he added, referring to private minibus operators and women stallholders.

On Monday, Ruto will be leaving for a four-day official trip to Belgium and Germany during which he will hold meetings with EU and national leaders.

Kenyans have been struggling to buy food by the end of the day as they are battling soaring prices for basic goods and declining local currency along with a record which has left millions hungry.

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Kenyans were preparing for a fresh round of anti-government protests over the increasing cost of living on Monday after the opposition promised to take action even after a police ban.

Kenyans were preparing for a fresh round of anti-government protests over the increasing cost of living on Monday after the opposition promised to take action even after a police ban. Veteran opposition leader Raila Odinga appealed to citizens to take to the streets every Thursday and Monday, a week after the protests had turned violent and various parts of Nairobi were paralysed. However, on Sunday, the police announced a ban on the rallies. "We will not allow violent demonstrations," said Inspector General of Police Japhet Koome. "The demonstrations they plan tomorrow (Monday) are illegal and will not be allowed,” he added. ALSO READ | Kenya to solve its alcohol problem with 'one bar per town' plan A university student was killed and 31 officers had suffered injuries in a police fire during the previous Monday's clashes as running battles took place between demonstrators and riot police in Nairobi as well as opposition strongholds in western Kenya. Police arrested around 200 people which included various senior opposition politicians while protesters, including their own convoy of Odinga, were hit with water cannons and tear gas. This was the first major political unrest since incumbent President William Ruto came to power around six months ago after Odinga was defeated in an election that his rivals alleged was "stolen". Even after the police ban, Odinga appealed to the Kenyans on Sunday to take part in what he called “the mother of all demonstrations". "I want to tell Ruto and the IG Koome that we are not going to be intimidated. We are not going to fear tear gas and police,” he added. President Ruto appealed to his rival to stop the action. "I am telling Raila Odinga that if he has a problem with me, he should face me and stop terrorising the country," he stated on Thursday. WATCH | Kenya: Opposition leader Odinga vows to hold protest rally despite ban "Stop paralysing the businesses of mama mboga, matatu and other Kenyans," he added, referring to private minibus operators and women stallholders. On Monday, Ruto will be leaving for a four-day official trip to Belgium and Germany during which he will hold meetings with EU and national leaders. Kenyans have been struggling to buy food by the end of the day as they are battling soaring prices for basic goods and declining local currency along with a record which has left millions hungry. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Kenya prepares for fresh protests amid police ban

Pakistan is going through an unreal economic ordeal. Fresh readings issued by the Pakistan Bureau of Statistics (PBS) show that yearly short-term inflation rose by 46.

Pakistan is going through an unreal economic ordeal. Fresh readings issued by the Pakistan Bureau of Statistics (PBS) show that yearly short-term inflation rose by 46.65 per cent during the week that ended on March 22 — the highest recorded in the country's history. Rising food prices contributed immensely to the record rise in numbers, the agency reported. The yearly short-term inflation stood at 45.64 per cent last week but the increase in the price of 26 essential items led to the recent spike. Wheat flour, tomatoes, potatoes, tea, sugar, pulses, bananas and jaggery were some of the food items that witnessed a major uptick in prices. Despite the price of items such as cooking oil, and LPG declining, it had a negligible effect on the overall inflation figures. Those having monthly income of more than PKR 44,176 were the hardest hit as the yearly inflation rate for them stood at 48.35 per cent, the statistics showed. ALSO READ: Moody's downgrades Pakistan's credit rating to the lowest in three decades If the food and gas prices continue to increase, Pakistan's import-based economy may not be able to handle the devaluation of its local currency. The country is already on the verge of defaulting on $80 billion of international loan repayments while having only $3 billion in forex exchange reserves. WATCH | Is Pakistan's economic crisis getting worse? × Earlier this month, global credit rating agency Moody's downgraded Pakistan's local and foreign currency credit ratings from Caa1 to Caa3. The rating is expected to hurt the position of the Pakistani government which is currently involved in talks with the International Monetary Fund (IMF) to secure a $1 billion bailout package. To secure IMF funding, the Pakistani government has implemented new tax measures as suggested by the global body. However, citizens are wary that conceding to all demands of the IMF may lead to a further spurt in prices which the public will not be able to afford anymore. Islamabad's problems have been compounded by the fact that Saudi Arabia, one of its biggest benefactors has decided to not provide easy financial bailout or interest-free loans. ALSO READ | Saudi Arabia refuses to provide interest-free loans to Pakistan, demands reforms The decision by the kingdom has left the Pakistani government in shock which is in dire need of US dollar inflows. (With inputs from agencies) WATCH WION LIVE HERE

Yearly inflation breaks all-time record in Pakistan, stands at 46.65%

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