The International Monetary Fund (IMF) has officially approved a substantial bailout package worth $7 billion for Pakistan, a move aimed at stabilising the country’s struggling economy. This decision comes at a critical time as Pakistan grapples with soaring inflation and dwindling foreign reserves. The approval was confirmed by the IMF's Executive Board, which is set to release the first tranche of approximately $1.1 billion within a month as detailed in a report by the Press Trust of India.

Economic context and challenges

Pakistan's economy has faced significant challenges over the past few years, worsened by political instability, natural disasters, and the lingering effects of the COVID-19 pandemic. Inflation rates have surged to alarming levels, with reports indicating an inflation rate of around 27 per cent in August 2024. This economic strain has led to widespread discontent among the populace, with rising costs of essential goods and services impacting daily life.

The IMF’s decision to approve this bailout is seen as a crucial step towards restoring financial stability in Pakistan. The funds will be utilised to bolster foreign reserves and support critical public services, which have been under severe pressure due to budget constraints. Furthermore, the bailout is expected to facilitate ongoing negotiations with other international creditors and investors, fostering a more conducive environment for economic recovery.

Prime Minister Shehbaz Sharif stated that this would be the last IMF program for Pakistan, crediting Deputy Prime Minister Ishaq Dar and the finance team for their efforts. The loan will carry an interest rate of approximately 5 per cent according to the report.&nbsp;

Conditions attached to the bailout

As part of the agreement, the IMF has outlined several conditions that Pakistan must adhere to, in order to, access the full extent of the bailout package. These conditions include implementing fiscal reforms aimed at increasing government revenue, reducing budget deficits, and enhancing transparency in public spending. The Pakistan&nbsp;government is also expected to take measures to strengthen its monetary policy framework and improve its overall economic governance.

The approval of this bailout package comes after extensive negotiations between Pakistani officials and IMF representatives, reflecting a commitment from both sides to work collaboratively toward addressing the country’s economic woes. The Pakistani Finance Minister expressed optimism regarding the approval, stating that it would pave the way for sustainable economic growth and development.

International reactions and implications

The international community has welcomed the IMF's decision, viewing it as a positive signal for Pakistan's economic future. Analysts believe that this financial support will not only help stabilise the economy but also restore investor confidence in Pakistan’s markets. The successful implementation of reforms linked to the bailout could potentially unlock further financial assistance from other multilateral institutions.

However, challenges remain on the horizon. The Pakistani government must navigate complex political dynamics while implementing necessary reforms that may not be popular among certain segments of society. Public protests against serious economic measures have already begun surfacing, signalling potential unrest as citizens react to changes that could affect their livelihoods.

Further, the IMF forced Pakistan to first bridge a USD 2 billion additional financing gap for qualifying the board approval. Pakistan had to take the most expensive commercial loan in its history at an 11 per cent interest rate from the Standard Chartered Bank to meet the financing gap. The Asian Development Bank warned on Wednesday that the rising political and institutional tensions may make it difficult to implement the reforms that Pakistan has committed to deliver to the IMF. The ADB said these reforms were crucial to ensure that external lenders keep lending to Pakistan.

Hence, the IMF's approval of a $7 billion bailout for Pakistan marks a pivotal moment in the country’s economic journey. With immediate financial relief on the way, all eyes will be on the government as it embarks on a path toward reform and recovery. The coming months will be critical in determining whether these efforts can translate into lasting economic stability and growth for the nation.

The International Monetary Fund (IMF) has officially approved a substantial bailout package worth $7 billion for Pakistan, a move aimed at stabilising the country’s struggling economy.

The International Monetary Fund (IMF) has officially approved a substantial bailout package worth $7 billion for Pakistan, a move aimed at stabilising the country’s struggling economy. This decision comes at a critical time as Pakistan grapples with soaring inflation and dwindling foreign reserves. The approval was confirmed by the IMF's Executive Board, which is set to release the first tranche of approximately $1.1 billion within a month as detailed in a report by the Press Trust of India. Economic context and challenges Pakistan's economy has faced significant challenges over the past few years, worsened by political instability, natural disasters, and the lingering effects of the COVID-19 pandemic. Inflation rates have surged to alarming levels, with reports indicating an inflation rate of around 27 per cent in August 2024. This economic strain has led to widespread discontent among the populace, with rising costs of essential goods and services impacting daily life. The IMF’s decision to approve this bailout is seen as a crucial step towards restoring financial stability in Pakistan. The funds will be utilised to bolster foreign reserves and support critical public services, which have been under severe pressure due to budget constraints. Furthermore, the bailout is expected to facilitate ongoing negotiations with other international creditors and investors, fostering a more conducive environment for economic recovery. Prime Minister Shehbaz Sharif stated that this would be the last IMF program for Pakistan, crediting Deputy Prime Minister Ishaq Dar and the finance team for their efforts. The loan will carry an interest rate of approximately 5 per cent according to the report. Conditions attached to the bailout As part of the agreement, the IMF has outlined several conditions that Pakistan must adhere to, in order to, access the full extent of the bailout package. These conditions include implementing fiscal reforms aimed at increasing government revenue, reducing budget deficits, and enhancing transparency in public spending. The Pakistan government is also expected to take measures to strengthen its monetary policy framework and improve its overall economic governance. The approval of this bailout package comes after extensive negotiations between Pakistani officials and IMF representatives, reflecting a commitment from both sides to work collaboratively toward addressing the country’s economic woes. The Pakistani Finance Minister expressed optimism regarding the approval, stating that it would pave the way for sustainable economic growth and development. International reactions and implications The international community has welcomed the IMF's decision, viewing it as a positive signal for Pakistan's economic future. Analysts believe that this financial support will not only help stabilise the economy but also restore investor confidence in Pakistan’s markets. The successful implementation of reforms linked to the bailout could potentially unlock further financial assistance from other multilateral institutions. However, challenges remain on the horizon. The Pakistani government must navigate complex political dynamics while implementing necessary reforms that may not be popular among certain segments of society. Public protests against serious economic measures have already begun surfacing, signalling potential unrest as citizens react to changes that could affect their livelihoods. Further, the IMF forced Pakistan to first bridge a USD 2 billion additional financing gap for qualifying the board approval. Pakistan had to take the most expensive commercial loan in its history at an 11 per cent interest rate from the Standard Chartered Bank to meet the financing gap. The Asian Development Bank warned on Wednesday that the rising political and institutional tensions may make it difficult to implement the reforms that Pakistan has committed to deliver to the IMF. The ADB said these reforms were crucial to ensure that external lenders keep lending to Pakistan. Hence, the IMF's approval of a $7 billion bailout for Pakistan marks a pivotal moment in the country’s economic journey. With immediate financial relief on the way, all eyes will be on the government as it embarks on a path toward reform and recovery. The coming months will be critical in determining whether these efforts can translate into lasting economic stability and growth for the nation.

IMF approves $7 billion bailout for Pakistan amid economic challenges

Weeks after the contentious February 8 elections and the political crisis that followed, former Prime Minister Shehbaz Sharif of the Pakistan Muslim League (Nawaz) (PML-N) leader and brother of the three-time ex-PM Nawaz Sharif won enough votes in the country’s National Assembly to retake the premiership.&nbsp;

Shehbaz Sharif delivered the victory speech&nbsp;on Sunday (Mar 3) amid widespread uproar and sloganeering by the Pakistan Tehreek-e-Insaf (PTI)-backed lawmakers who called him a ‘thief’&nbsp;

<h2>Aim to join G20, tackle economic crisis</h2>

In his speech, the PM-designate said that he would conduct what he called a “deep surgery” and bring changes to the system and get the cash-strapped country out of the economic crisis and secure membership of the Group of 20 (G20) countries by 2030.

WATCH |&nbsp;India: EAM Jaishankar slams Pakistan, says 'SAARC in trouble due to Pakistan's terrorism

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/india-eam-jaishankar-slams-pakistan-says-saarc-in-trouble-due-to-pakistans-terrorism-696195/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Shehbaz spoke about the alarming debt crisis that Pakistan is facing and noted how even the expenditures of the National Assembly were being paid by borrowed money.&nbsp;

“But if we decide to do a deep surgery and bring changes in the system, basic reform…I have no doubt…we can either get rid of a life of debt or we move forward with heads down in shame,” said the PM-designate.&nbsp;

Pakistan has long struggled with a heavy debt load, recently it secured another bailout by the International Monetary Fund (IMF) which was Pakistan’s 23rd since it gained independence in 1947.&nbsp;

The inflation rate in the country reached 29.7 per cent in December, and in 2023, the Pakistani rupee was Asia’s worst-performing currency.

Also Read |&nbsp;<a href="https://www.wionews.com/south-asia/shehbaz-sharif-elected-pakistan-pm-weeks-after-disputed-elections-696118">Shehbaz Sharif 'elected' Pakistan PM weeks after disputed polls</a>

“Our goal is to secure G20 membership by 2030,” said Shehbaz.&nbsp;

The G20 is an intergovernmental forum comprising 19 developed and developing countries, including India and regional government bodies&nbsp;the African Union and the European Union, which play a critical role in steering the global economy through the significant challenges it faces.&nbsp;

<h2>‘Freedom for Kashmiris and Palestinians’</h2>

In his speech, Shehbaz also called on the National Assembly to pass a resolution for&nbsp;Kashmiris and Palestinians.&nbsp;

Last week, in a <a href="https://www.wionews.com/india-news/india-calls-pakistan-a-country-soaked-in-red-after-latter-rakes-up-jk-at-un-694955">war of words</a> with Pakistan at the UN Human Rights Council, India asserted that the entire Union Territories of Jammu and Kashmir and Ladakh are an “integral and inalienable part of India” and measures taken by New Delhi “ensure socio-economic development and good governance.”

“Pakistan has no locus standi to pronounce on matters that are internal to India,” said India’s First Secretary Anupama Singh.&nbsp;

<h2>‘Will steer Pakistan’s ship to the shore’</h2>

Speaking about PML-N lawmakers, Shehbaz also said that the party and its allies will play their role as Pakistanis, Muslims and human beings, according to Dawn.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/india-proposes-14-billion-budget-for-jammu-and-kashmir-dwarfing-pakistans-3-billion-imf-bailout-687268">India proposes $14 billion budget for Jammu and Kashmir, dwarfing Pakistan’s $3 billion IMF bailout</a>

“There are talented people sitting in this Parliament who can steer Pakistan’s ship to the shore…these include journalists, intellectuals, politicians, religious leaders.”&nbsp;

The PM-elect has also promised subsidies directly to farmers, including providing seeds free of cost. The government will work with all four provinces for agriculture, said Shehbaz.&nbsp;

He has also vowed to build state-of-the-art hospitals and medical facilities as well as improve the judicial system to provide swift justice. He announced that women and children who have been sentenced for less than two years will be freed.&nbsp;

(With inputs from agencies)

&nbsp;

Weeks after the contentious February 8 elections and the political crisis that followed, former Prime Minister Shehbaz Sharif of the Pakistan Muslim League (Nawaz) (PML-N) leader and brother of the three-time ex-PM Nawaz Sharif won enough votes in the country’s National Assembly to retake the premiership.

Weeks after the contentious February 8 elections and the political crisis that followed, former Prime Minister Shehbaz Sharif of the Pakistan Muslim League (Nawaz) (PML-N) leader and brother of the three-time ex-PM Nawaz Sharif won enough votes in the country’s National Assembly to retake the premiership. Shehbaz Sharif delivered the victory speech on Sunday (Mar 3) amid widespread uproar and sloganeering by the Pakistan Tehreek-e-Insaf (PTI)-backed lawmakers who called him a ‘thief’ Aim to join G20, tackle economic crisis In his speech, the PM-designate said that he would conduct what he called a “deep surgery” and bring changes to the system and get the cash-strapped country out of the economic crisis and secure membership of the Group of 20 (G20) countries by 2030. WATCH | India: EAM Jaishankar slams Pakistan, says 'SAARC in trouble due to Pakistan's terrorism Shehbaz spoke about the alarming debt crisis that Pakistan is facing and noted how even the expenditures of the National Assembly were being paid by borrowed money. “But if we decide to do a deep surgery and bring changes in the system, basic reform…I have no doubt…we can either get rid of a life of debt or we move forward with heads down in shame,” said the PM-designate. Pakistan has long struggled with a heavy debt load, recently it secured another bailout by the International Monetary Fund (IMF) which was Pakistan’s 23rd since it gained independence in 1947. The inflation rate in the country reached 29.7 per cent in December, and in 2023, the Pakistani rupee was Asia’s worst-performing currency. Also Read | Shehbaz Sharif 'elected' Pakistan PM weeks after disputed polls “Our goal is to secure G20 membership by 2030,” said Shehbaz. The G20 is an intergovernmental forum comprising 19 developed and developing countries, including India and regional government bodies the African Union and the European Union, which play a critical role in steering the global economy through the significant challenges it faces. ‘Freedom for Kashmiris and Palestinians’ In his speech, Shehbaz also called on the National Assembly to pass a resolution for Kashmiris and Palestinians. Last week, in a war of words with Pakistan at the UN Human Rights Council, India asserted that the entire Union Territories of Jammu and Kashmir and Ladakh are an “integral and inalienable part of India” and measures taken by New Delhi “ensure socio-economic development and good governance.” “Pakistan has no locus standi to pronounce on matters that are internal to India,” said India’s First Secretary Anupama Singh. ‘Will steer Pakistan’s ship to the shore’ Speaking about PML-N lawmakers, Shehbaz also said that the party and its allies will play their role as Pakistanis, Muslims and human beings, according to Dawn. Also Read | India proposes $14 billion budget for Jammu and Kashmir, dwarfing Pakistan’s $3 billion IMF bailout “There are talented people sitting in this Parliament who can steer Pakistan’s ship to the shore…these include journalists, intellectuals, politicians, religious leaders.” The PM-elect has also promised subsidies directly to farmers, including providing seeds free of cost. The government will work with all four provinces for agriculture, said Shehbaz. He has also vowed to build state-of-the-art hospitals and medical facilities as well as improve the judicial system to provide swift justice. He announced that women and children who have been sentenced for less than two years will be freed. (With inputs from agencies)

Shehbaz Sharif announces aim to join G20, rakes up Kashmir after being 'elected' Pakistan PM: Top points

In a much-needed boost to its&nbsp;economy, cash-strapped Pakistan has secured crucial aid from its steadfast ally, China. On Thursday, Pakistan's finance minister, Ishaq Dar, announced that Beijing has agreed to roll over a significant $2.4 billion loan for a period of two years.

This move is expected to provide relief to Pakistan, which is facing an acute Balance of Payments&nbsp;crisis. Its&nbsp;current reserves barely cover two months' worth of import bills.

"The Chinese Exim Bank has rolled over principal amounts totaling $2.4 billion, which were scheduled for payment in the next two fiscal years," Dar said through the messaging platform X, formerly known as Twitter.

The finance minister further revealed that Pakistan will only be required to pay interest on these loans for the next two years. This extension comes as a welcome respite, as previously, Pakistan had&nbsp;to&nbsp;repay&nbsp;the loan amount cum interest by 2025.

Reuters quoted Prime Minister Shehbaz Sharif as saying that Pakistan’s long-term ally Beijing, which has pledged over $65 billion in infrastructure investment in Pakistan as part of the Belt and Road Initiative (BRI), has in recent months either rolled over or granted new loans worth around $5 billion to Islamabad as negotiations with the International Monetary Fund dragged on for eight months.

Furthermore,&nbsp;IMF's billion-dollar package also had a profound impact on Pakistan's foreign exchange reserves. A few weeks ago, these reserves had dwindled to $4 billion. However, following the infusion of funds through the IMF package, Pakistan's foreign reserves&nbsp;surged to $14 billion last week.

The last-ditch IMF accord, which came only with stringent fiscal discipline requirements, helped Pakistan avoid a sovereign default.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

In a much-needed boost to its economy, cash-strapped Pakistan has secured crucial aid from its steadfast ally, China. On Thursday, Pakistan's finance minister, Ishaq Dar, announced that Beijing has agreed to roll over a significant $2.

In a much-needed boost to its economy, cash-strapped Pakistan has secured crucial aid from its steadfast ally, China. On Thursday, Pakistan's finance minister, Ishaq Dar, announced that Beijing has agreed to roll over a significant $2.4 billion loan for a period of two years. This move is expected to provide relief to Pakistan, which is facing an acute Balance of Payments crisis. Its current reserves barely cover two months' worth of import bills. "The Chinese Exim Bank has rolled over principal amounts totaling $2.4 billion, which were scheduled for payment in the next two fiscal years," Dar said through the messaging platform X, formerly known as Twitter. The finance minister further revealed that Pakistan will only be required to pay interest on these loans for the next two years. This extension comes as a welcome respite, as previously, Pakistan had to repay the loan amount cum interest by 2025. Reuters quoted Prime Minister Shehbaz Sharif as saying that Pakistan’s long-term ally Beijing, which has pledged over $65 billion in infrastructure investment in Pakistan as part of the Belt and Road Initiative (BRI), has in recent months either rolled over or granted new loans worth around $5 billion to Islamabad as negotiations with the International Monetary Fund dragged on for eight months. Furthermore, IMF's billion-dollar package also had a profound impact on Pakistan's foreign exchange reserves. A few weeks ago, these reserves had dwindled to $4 billion. However, following the infusion of funds through the IMF package, Pakistan's foreign reserves surged to $14 billion last week. The last-ditch IMF accord, which came only with stringent fiscal discipline requirements, helped Pakistan avoid a sovereign default. WATCH WION LIVE HERE

China rolls over $2.4 billion loan for 2 years: Pakistan finance minister

Pakistan is currently facing a worrying trend of mass emigration. A record-breaking 800,000 Pakistanis left the country in the first half of 2023, with at least 100,000 of them being&nbsp;highly skilled professionals, including doctors, nurses, engineers, IT experts, and accountants.

Data from the Pakistan Bureau of Emigration, shows&nbsp;that over half of the immigrants originated from Pakistan's Punjab region, with approximately 27,000 people coming from Pakistan-occupied Kashmir (POK).

The unprecedented departure of such a large number of people, especially skilled professionals, poses significant challenges for Pakistan's economy and workforce.

Pakistanis migrating to foreign nations has surged in recent years. In 2022, the figure reached three times that of 2021, with a staggering 225,000&nbsp;individuals leaving the country. Even in 2020, amidst the pandemic and global travel restrictions, 280,000&nbsp;Pakistanis chose to&nbsp;emigrate.

As per an Express Tribune article, West Asian nations, particularly Saudi Arabia and the United Arab Emirates (UAE), have attracted the bulk of Pakistani immigrants. Interestingly, among European locations, Romania has emerged as a popular choice.

One significant factor that has been encouraging migration&nbsp;is Pakistan's dual citizenship policy. Emigrants who choose to settle abroad can retain their Pakistani passport and use it for travel, offering convenience and flexibility.

As Pakistan's economy faces challenges and its political landscape remains uncertain, the outflow of a significant number of its citizens, including highly skilled professionals, raises concerns about the potential impact on critical sectors and the nation's development.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Pakistan is currently facing a worrying trend of mass emigration. A record-breaking 800,000 Pakistanis left the country in the first half of 2023, with at least 100,000 of them being highly skilled professionals, including doctors, nurses, engineers, IT experts, and accountants.

Pakistan is currently facing a worrying trend of mass emigration. A record-breaking 800,000 Pakistanis left the country in the first half of 2023, with at least 100,000 of them being highly skilled professionals, including doctors, nurses, engineers, IT experts, and accountants. Data from the Pakistan Bureau of Emigration, shows that over half of the immigrants originated from Pakistan's Punjab region, with approximately 27,000 people coming from Pakistan-occupied Kashmir (POK). The unprecedented departure of such a large number of people, especially skilled professionals, poses significant challenges for Pakistan's economy and workforce. Pakistanis migrating to foreign nations has surged in recent years. In 2022, the figure reached three times that of 2021, with a staggering 225,000 individuals leaving the country. Even in 2020, amidst the pandemic and global travel restrictions, 280,000 Pakistanis chose to emigrate. As per an Express Tribune article, West Asian nations, particularly Saudi Arabia and the United Arab Emirates (UAE), have attracted the bulk of Pakistani immigrants. Interestingly, among European locations, Romania has emerged as a popular choice. One significant factor that has been encouraging migration is Pakistan's dual citizenship policy. Emigrants who choose to settle abroad can retain their Pakistani passport and use it for travel, offering convenience and flexibility. As Pakistan's economy faces challenges and its political landscape remains uncertain, the outflow of a significant number of its citizens, including highly skilled professionals, raises concerns about the potential impact on critical sectors and the nation's development. WATCH WION LIVE HERE

Pakistan's economy suffers as brain drain reaches record levels in 2023

A little more than a week after approving&nbsp;a $3 billion bailout programme for Pakistan, the International Monetary Fund (IMF) has said the country needs&nbsp;another programme and support from other&nbsp;multilateral lenders. Citing that the South Asian country was facing 'exceptionally high risks', the lender made the assessment&nbsp;in a recently released 120-page report.

“Resolving Pakistan’s structural challenges, including long-term BOP [balance of payments] pressures, will require continued adjustment and creditor support beyond the current programme period,” said IMF, adding that a successor arrangement was needed to restore the country's medium-term viability and capacity to repay.&nbsp;

"Pakistan’s economic challenges are complex and multifaceted, and risks are exceptionally high. Addressing them requires steadfast implementation of agreed policies, as well as continued financial support from external partners," it added.

The report published is based on the&nbsp;Memorandum of Economic and Fiscal Policies (MEFP)&nbsp;signed by Finance Minister Ishaq Dar and State Bank Governor Jameel Ahmed.

<h2>Pakistan's cash-crisis&nbsp;</h2>

The Shehbaz Sharif government, despite receiving the green light for the IMF bailout package, is staring at a bleak economic future with forex reserves plummeting.

Pakistan's cash crisis can be understood by the fact that the government has fast-tracked its plans to outsource operations at&nbsp;the Islamabad International Airport (IIA).&nbsp;

FM&nbsp;Dar, last week, chaired a meeting of the steering committee and directed the stakeholders to finalise the formalities of outsourcing the operations by August 12, a day before the current government's tenure ends.&nbsp;

<a href="https://www.wionews.com/vidCrisis-hit%20Pakistan%20strikes%20$3bn%20IMF%20bailout%20dealeos/crisis-hit-pakistan-strikes-3bn-imf-bailout-deal-610833" target="_blank">WATCH | Crisis-hit Pakistan strikes $3bn IMF bailout deal</a>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/vidCrisis-hit%20Pakistan%20strikes%20$3bn%20IMF%20bailout%20dealeos/crisis-hit-pakistan-strikes-3bn-imf-bailout-deal-610833/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

<h2>The bailout package</h2>

Last week, after months of negotiations, Pakistan managed to clinch a last-minute relief from IMF on an initial $3 billion loan. The development lowers the risk of a sovereign debt default as the South Asian nation continues to grapple with sky-high inflation and staggeringly low exchange reserves.&nbsp;

The agreement aims to support Pakistan's purported efforts to stabilise the economy from recent external shocks, preserve macroeconomic stability and provide a framework for financing from multilateral and bilateral partners.

<a href="https://www.wionews.com/south-asia/pakistan-gets-last-minute-relief-from-imf-to-avoid-sovereign-default-610325">Also read |&nbsp;Pakistan secures initial relief of $3bn from IMF in its bid to avoid sovereign default</a>

"The new Stand-By Arrangement (SBA) will also create space for social and development spending through improved domestic revenue mobilisation and careful spending execution to help address the needs of the Pakistani people," the IMF said in an official statement.&nbsp;

(With inputs from agencies)

WATCH WION LIVE HERE:&nbsp;

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

A little more than a week after approving a $3 billion bailout programme for Pakistan, the International Monetary Fund (IMF) has said the country needs another programme and support from other multilateral lenders.

A little more than a week after approving a $3 billion bailout programme for Pakistan, the International Monetary Fund (IMF) has said the country needs another programme and support from other multilateral lenders. Citing that the South Asian country was facing 'exceptionally high risks', the lender made the assessment in a recently released 120-page report. “Resolving Pakistan’s structural challenges, including long-term BOP [balance of payments] pressures, will require continued adjustment and creditor support beyond the current programme period,” said IMF, adding that a successor arrangement was needed to restore the country's medium-term viability and capacity to repay. "Pakistan’s economic challenges are complex and multifaceted, and risks are exceptionally high. Addressing them requires steadfast implementation of agreed policies, as well as continued financial support from external partners," it added. The report published is based on the Memorandum of Economic and Fiscal Policies (MEFP) signed by Finance Minister Ishaq Dar and State Bank Governor Jameel Ahmed. Pakistan's cash-crisis The Shehbaz Sharif government, despite receiving the green light for the IMF bailout package, is staring at a bleak economic future with forex reserves plummeting. Pakistan's cash crisis can be understood by the fact that the government has fast-tracked its plans to outsource operations at the Islamabad International Airport (IIA). FM Dar, last week, chaired a meeting of the steering committee and directed the stakeholders to finalise the formalities of outsourcing the operations by August 12, a day before the current government's tenure ends. WATCH | Crisis-hit Pakistan strikes $3bn IMF bailout deal × The bailout package Last week, after months of negotiations, Pakistan managed to clinch a last-minute relief from IMF on an initial $3 billion loan. The development lowers the risk of a sovereign debt default as the South Asian nation continues to grapple with sky-high inflation and staggeringly low exchange reserves. The agreement aims to support Pakistan's purported efforts to stabilise the economy from recent external shocks, preserve macroeconomic stability and provide a framework for financing from multilateral and bilateral partners. Also read | Pakistan secures initial relief of $3bn from IMF in its bid to avoid sovereign default "The new Stand-By Arrangement (SBA) will also create space for social and development spending through improved domestic revenue mobilisation and careful spending execution to help address the needs of the Pakistani people," the IMF said in an official statement. (With inputs from agencies) WATCH WION LIVE HERE:

Pakistan needs another bailout package, faces ‘exceptionally high’ risks, warns IMF

The Pakistan Railways is currently facing a challenging situation due to an economic meltdown and the aftermath of flooding. Reportedly, due to this, staff has been working without salaries.

Dawn reports that these remarks were made by Sukkur Divisional Superintendent Mehmood-ur-Rehman Lakho during an inspection of the Larkana-Kotri railway tracks.&nbsp;

<h2>Salaries, floods and the Pakistan railways</h2>

Talking to reporters, Lakho said that employees, from BS-1 officers to the chairman, have not been receiving salaries, and the number of good trains has been reduced.&nbsp;

However, he emphasised that the railways are working in collaboration with the federal government, which is providing full support to restore train operations on tracks affected by the floods.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/pakistans-karachi-city-to-stop-import-of-eatables-drinks-due-to-lack-of-dollars-606133">Pakistan's Karachi city to stop import of eatables, drinks due to lack of dollars</a>

As per Dawn, he conceded that the railway track from Nawabshah to Tando Masti suffered severe damage during the floods, resulting in a 25-day suspension of service.

During unprecedented rainfall and flooding in August of the previous year, approximately half of the trains, including Khushhal Khan Khatak and Bolan Mail, had to suspend operations, leading to numerous challenges for the department.&nbsp;

<h2>Employees protest amidst extreme distress</h2>

As per The Express Tribune, the country's financial crisis and the non-payment of salaries by Pakistan Railways have caused significant distress among the employees.&nbsp;

Pakistan Railways Employees (PREM) Union (CBA) staged a protest at the diesel engine shed in Lahore to express their dissatisfaction with the delay in salary payments, particularly with Eid-ul-Adha approaching soon.&nbsp;

"Only a few days are left until Eid-ul-Adha," said the protestors.

Union leaders Prem Union Lahore President Fiaz Ahmed Shahzad, Secretary Khizar Hayat Baig, Senior Vice President Muhammad Jameel Malik, and organizer Haji Aziz Madi have reportedly appealed to the Railways Minister Saad Rafique and CEO Arshad Salam Khattak to resolve the salary issue promptly.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/imran-khan-reacts-sharply-to-minus-imran-formula-says-only-voters-can-decide-606196">Imran Khan reacts sharply to 'minus-Imran formula', says only voters can decide</a>

The central leader of the workers' union, Nasir Mujtaba, has demanded immediate payment of salaries. He has warned that if the issue is not resolved, protest demonstrations will be organised at railway stations across the country in the coming week.

According to the Express Tribune, the employees are not demanding advance payments, but the salaries that were due on specific dates and have not been paid yet.&nbsp;

This delay has caused frustration among the employees, who were anticipating double salaries this month.

As per convention, typically, in Pakistan, government employees receive an advance salary for the upcoming month on the occasion of Eid. This helps them make arrangements for the sacrificial animal for the upcoming religious occasion. 
&nbsp;

(With inputs from agencies)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

The Pakistan Railways is currently facing a challenging situation due to an economic meltdown and the aftermath of flooding. Reportedly, due to this, staff has been working without salaries.

The Pakistan Railways is currently facing a challenging situation due to an economic meltdown and the aftermath of flooding. Reportedly, due to this, staff has been working without salaries. Dawn reports that these remarks were made by Sukkur Divisional Superintendent Mehmood-ur-Rehman Lakho during an inspection of the Larkana-Kotri railway tracks. Salaries, floods and the Pakistan railways Talking to reporters, Lakho said that employees, from BS-1 officers to the chairman, have not been receiving salaries, and the number of good trains has been reduced. However, he emphasised that the railways are working in collaboration with the federal government, which is providing full support to restore train operations on tracks affected by the floods. Also read | Pakistan's Karachi city to stop import of eatables, drinks due to lack of dollars As per Dawn, he conceded that the railway track from Nawabshah to Tando Masti suffered severe damage during the floods, resulting in a 25-day suspension of service. During unprecedented rainfall and flooding in August of the previous year, approximately half of the trains, including Khushhal Khan Khatak and Bolan Mail, had to suspend operations, leading to numerous challenges for the department. Employees protest amidst extreme distress As per The Express Tribune, the country's financial crisis and the non-payment of salaries by Pakistan Railways have caused significant distress among the employees. Pakistan Railways Employees (PREM) Union (CBA) staged a protest at the diesel engine shed in Lahore to express their dissatisfaction with the delay in salary payments, particularly with Eid-ul-Adha approaching soon. "Only a few days are left until Eid-ul-Adha," said the protestors. Union leaders Prem Union Lahore President Fiaz Ahmed Shahzad, Secretary Khizar Hayat Baig, Senior Vice President Muhammad Jameel Malik, and organizer Haji Aziz Madi have reportedly appealed to the Railways Minister Saad Rafique and CEO Arshad Salam Khattak to resolve the salary issue promptly. Also read | Imran Khan reacts sharply to 'minus-Imran formula', says only voters can decide The central leader of the workers' union, Nasir Mujtaba, has demanded immediate payment of salaries. He has warned that if the issue is not resolved, protest demonstrations will be organised at railway stations across the country in the coming week. According to the Express Tribune, the employees are not demanding advance payments, but the salaries that were due on specific dates and have not been paid yet. This delay has caused frustration among the employees, who were anticipating double salaries this month. As per convention, typically, in Pakistan, government employees receive an advance salary for the upcoming month on the occasion of Eid. This helps them make arrangements for the sacrificial animal for the upcoming religious occasion. (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.

'From BS-1 officers to Chairman,' Pakistan Railways employees await salaries as Eid-ul-Adha approaches

The International Monetary Fund (IMF) said it was working towards holding a board meeting with Pakistani authorities before a financing programme expires at the end of June.&nbsp;

IMF mission chief for Pakistan Nathan Porter made the statement, adding that the monetary body was keeping an eye on Islamabad's budget for the FY24. &nbsp;

"This engagement will focus on the restoration of foreign exchange proper market functioning, the passage of a FY24 budget consistent with programme goals, and adequate financing," said Porter.

"Overcoming the present economic and financial challenges would require sustained policy efforts and reforms for Pakistan to regain strong and inclusive private-led growth."

Notably, conducting a board meeting on the review of the programme would require a prior staff-level agreement. However, the deal has been delayed since November last year, the longest delay since at least 2008.&nbsp;

<h2>Pakistan willing to share budget details</h2>

Earlier, Pakistan's Finance Minister Ishaq Dar said the government was willing to share details of the upcoming budget with the IMF to unlock stalled funds.&nbsp;

"They have asked for some more things again, we are ready to give that too, they say that give us budget details, we will give it to them," Dar was quoted as saying by Geo TV.&nbsp;

<a href="https://www.wionews.com/south-asia/pakistan-to-share-upcoming-budget-details-with-imf-to-unlock-stalled-funds-597639">ALSO READ |&nbsp;Pakistan to share upcoming budget details with IMF to unlock stalled funds</a>

Pakistan has been negotiating the release of a $1.1 billion tranche of a $6.5 billion bailout package from the IMF to avoid defaulting. Despite securing financing from UAE and Saudi Arabia to meet the pre-conditions laid down by the monetary body, it hasn't been able to lay its hands on the payout.&nbsp;

The cash-strapped country has been looking to secure the IMF package for a long time. According to a report by the news agency Reuters early Monday, the central bank's foreign reserves have fallen as low as to cover barely a month of controlled imports. The Pakistani economy has slowed, with an estimated 0.29% GDP growth for 2022-2023. However, the international lender, for the major part, remained reluctant to open its wallet.

<a href="https://www.wionews.com/videos/is-pakistans-economic-crisis-getting-worse-550882">WATCH |&nbsp;Is Pakistan's economic crisis getting worse?</a>

<iframe allowfullscreen="" autoplay="1" frameborder="0" height="350" src="https://www.wionews.com/videos/is-pakistans-economic-crisis-getting-worse-550882/embed" width="560"></iframe>

<a href="https://www.wionews.com/south-asia/inflation-breaks-fifty-year-record-in-pakistan-touches-high-of-315-567577#" id="jqclosemark">×</a>

&nbsp;

Pakistan, though, received a booster shot of confidence in April when UAE confirmed that it would provide a $1 billion loan to Islamabad. Similarly, Saudi Arabia assured that it would provide $2 billion in loan amount to the distressed country.

Pakistan Prime Minister Shehbaz Sharif at the time&nbsp;said it was Army Chief General Asim Munir who had managed to&nbsp;secure bilateral financing from the UAE and Saudi Arabia to meet the pre-condition.

"Chief of Army Staff General Asim Munir has contributed to the government's efforts to secure funds from Saudi Arabia and the UAE. Hopefully the IMF will now have no excuse to delay the agreement (to release a tranche of USD 1.1 billion)," said Sharif.

<a href="https://www.wionews.com/south-asia/pakistan-army-chief-helped-secure-funds-from-uae-saudi-to-fulfill-imf-pre-condition-says-pm-sharif-582813">ALSO READ |&nbsp;Pakistan Army chief helped secure funds from UAE, Saudi to fulfill IMF pre-condition, says PM Sharif</a>

The statement by Sharif came in stark contrast to the announcement made by the Pakistani Army wherein it said that General Munir had no role in the country's politics.&nbsp;

(With inputs from agencies)

WATCH WION LIVE HERE:&nbsp;

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

The International Monetary Fund (IMF) said it was working towards holding a board meeting with Pakistani authorities before a financing programme expires at the end of June.

The International Monetary Fund (IMF) said it was working towards holding a board meeting with Pakistani authorities before a financing programme expires at the end of June. IMF mission chief for Pakistan Nathan Porter made the statement, adding that the monetary body was keeping an eye on Islamabad's budget for the FY24. "This engagement will focus on the restoration of foreign exchange proper market functioning, the passage of a FY24 budget consistent with programme goals, and adequate financing," said Porter. "Overcoming the present economic and financial challenges would require sustained policy efforts and reforms for Pakistan to regain strong and inclusive private-led growth." Notably, conducting a board meeting on the review of the programme would require a prior staff-level agreement. However, the deal has been delayed since November last year, the longest delay since at least 2008. Pakistan willing to share budget details Earlier, Pakistan's Finance Minister Ishaq Dar said the government was willing to share details of the upcoming budget with the IMF to unlock stalled funds. "They have asked for some more things again, we are ready to give that too, they say that give us budget details, we will give it to them," Dar was quoted as saying by Geo TV. ALSO READ | Pakistan to share upcoming budget details with IMF to unlock stalled funds Pakistan has been negotiating the release of a $1.1 billion tranche of a $6.5 billion bailout package from the IMF to avoid defaulting. Despite securing financing from UAE and Saudi Arabia to meet the pre-conditions laid down by the monetary body, it hasn't been able to lay its hands on the payout. The cash-strapped country has been looking to secure the IMF package for a long time. According to a report by the news agency Reuters early Monday, the central bank's foreign reserves have fallen as low as to cover barely a month of controlled imports. The Pakistani economy has slowed, with an estimated 0.29% GDP growth for 2022-2023. However, the international lender, for the major part, remained reluctant to open its wallet. WATCH | Is Pakistan's economic crisis getting worse? × Pakistan, though, received a booster shot of confidence in April when UAE confirmed that it would provide a $1 billion loan to Islamabad. Similarly, Saudi Arabia assured that it would provide $2 billion in loan amount to the distressed country. Pakistan Prime Minister Shehbaz Sharif at the time said it was Army Chief General Asim Munir who had managed to secure bilateral financing from the UAE and Saudi Arabia to meet the pre-condition. "Chief of Army Staff General Asim Munir has contributed to the government's efforts to secure funds from Saudi Arabia and the UAE. Hopefully the IMF will now have no excuse to delay the agreement (to release a tranche of USD 1.1 billion)," said Sharif. ALSO READ | Pakistan Army chief helped secure funds from UAE, Saudi to fulfill IMF pre-condition, says PM Sharif The statement by Sharif came in stark contrast to the announcement made by the Pakistani Army wherein it said that General Munir had no role in the country's politics. (With inputs from agencies) WATCH WION LIVE HERE:

IMF in touch with Pakistan for board meeting before finance deal collapses

The budget of the Indian union territory of Jammu and Kashmir (J&amp;K), announced last month, is twice the size of Pakistan's bailout request to the International Monetary Fund, according to documents.

The budget of J&amp;K stood at Rs 1,18,500 crore ($14.5 billion), while Pakistan sought $7 billion from the IMF.

The irony is not lost on many, given Pakistan's long-standing desire to claim the region since the partition of India in 1947.

On March 13, while making the budget announcement, Indian finance minister Nirmala Sitharaman highlighted several key infrastructure projects, including the 8.45 km Qazigund-Banihal tunnel at a cost of Rs 31.17 billion ($38 million), which will reduce&nbsp;the travel time between Srinagar and Jammu from 10 hours to five.

"Kashmir is likely to be connected to the rest of the country through the rail network by the end of the year 2023," Sitharaman said.

On the other hand, Pakistan’s budget pales in comparison. The Islamabad government in its budget announced in June last year earmarked only $2.6 billion for development programs, also called the Public Sector Development Program (PSDP), for the entire country.

Moreover, the PSDP has seen a 19 per cent year-on-year cut, affecting the country's development priorities.

In June last year, Pakistan's then-finance minister Miftah Ismail tabled a federal budget of $33.4 billion for the financial year 2022-2023. It was presented in the backdrop of a deep economic crisis.

Of that, $575.9 million (Pakistani Rs 164 billion) was allocated to the Pakistan-occupied Kashmir's&nbsp;(PoK) budget for the financial year 2022-23.

Notably, the PoK's budget has been witnessing a consistent drop, causing unease among the local population.

According to Pakistan's monthly economic report for March 2023, the country is currently facing a shortage in liquidity.&nbsp;The report states that the Pakistani government is "firmly inclined to successfully complete the IMF's EFF program, which includes necessary policy measures and will bring additional relief to the financial account of the balance of payments."

The stark contrast between the budgets of Jammu and Kashmir and Pakistan highlights the vast difference&nbsp;in the&nbsp;economic growth and development between the two regions.

While Jammu and Kashmir is investing in infrastructure and development projects, Pakistan is struggling to meet its basic financial obligations. The situation in PoK is also concerning, with the federal government reducing its budget and exacerbating the region's economic woes. 
&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

The budget of the Indian union territory of Jammu and Kashmir (J&K), announced last month, is twice the size of Pakistan's bailout request to the International Monetary Fund, according to documents.

The budget of the Indian union territory of Jammu and Kashmir (J&K), announced last month, is twice the size of Pakistan's bailout request to the International Monetary Fund, according to documents. The budget of J&K stood at Rs 1,18,500 crore ($14.5 billion), while Pakistan sought $7 billion from the IMF. The irony is not lost on many, given Pakistan's long-standing desire to claim the region since the partition of India in 1947. On March 13, while making the budget announcement, Indian finance minister Nirmala Sitharaman highlighted several key infrastructure projects, including the 8.45 km Qazigund-Banihal tunnel at a cost of Rs 31.17 billion ($38 million), which will reduce the travel time between Srinagar and Jammu from 10 hours to five. "Kashmir is likely to be connected to the rest of the country through the rail network by the end of the year 2023," Sitharaman said. On the other hand, Pakistan’s budget pales in comparison. The Islamabad government in its budget announced in June last year earmarked only $2.6 billion for development programs, also called the Public Sector Development Program (PSDP), for the entire country. Moreover, the PSDP has seen a 19 per cent year-on-year cut, affecting the country's development priorities. In June last year, Pakistan's then-finance minister Miftah Ismail tabled a federal budget of $33.4 billion for the financial year 2022-2023. It was presented in the backdrop of a deep economic crisis. Of that, $575.9 million (Pakistani Rs 164 billion) was allocated to the Pakistan-occupied Kashmir's (PoK) budget for the financial year 2022-23. Notably, the PoK's budget has been witnessing a consistent drop, causing unease among the local population. According to Pakistan's monthly economic report for March 2023, the country is currently facing a shortage in liquidity. The report states that the Pakistani government is "firmly inclined to successfully complete the IMF's EFF program, which includes necessary policy measures and will bring additional relief to the financial account of the balance of payments." The stark contrast between the budgets of Jammu and Kashmir and Pakistan highlights the vast difference in the economic growth and development between the two regions. While Jammu and Kashmir is investing in infrastructure and development projects, Pakistan is struggling to meet its basic financial obligations. The situation in PoK is also concerning, with the federal government reducing its budget and exacerbating the region's economic woes. WATCH WION LIVE HERE

Jammu and Kashmir’s budget twice the size of Pakistan’s IMF bailout request, documents show

At least 11 people died in Pakistan while they were reportedly trying to get free flour from government distribution outlets in recent days, news agency PTI reported citing local authorities. The incident reportedly happened in Punjab province.&nbsp;

The South Asian nation is going through an economic crisis, which has left common people struggling with a very high cost of living amid inflation.&nbsp;

The cash-strapped government introduced a free flour scheme for the poor, especially in Punjab province, but the campaign met with a tragic fate.&nbsp;

The news agency also mentioned that the deaths were reported after several people rushed to the government distribution points to get the flour.&nbsp;

As reported by PTI, two elderly women and a man died on Tuesday, while 60 others suffered injuries in stampedes at such centres in four districts of south Punjab—Sahiwal, Bahawalpur, Muzaffargarh and Okara.&nbsp;

Fasailabad, Jehanian and Multan were among the other districts where deaths were reported.&nbsp;

Media reports noted that police have been blamed for causing mayhem at the centres by manhandling and baton-charging the citizens, who were waiting in long queues.&nbsp;

WATCH&nbsp;| Pakistan: Mariam following her father Nawaz Sharif's corrupt tradition, says PTI's Shireen Mazari&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/shireen-mazari-mariam-sharif-is-following-sadly-in-her-father-nawaz-sharifs-corrupt-tradition-576910/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Meanwhile, Punjab Caretaker Chief Minister Mohsin Naqvi announced on Wednesday the opening of free flour centres at 6:00am across the province aiming to reduce overcrowding and inconvenience for citizens.&nbsp;

Such mismanagement has also been condemned by former prime minister Imran Khan, who has slammed the Pakistan Muslim League-Nawaz government.&nbsp;

Khan held Prime Minister Shehbaz Sharif and Punjab caretaker chief minister Naqvi responsible for the deaths of innocent people.&nbsp;

(With inputs from agencies)&nbsp; 
 
&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

At least 11 people died in Pakistan while they were reportedly trying to get free flour from government distribution outlets in recent days, news agency PTI reported citing local authorities.

At least 11 people died in Pakistan while they were reportedly trying to get free flour from government distribution outlets in recent days, news agency PTI reported citing local authorities. The incident reportedly happened in Punjab province. The South Asian nation is going through an economic crisis, which has left common people struggling with a very high cost of living amid inflation. The cash-strapped government introduced a free flour scheme for the poor, especially in Punjab province, but the campaign met with a tragic fate. The news agency also mentioned that the deaths were reported after several people rushed to the government distribution points to get the flour. As reported by PTI, two elderly women and a man died on Tuesday, while 60 others suffered injuries in stampedes at such centres in four districts of south Punjab—Sahiwal, Bahawalpur, Muzaffargarh and Okara. Fasailabad, Jehanian and Multan were among the other districts where deaths were reported. Media reports noted that police have been blamed for causing mayhem at the centres by manhandling and baton-charging the citizens, who were waiting in long queues. WATCH | Pakistan: Mariam following her father Nawaz Sharif's corrupt tradition, says PTI's Shireen Mazari × Meanwhile, Punjab Caretaker Chief Minister Mohsin Naqvi announced on Wednesday the opening of free flour centres at 6:00am across the province aiming to reduce overcrowding and inconvenience for citizens. Such mismanagement has also been condemned by former prime minister Imran Khan, who has slammed the Pakistan Muslim League-Nawaz government. Khan held Prime Minister Shehbaz Sharif and Punjab caretaker chief minister Naqvi responsible for the deaths of innocent people. (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: At least 11 people killed while collecting free flour in Punjab province

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%

The Pakistan Day parade, which is held annually on March 23, has been cancelled this&nbsp; year&nbsp;due to growing political unrest and the nation's floundering economic situation, as per a Zee News report.&nbsp;

Pakistan’s army displays its equipment and military capabilities as part of the celebration of Pakistan Day, which honours the passage of the 1940 Lahore Resolution.

The highest leadership of the Pakistani military, according to Zee News, decided against holding a military parade to commemorate Pakistan Day. 
 
The Pakistan Army's senior commanders met last week in Rawalpindi's General Headquarters and decided not to hold&nbsp;the parade this year to celebrate Pakistan Day.

ALSO READ |<a href="https://www.wionews.com/south-asia/ex-pakistan-pm-imran-khan-says-ptis-problems-increased-after-appointment-of-new-army-chief-570650">&nbsp;Ex-Pakistan PM Imran Khan says PTI’s problems increased after appointment of new army chief</a>

In addition to being under pressure from the International Monetary Fund (IMF) to reduce defence spending, the decision was made as a result of rising inflation and a faltering economy.

ALSO WATCH |&nbsp;Gravitas: Pakistan insults its founder Jinnah

<iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-pakistan-insults-its-founder-jinnah-569767/embed" style="width:100%;max-width:560px;" width="560"></iframe>

Also, Pakistan was required by the IMF this week to guarantee that its balance of payments deficit is completely covered for the remainder of the programme. The nation's legislators must make sure they adhere to the external finance commitment the IMF is asking them to make.

In Islamabad, the Pakistan Day parade starts with a 31-gun salute, whereas the provincial capitals observe it with 21-gun salutes. The Covid-19 pandemic caused the cancellation of the event in 2020 as well, while bad weather forced the postponement of the event in 2022. 
 
(With inputs from agencies) 
 
&nbsp;

WATCH WION LIVE HERE:

<iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed" style="width:100%;max-width:560px;" width="560"></iframe>

The Pakistan Day parade, which is held annually on March 23, has been cancelled this year due to growing political unrest and the nation's floundering economic situation, as per a Zee News report.

The Pakistan Day parade, which is held annually on March 23, has been cancelled this year due to growing political unrest and the nation's floundering economic situation, as per a Zee News report. Pakistan’s army displays its equipment and military capabilities as part of the celebration of Pakistan Day, which honours the passage of the 1940 Lahore Resolution. The highest leadership of the Pakistani military, according to Zee News, decided against holding a military parade to commemorate Pakistan Day. The Pakistan Army's senior commanders met last week in Rawalpindi's General Headquarters and decided not to hold the parade this year to celebrate Pakistan Day. ALSO READ | Ex-Pakistan PM Imran Khan says PTI’s problems increased after appointment of new army chief In addition to being under pressure from the International Monetary Fund (IMF) to reduce defence spending, the decision was made as a result of rising inflation and a faltering economy. ALSO WATCH | Gravitas: Pakistan insults its founder Jinnah Also, Pakistan was required by the IMF this week to guarantee that its balance of payments deficit is completely covered for the remainder of the programme. The nation's legislators must make sure they adhere to the external finance commitment the IMF is asking them to make. In Islamabad, the Pakistan Day parade starts with a 31-gun salute, whereas the provincial capitals observe it with 21-gun salutes. The Covid-19 pandemic caused the cancellation of the event in 2020 as well, while bad weather forced the postponement of the event in 2022. (With inputs from agencies) WATCH WION LIVE HERE:

Pakistan cancels military parade over political unrest, economic instability

Battling a worsening economic crisis, Pakistan's inflation broke all previous records when the consumer price index reached 31.5 per cent in February, according to fresh readings issued by the Pakistan Bureau of Statistics (PBS).

Battling a worsening economic crisis, Pakistan's inflation broke all previous records when the consumer price index reached 31.5 per cent in February, according to fresh readings issued by the Pakistan Bureau of Statistics (PBS). The direct repercussion of high inflation rate will be seen in the monetary policy committee (MPC) meeting, scheduled to take place on Thursday. The committee, for all practical purposes, will be hiking interest rates, according to the experts. Since data-keeping began in July 1965, this is the first time inflation has crossed the threshold of 31.5 per cent in Pakistan. In April 1975, the inflation rate came close to February's figures but stood still at 29 per cent. The south Asian country has now become the 17th most expensive country in the world and is hurriedly moving towards hyperinflation. Meaning, the value of the Pakistan Rupee has declined to such an extent that ordinary people and their purchasing power have plummeted. WATCH | Is Pakistan's economic crisis getting worse? × Food and gas prices have touched new highs in recent months as Pakistan's import-based economy cannot handle the devaluation of its local currency. Additionally, the forex reserves are running at an all-time low which has added to the conundrum. The release of the grim figures came on the same day as global credit rating agency Moody's, in its report, downgraded Pakistan's local and foreign currency credit ratings from Caa1 to Caa3. "The decision to downgrade the ratings is driven by Moody's assessment that Pakistan's increasingly fragile liquidity and external position significantly raises default risks to a level consistent with a Caa3 rating," the agency said. 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. Read more: Moody's downgrades Pakistan's credit rating to the lowest in three decades To secure IMF funding, the Pakistani government has implemented new tax measures as suggested by the global body. However, securing the final tranche of payment looks uncertain at the moment. (With inputs from agencies) WATCH WION LIVE HERE:

Inflation breaks 50-year record in Pakistan, touches high of 31.5%

Global credit rating agency Moody's has downgraded Pakistan's local and foreign currency credit ratings. The agency has dropped the rating two notches down to Caa3 from Caa1.

Global credit rating agency Moody's has downgraded Pakistan's local and foreign currency credit ratings. The agency has dropped the rating two notches down to Caa3 from Caa1. The increase in default risk due to mounting international loans and a crumbling economy were the contributing factors to the new rating which is the lowest in three decades. "The decision to downgrade the ratings is driven by Moody's assessment that Pakistan's increasingly fragile liquidity and external position significantly raises default risks to a level consistent with a Caa3 rating," the agency said. 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. WATCH | WION Dispatch | Moody's: Global economy on the verge of a downturn × "Significant external financing becoming available in the very near term, such as through the disbursement of the next tranches under the current IMF programme and related financing, would reduce default risk potentially to a level consistent with a higher rating," read the report. The agency, however, warned that getting the package may not be enough for the country to resuscitate its fortunes. Weak governance and heightened social risks can impede Islamabad's capability to chart a turnaround in fortunes. To secure IMF funding, the Pakistani government has implemented new tax measures as suggested by the global body. however, securing the final tranche of payment looks like an unlikely proposition in the immediate future. Read more: Moody's winding up its consulting business in China, to lay off people across the country In the face of the ongoing financial crisis, where foreign reserves have fallen to historic low levels, the Pakistani government has come up with some measures to save energy and reduce its energy bill. Markets and restaurants are reportedly closing at 8:30 PM and 10 PM in a bid to save energy. The decision was announced in January with the government aiming to save $274 million through it. However, it has drawn flak from both market associations as well as the general masses. (With inputs from agencies) WATCH WION LIVE HERE:

Moody's downgrades Pakistan's credit rating to the lowest in three decades

The cash-strapped Pakistan government has directed the accountant general to cease the clearing of bills, including salaries, owing to the current economic crisis, according to a media report on Saturday (February 25). The Ministry of Finance and Revenue also instructed the Accountant General of Pakistan Revenues (AGPR) to halt the clearing of all the bills of the federal ministries or divisions and attached departments until further notice, The News International, a local daily, quoted official sources as saying.

The newspaper reported that the operational cost-related releases faced difficulties mainly due to the economic hardship facing the country. Pakistan’s foreign exchange reserves, which fell to a critically low level of USD 2.9 billion a few weeks ago, have now risen closer to USD 4 billion, even as the country eagerly waits for the USD 1.1 billion tranches of funding from the International Monetary Fund (IMF). Minister for Finance Ishaq Dar, who was contacted for a comment by the newspaper, said it might be untrue but promised to get back after confirmation.

Sources said that they went to the AGPR office for clearance of their outstanding bills but were informed that the Ministry of Finance had directed them to stop clearing all the bills, including the salaries, because of the prevailing difficult financial positions. The exact reasons could not be ascertained why the clearance of bills was stopped on an immediate basis. Sources said the salaries and pensions of defence-related institutions had already been cleared for next month. 
&nbsp;&nbsp;&nbsp; &nbsp; 
Finance Minister Dar while meeting on February 22 with a delegation of Rothschild and Co had said "the government was steering the economy towards stability and growth". He added that "the government is committed to completing the IMF programme and fulfilling all international obligations".

Dar's commitment to unlocking the IMF tranche was visible on February 20 when the national assembly had unanimously approved the Finance (Supplementary) Bill 2023 or "mini-budget" - a move mandatory for seeking funding. The bill increases sales tax from 17 to 25 per cent on imports ranging from cars and household appliances to chocolates and cosmetics. A general sales tax was raised from 17 to 18 per cent. "The prime minister will also unveil austerity measures in the next few days," the minister told the lower house of parliament as the bill was passed, adding "we will have to take difficult decisions".

Also watch: Pakistan announces austerity drive: PM Sharif orders 15% cut in expenses

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/pakistan-announces-austerity-drive-pm-sharif-orders-15-cut-in-expenses-564986/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

The country's weekly inflation remained stubbornly elevated at 2.78 per cent week-on-week and 41.54 per cent year-on-year during the seven-day period that ended on February 23, official data showed on Friday. This comes as the government of Pakistan almost doubled the gas charges from Rs 147.57 to Rs 295 to get the IMF's approval for the USD 1.1 billion tranches out of the USD 6.5 billion bailout package under the Extended Fund Facility.

Also read: <a href="https://www.wionews.com/south-asia/pakistan-no-business-class-flights-five-star-stays-for-ministers-amid-financial-crunch-565284">Pakistan: No business class flights, five-star stays for ministers amid financial crunch</a>

Analysts had said last week that inflationary pressures would intensify as the government took tax measures and made electricity, petroleum, and gas price adjustments to unlock the IMF programme. Consumers have been reeling under the burden of rising prices of essential items, particularly edibles.

&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

The cash-strapped Pakistan government has directed the accountant general to cease the clearing of bills, including salaries, owing to the current economic crisis, according to a media report on Saturday (February 25).

The cash-strapped Pakistan government has directed the accountant general to cease the clearing of bills, including salaries, owing to the current economic crisis, according to a media report on Saturday (February 25). The Ministry of Finance and Revenue also instructed the Accountant General of Pakistan Revenues (AGPR) to halt the clearing of all the bills of the federal ministries or divisions and attached departments until further notice, The News International, a local daily, quoted official sources as saying. The newspaper reported that the operational cost-related releases faced difficulties mainly due to the economic hardship facing the country. Pakistan’s foreign exchange reserves, which fell to a critically low level of USD 2.9 billion a few weeks ago, have now risen closer to USD 4 billion, even as the country eagerly waits for the USD 1.1 billion tranches of funding from the International Monetary Fund (IMF). Minister for Finance Ishaq Dar, who was contacted for a comment by the newspaper, said it might be untrue but promised to get back after confirmation. Sources said that they went to the AGPR office for clearance of their outstanding bills but were informed that the Ministry of Finance had directed them to stop clearing all the bills, including the salaries, because of the prevailing difficult financial positions. The exact reasons could not be ascertained why the clearance of bills was stopped on an immediate basis. Sources said the salaries and pensions of defence-related institutions had already been cleared for next month. Finance Minister Dar while meeting on February 22 with a delegation of Rothschild and Co had said "the government was steering the economy towards stability and growth". He added that "the government is committed to completing the IMF programme and fulfilling all international obligations". Dar's commitment to unlocking the IMF tranche was visible on February 20 when the national assembly had unanimously approved the Finance (Supplementary) Bill 2023 or "mini-budget" - a move mandatory for seeking funding. The bill increases sales tax from 17 to 25 per cent on imports ranging from cars and household appliances to chocolates and cosmetics. A general sales tax was raised from 17 to 18 per cent. "The prime minister will also unveil austerity measures in the next few days," the minister told the lower house of parliament as the bill was passed, adding "we will have to take difficult decisions". Also watch: Pakistan announces austerity drive: PM Sharif orders 15% cut in expenses × The country's weekly inflation remained stubbornly elevated at 2.78 per cent week-on-week and 41.54 per cent year-on-year during the seven-day period that ended on February 23, official data showed on Friday. This comes as the government of Pakistan almost doubled the gas charges from Rs 147.57 to Rs 295 to get the IMF's approval for the USD 1.1 billion tranches out of the USD 6.5 billion bailout package under the Extended Fund Facility. Also read: Pakistan: No business class flights, five-star stays for ministers amid financial crunch Analysts had said last week that inflationary pressures would intensify as the government took tax measures and made electricity, petroleum, and gas price adjustments to unlock the IMF programme. Consumers have been reeling under the burden of rising prices of essential items, particularly edibles. 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 government halts clearance of bills, salaries: Report

One man was killed and around 11 people have been injured in a shooting that took place in&nbsp;Minneapolis in the early hours of Sunday.

“One adult male died and 11 have no-life-threatening wounds,” Minneapolis police tweeted.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
Multiple people shot in area of 2900 block Hennepin S. Please stay away from this area. More info when available
— Minneapolis Police (@MinneapolisPD) <a href="https://twitter.com/MinneapolisPD/status/1274594708325576704?ref_src=twsrc%5Etfw">June 21, 2020</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

As of now, there has been no indication that the shooting was related to the ongoing anti-racism protests, of which Minneapolis has been the origin.

<a href="https://www.wionews.com/world/uk-reading-stabbing-attack-declared-a-terrorist-incident-investigations-continue-307469">Also read|&nbsp;UK: Reading stabbing attack declared a 'terrorist incident'; investigations continue</a>

Local media reports stated that the identities of the deceased and injured hasn't been revealed yet as it wasn't clear whether anyone has been taken into custody.

After the shooting, social media was flooded with pictures and videos of the area during the shooting.&nbsp;Some pictures showed broken windows&nbsp;at the theater and a storefront. Some people can also be heard screaming in the videos posted on social media websites by the locals.

All injured were taken to hospital for treatment. The local police has cordoned the area, and investigations are underway.

(With inputs from Reuters)

One man was killed and around 11 people have been injured in a shooting that took place in Minneapolis in the early hours of Sunday. “One adult male died and 11 have no-life-threatening wounds,” Minneapolis police tweeted.

One man was killed and around 11 people have been injured in a shooting that took place in Minneapolis in the early hours of Sunday. “One adult male died and 11 have no-life-threatening wounds,” Minneapolis police tweeted. Multiple people shot in area of 2900 block Hennepin S. Please stay away from this area. More info when available — Minneapolis Police (@MinneapolisPD) June 21, 2020 × As of now, there has been no indication that the shooting was related to the ongoing anti-racism protests, of which Minneapolis has been the origin. Also read| UK: Reading stabbing attack declared a 'terrorist incident'; investigations continue Local media reports stated that the identities of the deceased and injured hasn't been revealed yet as it wasn't clear whether anyone has been taken into custody. After the shooting, social media was flooded with pictures and videos of the area during the shooting. Some pictures showed broken windows at the theater and a storefront. Some people can also be heard screaming in the videos posted on social media websites by the locals. All injured were taken to hospital for treatment. The local police has cordoned the area, and investigations are underway. (With inputs from Reuters)

Pakistan govt hikes petrol, diesel prices; check the updated price list here

Pakistan is going through its worst economic crisis and is almost on the verge of a financial collapse, but despite that, the country is importing luxury cars and high-end electric vehicles like a spendthrift.&nbsp;

According to the reports by The News International newspaper, cash-strapped Pakistan has spent $1.2 billion on the imports of transportation items like luxury cars and electric vehicles during the last six months.

It also reported that the country is facing an acute shortage of dollars and has less than 5 billion in its reserves with its State Bank which is hardly sufficient to finance three-week imports.&nbsp;

Last year, the imports of such transportation vehicles were reduced but reports say that many Pakistani are still buying expensive luxury vehicles and unnecessary goods, putting pressure on the country's economy.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/south-asia/nepal-plane-crash-officials-identify-two-more-dead-bodies-of-indian-nationals-554977">Nepal plane crash: Officials identify two more dead bodies of Indian nationals</a>

After this report came out, several concerns have been raised about the Pakistani government's policy of halting imports from the industrial and commercial sectors and spending a hefty amount of money on luxury cars and other vehicles.&nbsp;

The report came at a time when Pakistan and the International Monetary Fund (IMF) are scheduled to begin talks next week amid falling foreign exchange reserves.&nbsp;

Furthermore, if the IMF's programme is not resumed within a few weeks, Pakistan will rapidly sink deeper into limbo. The country has already contacted the IMF to inquire about the process and complete its ninth review, which is currently pending on the organisation's end, according to Geo News.

&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

&nbsp;

Pakistan is going through its worst economic crisis and is almost on the verge of a financial collapse, but despite that, the country is importing luxury cars and high-end electric vehicles like a spendthrift.

Pakistan is going through its worst economic crisis and is almost on the verge of a financial collapse, but despite that, the country is importing luxury cars and high-end electric vehicles like a spendthrift. According to the reports by The News International newspaper, cash-strapped Pakistan has spent $1.2 billion on the imports of transportation items like luxury cars and electric vehicles during the last six months. It also reported that the country is facing an acute shortage of dollars and has less than 5 billion in its reserves with its State Bank which is hardly sufficient to finance three-week imports. Last year, the imports of such transportation vehicles were reduced but reports say that many Pakistani are still buying expensive luxury vehicles and unnecessary goods, putting pressure on the country's economy. Also Read | Nepal plane crash: Officials identify two more dead bodies of Indian nationals After this report came out, several concerns have been raised about the Pakistani government's policy of halting imports from the industrial and commercial sectors and spending a hefty amount of money on luxury cars and other vehicles. The report came at a time when Pakistan and the International Monetary Fund (IMF) are scheduled to begin talks next week amid falling foreign exchange reserves. Furthermore, if the IMF's programme is not resumed within a few weeks, Pakistan will rapidly sink deeper into limbo. The country has already contacted the IMF to inquire about the process and complete its ninth review, which is currently pending on the organisation's end, according to Geo News. 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 imports luxury cars worth $1.2 billion amid economic crisis: Report

A video showing a man dancing on&nbsp;Besharam Rang&nbsp;song has gone viral on the internet with netizens claiming him to be Pakistan’s foreign minister Bilawal Bhutto. The man spotted in the video making flawless and sizzling moves has now been identified as Pakistan’s Mehroz Baig, apparently a student from Karachi. The person in the viral video was seen dancing with Pakistani actress and influencer Inaya Khan at what appeared to be a party. The original video was uploaded on Instagram. The caption of the original video said it was from Inaya’s sister’s wedding.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
Amid the Pathaan controversy, a video went viral on social media claiming the person dancing to the song of ‘Besharam Rang’ was Pakistan’s foreign minister Bilawal Bhutto Zardari. But it was found that he was not Bhutto Zardari. 
<a href="https://twitter.com/hashtag/BesharamRang?src=hash&amp;ref_src=twsrc%5Etfw">#BesharamRang</a> <a href="https://twitter.com/hashtag/Bhutto?src=hash&amp;ref_src=twsrc%5Etfw">#Bhutto</a> <a href="https://twitter.com/hashtag/Pathaan?src=hash&amp;ref_src=twsrc%5Etfw">#Pathaan</a> <a href="https://twitter.com/hashtag/viralnews?src=hash&amp;ref_src=twsrc%5Etfw">#viralnews</a> <a href="https://t.co/Cdx0UZdgT4">pic.twitter.com/Cdx0UZdgT4</a>
— News Leak Centre (@NLCnewsnetwork) <a href="https://twitter.com/NLCnewsnetwork/status/1617092250470846466?ref_src=twsrc%5Etfw">January 22, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Watch:&nbsp;WION Fineprint | Pakistan's economic turmoil

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/wion-fineprint-pakistan-weekly-inflation-sees-an-increase-by-32-554783/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<h2>Bilawal Bhutto making headlines for wrong reasons lately</h2>

Pakistan’s foreign minister Bilawal Bhutto has been making headlines for controversial reasons lately. In another viral video on the internet, he was seen smoking outside a building in Davos. In this video, it is Bilawal himself, not his lookalike.&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
A video of Foreign Minister and Pakistan Peoples Party (PPP) Chairman <a href="https://twitter.com/hashtag/Bilawal?src=hash&amp;ref_src=twsrc%5Etfw">#Bilawal</a> Bhutto-Zardari <a href="https://twitter.com/hashtag/smoking?src=hash&amp;ref_src=twsrc%5Etfw">#smoking</a> cigarette has gone <a href="https://twitter.com/hashtag/viral?src=hash&amp;ref_src=twsrc%5Etfw">#viral</a> on social media. <a href="https://t.co/K5XwvijwEn">pic.twitter.com/K5XwvijwEn</a>
— Siyasi Meme (@siyasi_meme) <a href="https://twitter.com/siyasi_meme/status/1616755963507220480?ref_src=twsrc%5Etfw">January 21, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

In December last year, he stirred a massive controversy by inflicting personal attacks on Indian Prime Minister Narendra Modi and the RSS, a nationalist organisation associated with India’s ruling Bhartiya Janata Party.&nbsp;

Pakistan is participating in the World Economic Forum amid huge economic turmoil at home. Recently, Pakistan’s Prime Minister Shehbaz Sharif expressed his desire to mend ties with India after “having learnt lessons from the self-destructing wars”, before backing off the next day.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/south-asia/pakistan-ecp-to-appoint-mohsin-naqvi-as-punjabs-caretaker-cm-554952">Pakistan: ECP to appoint Mohsin Naqvi as Punjab`s caretaker CM</a>

Bilawal Bhutto, who is representing Pakistan at WEF in Davos, also tried raking up tensions with India on the Kashmir issue. He whined it was ironic that UNSC resolutions mean so much to Europe and the West but ‘are nothing more than the paper they are written on' when it comes to Jammu and Kashmir.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

A video showing a man dancing on Besharam Rang song has gone viral on the internet with netizens claiming him to be Pakistan’s foreign minister Bilawal Bhutto. The man spotted in the video making flawless and sizzling moves has now been identified as Pakistan’s Mehroz Baig, apparently a student from Karachi.

A video showing a man dancing on Besharam Rang song has gone viral on the internet with netizens claiming him to be Pakistan’s foreign minister Bilawal Bhutto. The man spotted in the video making flawless and sizzling moves has now been identified as Pakistan’s Mehroz Baig, apparently a student from Karachi. The person in the viral video was seen dancing with Pakistani actress and influencer Inaya Khan at what appeared to be a party. The original video was uploaded on Instagram. The caption of the original video said it was from Inaya’s sister’s wedding. Amid the Pathaan controversy, a video went viral on social media claiming the person dancing to the song of ‘Besharam Rang’ was Pakistan’s foreign minister Bilawal Bhutto Zardari. But it was found that he was not Bhutto Zardari. #BesharamRang #Bhutto #Pathaan #viralnews pic.twitter.com/Cdx0UZdgT4 — News Leak Centre (@NLCnewsnetwork) January 22, 2023 × Watch: WION Fineprint | Pakistan's economic turmoil × Bilawal Bhutto making headlines for wrong reasons lately Pakistan’s foreign minister Bilawal Bhutto has been making headlines for controversial reasons lately. In another viral video on the internet, he was seen smoking outside a building in Davos. In this video, it is Bilawal himself, not his lookalike. A video of Foreign Minister and Pakistan Peoples Party (PPP) Chairman #Bilawal Bhutto-Zardari #smoking cigarette has gone #viral on social media. pic.twitter.com/K5XwvijwEn — Siyasi Meme (@siyasi_meme) January 21, 2023 × In December last year, he stirred a massive controversy by inflicting personal attacks on Indian Prime Minister Narendra Modi and the RSS, a nationalist organisation associated with India’s ruling Bhartiya Janata Party. Pakistan is participating in the World Economic Forum amid huge economic turmoil at home. Recently, Pakistan’s Prime Minister Shehbaz Sharif expressed his desire to mend ties with India after “having learnt lessons from the self-destructing wars”, before backing off the next day. Also Read | Pakistan: ECP to appoint Mohsin Naqvi as Punjab`s caretaker CM Bilawal Bhutto, who is representing Pakistan at WEF in Davos, also tried raking up tensions with India on the Kashmir issue. He whined it was ironic that UNSC resolutions mean so much to Europe and the West but ‘are nothing more than the paper they are written on' when it comes to Jammu and Kashmir. WATCH WION LIVE HERE ×

'Besharam’ Bilawal Bhutto? Here’s the truth behind the viral video showing Pak FM ‘setting the stage on fire’

Pakistan’s foreign exchange reserves fell below $5 billion, threatening to spill over into a full-blown economic crisis. Watch this video to know more.

Pakistan's forex reserves dip below $5 billion; No money left for imports

Pakistan's Prime Minister Shehbaz Sharif has arrived in the United Arab Emirates. With this visit, he is seeking to bolden economic relations with the Emirates nation. Watch to know more.

Pakistan PM Shehbaz Sharif arrives in UAE on two-day visit

According to the reports, Pakistan's weekly inflation witnesses 30 percent rise compared to last year amid a rise in the prices of food and a couple of fuel items. Now, the question is will 2023 bring some relief for Pakistan?

Is Pakistan's economic crisis getting worse?