Pakistan’s dependence on external financial support is deepening, with Saudi Arabia adding another $3 billion to Pakistan’s foreign exchange reserves.

The latest support takes Saudi cash deposits with Pakistan’s central bank to $8 billion, providing Islamabad with additional foreign-exchange liquidity and helping meet external financing pressures.

But the fresh Saudi support does not resolve Pakistan’s underlying financing challenges. Islamabad is also looking toward Washington, with Finance Minister Muhammad Aurangzeb confirming that Pakistan has formally requested a $10 billion exchange stabilization support facility from the United States.

Pakistan says the proposed US facility would not be a conventional loan or credit line, but rather a confidence signal for its currency and foreign-exchange stability. Islamabad hopes stronger external backing could improve investor confidence and eventually help the country return to international capital markets for longer-term borrowing.

Pakistan’s Financial Crisis Deepens: Saudi Adds $3 Billion As Islamabad Seeks $10 Billion From US

Pakistan's ex-Federal Board of Revenue Chairman Shabbar Zaidi blamed China for his country's economic crisis. This comes amid reports that only 38 out of 90 projects envisaged under the China-Pakistan Economic Corridor have been completed so far. China remains Pakistan's biggest creditor.

Ex-Top Pak Official Blames Economic Woes on China: Here's How CPEC Has Been a Failure

Even as Pakistan attempts to project itself as a mediator on the global stage, it continues to seek financial assistance from other countries to tackle its worsening economic crisis. The country recently approached the United States for a $10 billion Exchange Stabilisation Facility, underscoring its continued struggle to stabilise its economy.&nbsp;Amid this backdrop, former Federal Board of Revenue chairman Shabbar Zaidi has blamed China for Pakistan's economic troubles. Speaking at an event, Zaidi claimed that ending economic ties with China would help revive Pakistan's economy. He said, "If there is any person in Pakistan who is against CPEC from day 1, it is Shabbar Zaidi. I said 25 years ago that it is a drama &amp; nothing will come out of it".&nbsp;The China Pakistan Economic Corridor was launched in 2015 during Chinese President Xi Jinping's visit to Pakistan. The project was promoted as a game changer that would bring billions of dollars in investment while building roads, railways and energy infrastructure across the country.&nbsp;More than a decade later, however, the project has failed to deliver on many of its promises. While China expanded its strategic footprint in Pakistan and strengthened its control over the Gwadar port in Balochistan, Pakistan has seen limited economic gains. Progress under CPEC slowed during former Prime Minister Imran Khan's tenure and has remained sluggish since then.&nbsp;The figures reflect the slowdown. Reports show that only 38 of the 90 projects planned under CPEC have been completed. Another 23 projects remain under construction, while work on the remaining projects has not yet begun. The last major project completed under the corridor was the Gwadar East Bay Expressway in 2022.&nbsp;Also Read: <a href="https://www.wionews.com/world/strait-of-hormuz-deal-with-oman-being-finalised-iran-s-foreign-ministry-1785945741501">Strait of Hormuz deal with Oman being ‘finalised’: Iran’s foreign ministry</a>&nbsp;Pakistan's economic challenges have continued to deepen. In June, the country's total central government debt climbed to a record $290 billion, the highest level in its history. The surge highlights growing fiscal pressure and increasing dependence on borrowing.&nbsp;The economic strain has coincided with mounting political instability. A few days ago, Pakistan's Interior Minister Mohsin Naqvi said the country's existing governance structure had collapsed. He proposed creating more provinces or administrative units to improve governance.&nbsp;The Pakistani military quickly backed Naqvi's remarks, fuelling speculation about possible differences between Army Chief Asim Munir and the Sharif family. The development drew attention because the Pakistan Muslim League Nawaz has traditionally opposed the creation of new provinces.&nbsp;Political tensions have also intensified. While former Prime Minister Imran Khan's Pakistan Tehreek-e-Insaf continues to challenge the ruling government, its ally, the Pakistan Peoples Party, has also stepped up its criticism. The PPP has accused the Pakistan Muslim League Nawaz of rigging the so-called assembly elections in Pakistan-occupied Kashmir.&nbsp;PPP chairman Bilawal Bhutto Zardari warned that the ruling party's countdown had begun.Although Army Chief Asim Munir's long-term strategy remains unclear, Pakistan's economic difficulties and political uncertainty appear set to deepen further as pressure continues to mount on the country's hybrid governance system.

ormer Pakistan FBR chairman Shabbar Zaidi blamed China and the China Pakistan Economic Corridor for Pakistan's economic troubles, saying the project failed to deliver the promised benefits as the country faces mounting debt and political instability.

Even as Pakistan attempts to project itself as a mediator on the global stage, it continues to seek financial assistance from other countries to tackle its worsening economic crisis. The country recently approached the United States for a $10 billion Exchange Stabilisation Facility, underscoring its continued struggle to stabilise its economy. Amid this backdrop, former Federal Board of Revenue chairman Shabbar Zaidi has blamed China for Pakistan's economic troubles. Speaking at an event, Zaidi claimed that ending economic ties with China would help revive Pakistan's economy. He said, "If there is any person in Pakistan who is against CPEC from day 1, it is Shabbar Zaidi. I said 25 years ago that it is a drama & nothing will come out of it". The China Pakistan Economic Corridor was launched in 2015 during Chinese President Xi Jinping's visit to Pakistan. The project was promoted as a game changer that would bring billions of dollars in investment while building roads, railways and energy infrastructure across the country. More than a decade later, however, the project has failed to deliver on many of its promises. While China expanded its strategic footprint in Pakistan and strengthened its control over the Gwadar port in Balochistan, Pakistan has seen limited economic gains. Progress under CPEC slowed during former Prime Minister Imran Khan's tenure and has remained sluggish since then. The figures reflect the slowdown. Reports show that only 38 of the 90 projects planned under CPEC have been completed. Another 23 projects remain under construction, while work on the remaining projects has not yet begun. The last major project completed under the corridor was the Gwadar East Bay Expressway in 2022. Also Read: Strait of Hormuz deal with Oman being ‘finalised’: Iran’s foreign ministry Pakistan's economic challenges have continued to deepen. In June, the country's total central government debt climbed to a record $290 billion, the highest level in its history. The surge highlights growing fiscal pressure and increasing dependence on borrowing. The economic strain has coincided with mounting political instability. A few days ago, Pakistan's Interior Minister Mohsin Naqvi said the country's existing governance structure had collapsed. He proposed creating more provinces or administrative units to improve governance. The Pakistani military quickly backed Naqvi's remarks, fuelling speculation about possible differences between Army Chief Asim Munir and the Sharif family. The development drew attention because the Pakistan Muslim League Nawaz has traditionally opposed the creation of new provinces. Political tensions have also intensified. While former Prime Minister Imran Khan's Pakistan Tehreek-e-Insaf continues to challenge the ruling government, its ally, the Pakistan Peoples Party, has also stepped up its criticism. The PPP has accused the Pakistan Muslim League Nawaz of rigging the so-called assembly elections in Pakistan-occupied Kashmir. PPP chairman Bilawal Bhutto Zardari warned that the ruling party's countdown had begun. Although Army Chief Asim Munir's long-term strategy remains unclear, Pakistan's economic difficulties and political uncertainty appear set to deepen further as pressure continues to mount on the country's hybrid governance system.

Former Pakistan FBR chairman Shabbar Zaidi blamed China and the China-Pakistan Economic Corridor for Pakistan's economic troubles, saying the project failed to deliver the promised benefits as the country faces mounting debt and political instability.

Ex top Pakistan official blames economic woes on China: Here's how CPEC became a failure

The World Bank has painted a grim economic picture of Pakistan in its biannual report, cautioning that over 10 million more people are at risk of descending into poverty in the cash-strapped country.

The Washington-based lender’s apprehension comes from a sluggish economic growth rate of 1.8 per cent, coupled with soaring inflation, a staggering 26 per cent in the current fiscal year.

The World Bank’s biannual Pakistan Development Outlook report painted a grim economic picture, indicating that the country is set to miss almost all major macroeconomic targets.

The international lender said the country is anticipated to fall short of its primary budget target, remaining in deficit for three consecutive years, contrary to the International Monetary Fund's stipulations mandating a surplus.

WATCH |&nbsp;Pakistan eyes better diplomatic ties with India

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Sayed Murtaza Muzaffari, lead author of the report, said despite a board-based yet nascent economic recovery, poverty alleviation efforts remain insufficient.

The economic growth is projected to stagnate at a paltry 1.8 per cent while maintaining the poverty rate at around 40 per cent, with approximately 98 million Pakistanis already grappling with poverty, the World Bank report said.

The report underlined the vulnerability of those hovering just above the poverty line, with 10 million individuals at risk of slipping into poverty.

The report said that the poor and vulnerable are likely to have benefited from the windfall gain in agricultural output, but these gains were offset by continued high inflation and limited wage growth in other sectors that employ many of the poor, such as construction, trade, and transportation.

The wages of daily labourers increased only five per cent in nominal terms during the first quarter of this fiscal year when the inflation was above 30 per cent, it said.

The persisting cost-of-living crisis, coupled with rising transportation costs, could potentially lead to an increase in out-of-school children and delayed medical treatments, particularly for worse-off families, warned the World Bank.

Also Read |&nbsp;<a href="https://www.wionews.com/south-asia/islamabad-high-court-judges-have-received-mysterious-letters-reportedly-laced-with-anthrax-706966">Islamabad High Court judges receive mysterious letters laced with ‘anthrax’</a>

At the same time, it added that food security remains a concern in parts of the country.

Among 43 rural districts across Khyber Pakhtunkhwa, Sindh, and Balochistan, many of which were impacted by the 2022 floods, the prevalence of acute food insecurity is also projected to increase from 29 per cent to 32 per cent in the third quarter of this fiscal year, the report said.

“Poverty reduction is projected to stall in the medium term due to weak growth, low real labour incomes, and persistently high inflation," said the World Bank.

Chronic inflation in the absence of substantial growth, along with policy uncertainty, could cause social discontent and have negative welfare impacts, warned the global lender.

“Despite some recovery, Pakistan’s economy remains under stress with low foreign reserves and high inflation. Policy uncertainty remains elevated, and economic activity is subdued, reflecting tight fiscal and monetary policy and import controls,” the World Bank said.

The Washington-based lender said growth is projected to remain below potential with heightened social vulnerability and limited poverty reduction in the medium term.

“Financial sector risks, policy uncertainty, and stronger external headwinds pose significant risks to the outlook,” it added.

Pakistan’s current account deficit (CAD) narrowed to USD 0.8 billion in the first half of the current fiscal year from USD 3.6 billion in the first half of the last fiscal year, on import controls, reduced domestic demand, and lower global commodity prices, the report said.

Meanwhile, official remittances fell by 6.8 per cent year-on-year in the first half of the current fiscal year due to exchange rate rigidities earlier in the year.

For the next fiscal year too, the World Bank projected a 15 per cent inflation rate.

“Inflation is projected to remain elevated at 26 per cent in FY24 due to higher domestic energy prices, with little respite for poor and vulnerable households with depleted savings and lower real incomes,” it said.

Also Read |&nbsp;<a href="https://www.wionews.com/south-asia/pakistan-imran-khan-claims-his-wife-bushra-bibi-was-poisoned-in-sub-jail-706996">Pakistan: Imran Khan claims his wife Bushra Bibi was ‘poisoned’ in sub-jail</a>

The World Bank said the fiscal deficit is projected to increase to 8 per cent of GDP or Rs 8.5 trillion in this fiscal year due to higher interest payments, which is far higher than the official target of 6.5 per cent.

It said that the deficit will only gradually decline over the medium term as interest payments decrease and fiscal consolidation measures take hold.

As against the IMF target of a primary budget surplus of Rs 400 billion, the World Bank said there will be a primary deficit of 0.1 per cent of GDP in this fiscal year. It has projected the deficit for the next two fiscal years as well.

Pakistan’s economy is expected to grow by only 1.8 per cent in the current fiscal year ending June 2024, whereas the official target is 3.5 per cent, the World Bank said.

For the next fiscal year too the World Bank has projected only a 2.3 per cent economic growth rate, which is even lower than the population growth rate of 2.6 per cent.

The World Bank has painted a grim economic picture of Pakistan in its biannual report, cautioning that over 10 million more people are at risk of descending into poverty in the cash-strapped country.

The World Bank has painted a grim economic picture of Pakistan in its biannual report, cautioning that over 10 million more people are at risk of descending into poverty in the cash-strapped country. The Washington-based lender’s apprehension comes from a sluggish economic growth rate of 1.8 per cent, coupled with soaring inflation, a staggering 26 per cent in the current fiscal year. The World Bank’s biannual Pakistan Development Outlook report painted a grim economic picture, indicating that the country is set to miss almost all major macroeconomic targets. The international lender said the country is anticipated to fall short of its primary budget target, remaining in deficit for three consecutive years, contrary to the International Monetary Fund's stipulations mandating a surplus. WATCH | Pakistan eyes better diplomatic ties with India Sayed Murtaza Muzaffari, lead author of the report, said despite a board-based yet nascent economic recovery, poverty alleviation efforts remain insufficient. The economic growth is projected to stagnate at a paltry 1.8 per cent while maintaining the poverty rate at around 40 per cent, with approximately 98 million Pakistanis already grappling with poverty, the World Bank report said. The report underlined the vulnerability of those hovering just above the poverty line, with 10 million individuals at risk of slipping into poverty. The report said that the poor and vulnerable are likely to have benefited from the windfall gain in agricultural output, but these gains were offset by continued high inflation and limited wage growth in other sectors that employ many of the poor, such as construction, trade, and transportation. The wages of daily labourers increased only five per cent in nominal terms during the first quarter of this fiscal year when the inflation was above 30 per cent, it said. The persisting cost-of-living crisis, coupled with rising transportation costs, could potentially lead to an increase in out-of-school children and delayed medical treatments, particularly for worse-off families, warned the World Bank. Also Read | Islamabad High Court judges receive mysterious letters laced with ‘anthrax’ At the same time, it added that food security remains a concern in parts of the country. Among 43 rural districts across Khyber Pakhtunkhwa, Sindh, and Balochistan, many of which were impacted by the 2022 floods, the prevalence of acute food insecurity is also projected to increase from 29 per cent to 32 per cent in the third quarter of this fiscal year, the report said. “Poverty reduction is projected to stall in the medium term due to weak growth, low real labour incomes, and persistently high inflation," said the World Bank. Chronic inflation in the absence of substantial growth, along with policy uncertainty, could cause social discontent and have negative welfare impacts, warned the global lender. “Despite some recovery, Pakistan’s economy remains under stress with low foreign reserves and high inflation. Policy uncertainty remains elevated, and economic activity is subdued, reflecting tight fiscal and monetary policy and import controls,” the World Bank said. The Washington-based lender said growth is projected to remain below potential with heightened social vulnerability and limited poverty reduction in the medium term. “Financial sector risks, policy uncertainty, and stronger external headwinds pose significant risks to the outlook,” it added. Pakistan’s current account deficit (CAD) narrowed to USD 0.8 billion in the first half of the current fiscal year from USD 3.6 billion in the first half of the last fiscal year, on import controls, reduced domestic demand, and lower global commodity prices, the report said. Meanwhile, official remittances fell by 6.8 per cent year-on-year in the first half of the current fiscal year due to exchange rate rigidities earlier in the year. For the next fiscal year too, the World Bank projected a 15 per cent inflation rate. “Inflation is projected to remain elevated at 26 per cent in FY24 due to higher domestic energy prices, with little respite for poor and vulnerable households with depleted savings and lower real incomes,” it said. Also Read | Pakistan: Imran Khan claims his wife Bushra Bibi was ‘poisoned’ in sub-jail The World Bank said the fiscal deficit is projected to increase to 8 per cent of GDP or Rs 8.5 trillion in this fiscal year due to higher interest payments, which is far higher than the official target of 6.5 per cent. It said that the deficit will only gradually decline over the medium term as interest payments decrease and fiscal consolidation measures take hold. As against the IMF target of a primary budget surplus of Rs 400 billion, the World Bank said there will be a primary deficit of 0.1 per cent of GDP in this fiscal year. It has projected the deficit for the next two fiscal years as well. Pakistan’s economy is expected to grow by only 1.8 per cent in the current fiscal year ending June 2024, whereas the official target is 3.5 per cent, the World Bank said. For the next fiscal year too the World Bank has projected only a 2.3 per cent economic growth rate, which is even lower than the population growth rate of 2.6 per cent.

Around 10 million people in Pakistan at risk of slipping into poverty, says World Bank

In a major move to trim down government expenses, Pakistan's Prime Minister Shehbaz Sharif&nbsp;has implemented a ban on the use of red carpets at government events, reserving them exclusively for diplomatic receptions, as reported by ANI.

This measure is&nbsp;part of a&nbsp;broader initiative&nbsp;to reduce&nbsp;financial strain in the economically crippled&nbsp;country.

Prime Minister Sharif expressed his discontent over the widespread use of red carpets during visits by federal ministers and senior officials at government functions.

As a result, the Cabinet Division has announced a directive in accordance with the Prime Minister's wishes, strictly banning&nbsp;the rolling out&nbsp;of red carpets at official events.

As per the notification issued by the Cabinet Division, the Prime Minister has explicitly instructed that red carpets shall no longer adorn the paths of federal ministers and government dignitaries during official gatherings.

However, they will remain permissible solely for diplomatic purposes.

Beyond its symbolic connotations, the decision to ban red carpets is Pakistan's&nbsp;effort to cut down unnecessary expenditures and redirect financial resources towards urgent areas of governance.&nbsp;

<a href="https://www.wionews.com/south-asia/pakistan-to-hike-petrol-prices-again-heres-what-it-will-cost-now-706030">Also read |&nbsp;Pakistan to hike petrol prices again. Here’s how much it will cost now</a>

<h2>Decision to forego salaries, perks</h2>

This move follows recent decisions by Prime Minister Sharif and members of the Cabinet to voluntarily forego their salaries and perks. Sharif has repeatedly said that austerity is the most important concern for his administration, especially in light of Pakistan's dire economic situation.

Also watch |&nbsp;Rescued Pakistani crew thanks Indian Navy

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In a recent development, Prime Minister Sharif announced plans to approach the International Monetary Fund (IMF) for another programme.&nbsp;This decision comes shortly after the country reached a staff-level agreement with the IMF regarding the disbursement of the final tranche of USD 1.1 billion.&nbsp;

(With inputs from agencies)

In a major move to trim down government expenses, Pakistan's Prime Minister Shehbaz Sharif has implemented a ban on the use of red carpets at government events, reserving them exclusively for diplomatic receptions, as reported by ANI.

In a major move to trim down government expenses, Pakistan's Prime Minister Shehbaz Sharif has implemented a ban on the use of red carpets at government events, reserving them exclusively for diplomatic receptions, as reported by ANI. This measure is part of a broader initiative to reduce financial strain in the economically crippled country. Prime Minister Sharif expressed his discontent over the widespread use of red carpets during visits by federal ministers and senior officials at government functions. As a result, the Cabinet Division has announced a directive in accordance with the Prime Minister's wishes, strictly banning the rolling out of red carpets at official events. As per the notification issued by the Cabinet Division, the Prime Minister has explicitly instructed that red carpets shall no longer adorn the paths of federal ministers and government dignitaries during official gatherings. However, they will remain permissible solely for diplomatic purposes. Beyond its symbolic connotations, the decision to ban red carpets is Pakistan's effort to cut down unnecessary expenditures and redirect financial resources towards urgent areas of governance. Also read | Pakistan to hike petrol prices again. Here’s how much it will cost now Decision to forego salaries, perks This move follows recent decisions by Prime Minister Sharif and members of the Cabinet to voluntarily forego their salaries and perks. Sharif has repeatedly said that austerity is the most important concern for his administration, especially in light of Pakistan's dire economic situation. Also watch | Rescued Pakistani crew thanks Indian Navy In a recent development, Prime Minister Sharif announced plans to approach the International Monetary Fund (IMF) for another programme. This decision comes shortly after the country reached a staff-level agreement with the IMF regarding the disbursement of the final tranche of USD 1.1 billion. (With inputs from agencies)

Pak enforces red carpet ban at official events to cut expenses amid economic crisis

The International Monetary Fund has reached a staff-level agreement to release 1.1 billion for the debt rid in South Asian economy. This comes after Pakistan met key benchmarks set by the IMF including budget adjustments and reforms.

Pakistan stock exchange at all-time high, IMF deal boosts Pak markets

A record 70 per cent of voters in Pakistan said ahead of general elections on Thursday (Feb 8) that they are pessimistic about their economy in the coming years,&nbsp;according to a new poll. The survey conducted by the United States-based global analytics and advisory firm Gallup also indicates a general rise in discontent about a multitude of economic, political and security challenges that Pakistan faces.&nbsp;

<h2>About the economy</h2>

The survey conducted in late 2023 showed that Pakistanis were more pessimistic about their economy than at any point in the 18 years that Gallup polled them.&nbsp;

The report published on Tuesday (Feb 6) is based on data collected by Gallup after it conducted face-to-face interviews with a random sample of 1,000 adults aged 15 and older in Pakistan between September and October last year.

ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/in-this-pakistani-village-women-are-barred-from-voting-by-their-husbands-687502">In this Pakistani village, women are barred from voting by their husbands</a>

A record-high 70 per cent of people said economic conditions are getting worse and nearly half said it was hard to make ends meet on their present income, according to the report.&nbsp;

The inflation rate in the country had reached 29.7 per cent&nbsp;in December, and in 2023 Pakistani rupee was Asia’s worst-performing currency.&nbsp;

The situation did not change much in the last month as consumer prices rose 28 per cent in January compared to the year before which was by far the highest level of any country in Asia, reported Bloomberg.&nbsp;

According to the Gallup poll, 70 per cent believe that their local economy and around 61 per cent said their personal standard of living was getting worse.&nbsp;

Islamabad 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. It has also relied on countries like China, Saudi Arabia and the United Arab Emirates for financial support.&nbsp;

“The country of 241 million requires considerable political and economic reform to remedy the structural nature of its fiscal debts,” authors Hashim Pasha and Benedict Vigers wrote in the report published on Tuesday (Feb 6). They added, “For whoever wins the election, reform will be difficult without a popular mandate.”

<h2>70 per cent lack trust in elections</h2>

Around seven in 10 Pakistanis or 70 per cent “lack confidence in the honesty of their elections,” the survey found ahead of the elections describing the political atmosphere ahead of Pakistan’s first general election since 2018 as “glum”.

ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/pakistan-elections-2024-will-imran-khan-bowl-out-army-from-prison-687168">Pakistan Elections 2024: Will Imran Khan bowl out army from prison?</a>&nbsp;

According to the survey, 88 per cent believe that corruption within their government is widespread which is only two per cent higher than the year before, a record high for the country.&nbsp;

The report also noted that Pakistan’s political landscape has “remained unsettled” since the ouster of former Prime Minister Imran Khan in 2022.&nbsp;

<h2>Anti-immigrant sentiment and security situation</h2>

The survey found that Pakistanis have grown hostile toward immigrants last year, with only 37 per cent saying that it was a “good thing,” as opposed to the 53 per cent in 2022.&nbsp;

However, it reportedly seems to be in tandem with the country’s economic and security challenges, including a number of attacks and violence particularly in the Pakistani provinces of Balochistan and Khyber Pakhtunkhwa, Pakistan’s border regions with Afghanistan.&nbsp;

(With inputs from agencies) 
&nbsp;

A record 70 per cent of voters in Pakistan said ahead of general elections on Thursday (Feb 8) that they are pessimistic about their economy in the coming years, according to a new poll.

A record 70 per cent of voters in Pakistan said ahead of general elections on Thursday (Feb 8) that they are pessimistic about their economy in the coming years, according to a new poll. The survey conducted by the United States-based global analytics and advisory firm Gallup also indicates a general rise in discontent about a multitude of economic, political and security challenges that Pakistan faces. About the economy The survey conducted in late 2023 showed that Pakistanis were more pessimistic about their economy than at any point in the 18 years that Gallup polled them. The report published on Tuesday (Feb 6) is based on data collected by Gallup after it conducted face-to-face interviews with a random sample of 1,000 adults aged 15 and older in Pakistan between September and October last year. ALSO READ | In this Pakistani village, women are barred from voting by their husbands A record-high 70 per cent of people said economic conditions are getting worse and nearly half said it was hard to make ends meet on their present income, according to the report. The inflation rate in the country had reached 29.7 per cent in December, and in 2023 Pakistani rupee was Asia’s worst-performing currency. The situation did not change much in the last month as consumer prices rose 28 per cent in January compared to the year before which was by far the highest level of any country in Asia, reported Bloomberg. According to the Gallup poll, 70 per cent believe that their local economy and around 61 per cent said their personal standard of living was getting worse. Islamabad 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. It has also relied on countries like China, Saudi Arabia and the United Arab Emirates for financial support. “The country of 241 million requires considerable political and economic reform to remedy the structural nature of its fiscal debts,” authors Hashim Pasha and Benedict Vigers wrote in the report published on Tuesday (Feb 6). They added, “For whoever wins the election, reform will be difficult without a popular mandate.” 70 per cent lack trust in elections Around seven in 10 Pakistanis or 70 per cent “lack confidence in the honesty of their elections,” the survey found ahead of the elections describing the political atmosphere ahead of Pakistan’s first general election since 2018 as “glum”. ALSO READ | Pakistan Elections 2024: Will Imran Khan bowl out army from prison? According to the survey, 88 per cent believe that corruption within their government is widespread which is only two per cent higher than the year before, a record high for the country. The report also noted that Pakistan’s political landscape has “remained unsettled” since the ouster of former Prime Minister Imran Khan in 2022. Anti-immigrant sentiment and security situation The survey found that Pakistanis have grown hostile toward immigrants last year, with only 37 per cent saying that it was a “good thing,” as opposed to the 53 per cent in 2022. However, it reportedly seems to be in tandem with the country’s economic and security challenges, including a number of attacks and violence particularly in the Pakistani provinces of Balochistan and Khyber Pakhtunkhwa, Pakistan’s border regions with Afghanistan. (With inputs from agencies)

Around 70 per cent Pakistanis pessimistic about their economy ahead of elections

Pakistan has achieved a crucial milestone in its economic recovery journey, securing initial approval from the International Monetary Fund (IMF) for the release of the next loan tranche from a $3 billion bailout program. &nbsp;

According to a Bloomberg report, the announcement came as the Washington-based lender revealed a staff-level agreement, signalling a green light for Pakistan to access a payout of approximately $700 million, contingent on approval from the IMF’s executive board. The funding is deemed essential for Pakistan to avoid defaulting on debt obligations as the government intensifies efforts to rectify economic imbalances, such as adjusting gas prices and combating the illicit dollar trade. &nbsp;

According to Bloomberg, IMF Managing Director Kristalina Georgieva commended Pakistan’s commitment to the program. She mentioned that the authorities, particularly the finance minister, deserved credit for navigating a very challenging period and adhering to the program they had in place.

The IMF's financial support is viewed as a catalyst for Pakistan's fiscal recovery, generating optimism among investors and resulting in a more than 50 per cent return on its dollar bonds this year. The KSE-100 Index, Pakistan's benchmark equity gauge, has stood out as one of the top performers globally since the IMF deal in July. &nbsp;

The positive market sentiment underscores the potential impact of the IMF program on Pakistan's economic trajectory. Dollar bonds due April 2031 held steady at about 49 cents on the dollar in early Asian trading on Thursday, reflecting the market's measured response to the news. However, the financial landscape remains intricate, with risks looming, including inflationary pressures and dependence on external financing from creditors, particularly countries in the Middle East.&nbsp;

Given the financing risks and the impending election, Goldman Sachs Group Inc. issued a warning in October that the strength of the Pakistani rupee would not last.&nbsp;

While a nascent economic recovery is underway, the IMF team, led by Nathan Porter, has cautioned that Pakistan remains exposed to "significant external risks." The team's endorsement of the staff-level agreement acknowledges the progress made by Pakistan in adhering to the conditions of the IMF program. &nbsp;

(With inputs from Bloomberg)&nbsp;

WATCH WION LIVE HERE

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Pakistan has achieved a crucial milestone in its economic recovery journey, securing initial approval from the International Monetary Fund (IMF) for the release of the next loan tranche from a $3 billion bailout program.

Pakistan has achieved a crucial milestone in its economic recovery journey, securing initial approval from the International Monetary Fund (IMF) for the release of the next loan tranche from a $3 billion bailout program. According to a Bloomberg report, the announcement came as the Washington-based lender revealed a staff-level agreement, signalling a green light for Pakistan to access a payout of approximately $700 million, contingent on approval from the IMF’s executive board. The funding is deemed essential for Pakistan to avoid defaulting on debt obligations as the government intensifies efforts to rectify economic imbalances, such as adjusting gas prices and combating the illicit dollar trade. According to Bloomberg, IMF Managing Director Kristalina Georgieva commended Pakistan’s commitment to the program. She mentioned that the authorities, particularly the finance minister, deserved credit for navigating a very challenging period and adhering to the program they had in place. The IMF's financial support is viewed as a catalyst for Pakistan's fiscal recovery, generating optimism among investors and resulting in a more than 50 per cent return on its dollar bonds this year. The KSE-100 Index, Pakistan's benchmark equity gauge, has stood out as one of the top performers globally since the IMF deal in July. The positive market sentiment underscores the potential impact of the IMF program on Pakistan's economic trajectory. Dollar bonds due April 2031 held steady at about 49 cents on the dollar in early Asian trading on Thursday, reflecting the market's measured response to the news. However, the financial landscape remains intricate, with risks looming, including inflationary pressures and dependence on external financing from creditors, particularly countries in the Middle East. Given the financing risks and the impending election, Goldman Sachs Group Inc. issued a warning in October that the strength of the Pakistani rupee would not last. While a nascent economic recovery is underway, the IMF team, led by Nathan Porter, has cautioned that Pakistan remains exposed to "significant external risks." The team's endorsement of the staff-level agreement acknowledges the progress made by Pakistan in adhering to the conditions of the IMF program. (With inputs from Bloomberg) WATCH WION LIVE HERE

Pakistan clinches initial IMF approval, eyes $700 million boost for fiscal stability 

Since last year, Pakistan has faced a dire economic situation that has left millions struggling to make ends meet. According to World Bank, over 12.5 million Pakistanis have fallen below the poverty line.

Pakistan economic crisis: 12.5 mn people fall below poverty line; World Bank flags dire situation

As Pakistan continues to reel under a grave economic crisis, the World Bank has now declared that the country’s current economic model is unfit for reducing poverty.

The warning came as over 12.5 million people fell below the poverty line in Pakistan in the last year alone. It means that over 40 per cent population in the South Asian country is now living under the poverty line as they struggle to meet basic needs such as food, water and electricity.

The poverty level in Pakistan rose to 39.4 per cent from 34 per cent in just one year, with a whopping 95 million Pakistanis now surviving off of less than $3.65 per day.

<h2>Pakistan’s standing in South Asia</h2>

According to World Bank data, Pakistan’s average real per capita growth rate was just 1.7 per cent between 2000 and 2020. It is less than half of the average growth (4 per cent) registered by all South Asian countries.

Watch:&nbsp;Gravitas: Pak Minister's shocker, calls Pakistan 'birthplace of Hinduism'

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“While Pakistan’s per capita income was among the highest in South Asia during the 1980s, it is now among the lowest in the region,” the World Bank noted in its report.

<h2>What next?</h2>

The financial leaders at the World Bank have advised Pakistan to undertake major foreign policy shifts to get the troubled economy back on track.

"Pakistan's economic model is no longer reducing poverty, and the living standards have fallen behind peer countries," said Tobias Haque, the World Bank's lead country economist for Pakistan.

<a href="https://www.wionews.com/world/uae-imposes-ban-on-fresh-meat-imports-from-pakistan-638312">Also read:&nbsp;UAE imposes ban on fresh meat imports from Pakistan after fungus detection</a>

"This may be Pakistan's moment for significant policy shift," said Najy Benhassine, the country director for Pakistan at the World Bank.

Among other issues, the World Bank has identified low human development, unsustainable fiscal situation, over-regulated private sector, agriculture and energy sectors as the factors behind nominal growth in Pakistan’s economy.

<h2>Suggestions by the World Bank</h2>

The World Bank recommends that Pakistan should promptly raise its tax-to-GDP ratio by 5 per cent while simultaneously reducing expenditures by approximately 2.7 per cent of GDP.&nbsp;

These measures are aimed at restoring the sustainability of the economy and steering it towards a responsible fiscal trajectory.&nbsp;

According to the Washington-based institution, their proposal to enhance the revenue-to-GDP ratio by 5 per cent encompasses the elimination of tax exemptions and an increased tax burden on both the real estate and heavily subsidised agriculture sectors.

Currently, Pakistan's capacity for tax collection stands at 22 per cent of GDP, but the actual ratio lags significantly behind at only 10.2 per cent, as reported by the World Bank.&nbsp;

To address this gap, the lender suggests the reduction of distorting exemptions to generate an additional 2 per cent of GDP in tax revenue. Additionally, they recommend raising taxes on land and property to yield another 2 per cent of GDP in revenue, along with generating an extra 1 per cent of GDP from the agriculture sector.

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As Pakistan continues to reel under a grave economic crisis, the World Bank has now declared that the country’s current economic model is unfit for reducing poverty.

As Pakistan continues to reel under a grave economic crisis, the World Bank has now declared that the country’s current economic model is unfit for reducing poverty. The warning came as over 12.5 million people fell below the poverty line in Pakistan in the last year alone. It means that over 40 per cent population in the South Asian country is now living under the poverty line as they struggle to meet basic needs such as food, water and electricity. The poverty level in Pakistan rose to 39.4 per cent from 34 per cent in just one year, with a whopping 95 million Pakistanis now surviving off of less than $3.65 per day. Pakistan’s standing in South Asia According to World Bank data, Pakistan’s average real per capita growth rate was just 1.7 per cent between 2000 and 2020. It is less than half of the average growth (4 per cent) registered by all South Asian countries. Watch: Gravitas: Pak Minister's shocker, calls Pakistan 'birthplace of Hinduism' × “While Pakistan’s per capita income was among the highest in South Asia during the 1980s, it is now among the lowest in the region,” the World Bank noted in its report. What next? The financial leaders at the World Bank have advised Pakistan to undertake major foreign policy shifts to get the troubled economy back on track. "Pakistan's economic model is no longer reducing poverty, and the living standards have fallen behind peer countries," said Tobias Haque, the World Bank's lead country economist for Pakistan. Also read: UAE imposes ban on fresh meat imports from Pakistan after fungus detection "This may be Pakistan's moment for significant policy shift," said Najy Benhassine, the country director for Pakistan at the World Bank. Among other issues, the World Bank has identified low human development, unsustainable fiscal situation, over-regulated private sector, agriculture and energy sectors as the factors behind nominal growth in Pakistan’s economy. Suggestions by the World Bank The World Bank recommends that Pakistan should promptly raise its tax-to-GDP ratio by 5 per cent while simultaneously reducing expenditures by approximately 2.7 per cent of GDP. These measures are aimed at restoring the sustainability of the economy and steering it towards a responsible fiscal trajectory. According to the Washington-based institution, their proposal to enhance the revenue-to-GDP ratio by 5 per cent encompasses the elimination of tax exemptions and an increased tax burden on both the real estate and heavily subsidised agriculture sectors. Currently, Pakistan's capacity for tax collection stands at 22 per cent of GDP, but the actual ratio lags significantly behind at only 10.2 per cent, as reported by the World Bank. To address this gap, the lender suggests the reduction of distorting exemptions to generate an additional 2 per cent of GDP in tax revenue. Additionally, they recommend raising taxes on land and property to yield another 2 per cent of GDP in revenue, along with generating an extra 1 per cent of GDP from the agriculture sector. WATCH WION LIVE HERE ×

Pakistan: 40% population slips below poverty line, World Bank sounds alarm bell

The Pakistani government and the International Monetary Fund (IMF) were discussing a $2.5-billion "standby arrangement" for six to nine months as the current bailout programme is set to expire on Friday (June 30).

The Pakistani government and the International Monetary Fund (IMF) were discussing a $2.5-billion "standby arrangement" for six to nine months as the current bailout programme is set to expire on Friday (June 30). On Tuesday, Pakistan Finance Minister Ishaq Dar said the two sides were working on a "mechanism" to ensure that Islamabad got the entire amount and not just the close to $1.1 billion due under the current review, the news agency Reuters reported on Wednesday. However, Finance Minister Dar did not elaborate on what the mechanism was. The government is currently racing against time to unlock $1.1 billion under the lender's ninth review of a $6.5-billion Extended Fund Facility agreed upon in 2019. As per a report by the Express Tribune, the ninth review is in order after recent adjustments but Pakistan is keen to receive the entire undisbursed amount, which is only possible in a new programme. The report added that Prime Minister Shehbaz Sharif discussed signing a new standby arrangement (SBA) worth $2.6 billion for six months with IMF Managing Director Kristalina Georgieva. 'Pak taking decisive steps to push through economic reforms' On Tuesday, the IMF said that Pakistan was taking decisive steps to push through a series of economic reforms. In a statement, IMF's Pakistan mission chief Nathan Porter said that the country's authorities were bringing in policies more in line with the economic reform programme supported by the lender. "The IMF team continues discussions with Pakistani authorities with the aim of quickly reaching an agreement on financial support,” the statement added. Porter said that the steps taken by the government include parliament’s approval of a budget that expands the tax base and allows for more social and development spending, and efforts to improve the functioning of the foreign exchange market. The IMF mission chief also cited the country’s tightening of monetary policy to reduce inflationary and balance of payment pressures that “affect particularly the more vulnerable.” In the FY 24 budget, the government had earmarked $2.5 billion in external receipts from the IMF. Pakistan needs upwards of $22 billion to service external debt, make interest payments, and finance its current account for FY24. 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, IMF discussing $2.5 billion standby arrangement, says FM Ishaq Dar

Pakistan's dire economic crisis has forced it to take actions as per International Monetary Fund's conditions as the South Asian nation made&nbsp;tax-related announcements earlier this week.

Finance Minister Ishaq Dar announced in Parliament on Saturday that Pakistan will implement new tax policy following which the country would&nbsp;generate an additional revenue of 215 billion rupees ($750 million), bringing the total budget to 9.4 trillion rupees.

Following three days of discussions with the IMF, the budget will be finalised within the next three days, according to Dar.

<h2>Pakistan's focus to revive $6.7bn bailout programme</h2>

Prime Minister Shehbaz Sharif's government had previously presented an annual spending plan aimed at balancing economic growth with&nbsp;conditions imposed by the IMF to revive a $6.7 billion bailout programme.

But on Saturday, Pakistani finance minister stated that the government has decided to revise and reduce state expenses by 85 billion rupees, just what the IMF had proposed.

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>

In an earlier statement, the IMF expressed concerns about the budget's tax policies, pointing out&nbsp;that Pakistan&nbsp;failed to broaden the revenue base. The IMF had also raised objections to an amnesty programme that apparently raised conflict with the bailout programme's conditions.

Earlier, Pakistan&nbsp;Prime Minister Shehbaz Sharif&nbsp;met with IMF Managing Director Kristalina Georgieva and committed to taking further measures with the bailout programme.

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<a href="https://twitter.com/hashtag/Pakistan?src=hash&amp;ref_src=twsrc%5Etfw">#Pakistan</a> changes budget as dictated by IMF to clinch stalled funds. 
 
The review came a day after Prime Minister <a href="https://twitter.com/CMShehbaz?ref_src=twsrc%5Etfw">@CMShehbaz</a> met with IMF Managing Director Kristalina Georgieva on the sidelines of the Global Financing Summit in Paris.<a href="https://twitter.com/SehgalRahesha?ref_src=twsrc%5Etfw">@SehgalRahesha</a> tells you more <a href="https://t.co/N8rd7ACrI8">pic.twitter.com/N8rd7ACrI8</a>
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The country now expects to secure funding of at least $1.1 billion from the IMF before the expiration of its current programme on June 30.

Over the past year, the government has implemented measures such as raising taxes and fuel prices, as well as loosening control over the foreign exchange rate.

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Pakistan's dire economic crisis has forced it to take actions as per International Monetary Fund's conditions as the South Asian nation made tax-related announcements earlier this week.

Pakistan's dire economic crisis has forced it to take actions as per International Monetary Fund's conditions as the South Asian nation made tax-related announcements earlier this week. Finance Minister Ishaq Dar announced in Parliament on Saturday that Pakistan will implement new tax policy following which the country would generate an additional revenue of 215 billion rupees ($750 million), bringing the total budget to 9.4 trillion rupees. Following three days of discussions with the IMF, the budget will be finalised within the next three days, according to Dar. Pakistan's focus to revive $6.7bn bailout programme Prime Minister Shehbaz Sharif's government had previously presented an annual spending plan aimed at balancing economic growth with conditions imposed by the IMF to revive a $6.7 billion bailout programme. But on Saturday, Pakistani finance minister stated that the government has decided to revise and reduce state expenses by 85 billion rupees, just what the IMF had proposed. Also read | Pakistan's Karachi city to stop import of eatables, drinks due to lack of dollars In an earlier statement, the IMF expressed concerns about the budget's tax policies, pointing out that Pakistan failed to broaden the revenue base. The IMF had also raised objections to an amnesty programme that apparently raised conflict with the bailout programme's conditions. Earlier, Pakistan Prime Minister Shehbaz Sharif met with IMF Managing Director Kristalina Georgieva and committed to taking further measures with the bailout programme. #Pakistan changes budget as dictated by IMF to clinch stalled funds. The review came a day after Prime Minister @CMShehbaz met with IMF Managing Director Kristalina Georgieva on the sidelines of the Global Financing Summit in Paris.@SehgalRahesha tells you more pic.twitter.com/N8rd7ACrI8 — WION (@WIONews) June 25, 2023 × The country now expects to secure funding of at least $1.1 billion from the IMF before the expiration of its current programme on June 30. Over the past year, the government has implemented measures such as raising taxes and fuel prices, as well as loosening control over the foreign exchange rate. WATCH WION LIVE HERE

Pakistan races against time with extreme tax measures to secure $1.1bn from 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)

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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

Pakistan's Finance Minister Ishaq Dar said on Sunday (May 28) that his government would share the details of the upcoming budget with the International Monetary Fund (IMF) to unlock stalled funds.

Pakistan's Finance Minister Ishaq Dar said on Sunday (May 28) that his government would share the details of the upcoming budget with the International Monetary Fund (IMF) to unlock stalled funds. Finance Minister Dar said he would like IMF to clear its ninth review before the budget, which would be presented in early June, as all conditions for that were already met. Speaking to Geo TV, Dar said, "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 pointed out that it would not work for Islamabad if the IMF combined the ninth and tenth review of the bailout, adding, "We will not do it, (we) see this is (as) unfair." IMF funding crucial for Pakistan The IMF funding is crucial for Pakistan as the South Asian country currently faces an acute balance of payment crisis. 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. ALSO READ | Pakistan could face $18bn penalty if it doesn’t complete Iran gas project The IMF's funding of $1.1 billion to Pakistan, which is a part of the $6.5 billion Extended Fund Facility agreed in 2019, has been held up since November last year. In February this year, Pakistan hosted an IMF mission to negotiate a series of fiscal policy measures to clear the ninth review. Pak could default without an IMF bailout, warns Moody's A few weeks back, Moody's Investor Service warned that Pakistan could default without an IMF bailout as its financing operations beyond June were uncertain. Speaking to the news agency Bloomberg on May 9, Grace Lim, a sovereign analyst with Moody's in Singapore, said, “We consider that Pakistan will meet its external payments for the remainder of this fiscal year ending in June.” “However, Pakistan’s financing options beyond June are highly uncertain. Without an IMF program, Pakistan could default given its very weak reserves,” Lim added. The analyst also said that an engagement with IMF beyond June would support additional financing from other multilateral and bilateral partners, which could reduce default risk. (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 to share upcoming budget details with IMF to unlock stalled funds

Pakistan's inflation rate has reached 36.4%, the highest inflation in Asia. This comes amid a major economic crisis where people are starving for basic commodities. Molly Gambhir reports.

Gravitas: Record-inflation hits Pakistan

Pakistan's economic crisis has forced millions across the country to settle for less during Eid. Retail sales in the country witnessed a sharp slump as compared to past few years in the run up to Eid al-Fitr, according to country's top retailers.

The country is facing one of the worst economic crises in the recent history. Neighbour to China and India, world's second and fifth largest economies respectively, Pakistan&nbsp;has less than a month's worth of foreign exchange reserves. Islamabad is awaiting a bailout package of $1.1 billion from the International Monetary Fund (IMF) that has been delayed since November last year due to Pakistan's inconsistencies with its fiscal policy adjustments necessitated as condition for such bailouts in the first place.

ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/pakistans-economic-crisis-forces-closure-of-karachi-zoo-full-of-sick-underfed-animals-583506">Pakistan's economic crisis forces closure of Karachi zoo full of sick, underfed animals</a>

Consumer price inflation in Pakistan jumped to a record 35.37 per cent&nbsp;in March from a year earlier.&nbsp;At least 16 people have been&nbsp;killed in stampedes for food aid during Ramadan.

"There has been a 20 per cent&nbsp;reduction in sales across all categories except women’s clothing," Tariq Mehboob, chairman of the Chain Store Association Pakistan (CAP) and CEO of Royal Tag, a clothing brand for men, was quoted as saying by&nbsp;Reuters.

Pakistanis are going through a phase when their currency is&nbsp;depreciating, government subsidies are being rolled back, and higher tariffs are imposed by the government to secure a bailout package of $1.1 billion from the International Monetary Fund.

ALSO WATCH |&nbsp;Gravitas Plus: Pakistan's Economic Crisis Explained

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"Pakistanis have lost more than 50 per cent of their wealth in the last two years in the form of depreciation, so you’re now selling to people with 50 per cent less available funds, while the cost has gone up 100 per cent,"&nbsp;Asad Shafi, owner of female clothing brand Cross Stitch, was quoted as saying by Reuters.

"The expectation of fashion retailers is so low that even meeting breakeven or bare minimum sales just to stay alive is acceptable," he added.

Pakistan expects its economy to grow 2 per cent&nbsp;during the current fiscal year. But earlier this month,&nbsp;the World Bank slashed Pakistan's growth projections from 2 per cent to 0.4 per cent.

(With inputs from agencies)

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Pakistan's economic crisis has forced millions across the country to settle for less during Eid. Retail sales in the country witnessed a sharp slump as compared to past few years in the run up to Eid al-Fitr, according to country's top retailers.

Pakistan's economic crisis has forced millions across the country to settle for less during Eid. Retail sales in the country witnessed a sharp slump as compared to past few years in the run up to Eid al-Fitr, according to country's top retailers. The country is facing one of the worst economic crises in the recent history. Neighbour to China and India, world's second and fifth largest economies respectively, Pakistan has less than a month's worth of foreign exchange reserves. Islamabad is awaiting a bailout package of $1.1 billion from the International Monetary Fund (IMF) that has been delayed since November last year due to Pakistan's inconsistencies with its fiscal policy adjustments necessitated as condition for such bailouts in the first place. ALSO READ | Pakistan's economic crisis forces closure of Karachi zoo full of sick, underfed animals Consumer price inflation in Pakistan jumped to a record 35.37 per cent in March from a year earlier. At least 16 people have been killed in stampedes for food aid during Ramadan. "There has been a 20 per cent reduction in sales across all categories except women’s clothing," Tariq Mehboob, chairman of the Chain Store Association Pakistan (CAP) and CEO of Royal Tag, a clothing brand for men, was quoted as saying by Reuters. Pakistanis are going through a phase when their currency is depreciating, government subsidies are being rolled back, and higher tariffs are imposed by the government to secure a bailout package of $1.1 billion from the International Monetary Fund. ALSO WATCH | Gravitas Plus: Pakistan's Economic Crisis Explained × "Pakistanis have lost more than 50 per cent of their wealth in the last two years in the form of depreciation, so you’re now selling to people with 50 per cent less available funds, while the cost has gone up 100 per cent," Asad Shafi, owner of female clothing brand Cross Stitch, was quoted as saying by Reuters. "The expectation of fashion retailers is so low that even meeting breakeven or bare minimum sales just to stay alive is acceptable," he added. Pakistan expects its economy to grow 2 per cent during the current fiscal year. But earlier this month, the World Bank slashed Pakistan's growth projections from 2 per cent to 0.4 per cent. (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.

Eid festivities in Pakistan hammered by worst economic crisis in decades

Pakistan is close to shutting down a famous zoo in the port city of Karachi due to its lack of capacity to take care of the wild animals kept there. The development came after a 17-year-old elephant named Noor Jehan became severely sick due to inadequate care and treatment by the zoo authorities.

Noor Jehan was born in the wild 17 years ago, and was shipped from Tanzania to Pakistan later. The elephant, as per latest reports, continues to be immobile and requires immense care to be fed and washed.&nbsp;

Following the public outcry, Pakistan's Federal Minister for Climate Change Senator Sherry Rehman urged the provincial Sindh government to close down the zoo due to its lack of capacity to care for the wild animals.&nbsp;

ALSO READ |&nbsp;Foreign vets rush to Pakistan to save an ailing elephant | Inside South Asia

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The provincial government has now said that it will shift the animals kept in the zoo to 'safer places'.

But so far, reports in the Pakistani media suggest that the shifting of animals is yet to take place. On social media, the visuals of animals kept in the zoo, have gone viral.

In one of the pictures, crocodiles are seen soaking up the sun at the zoo. But their bodies remain splattered with blood-red spots because paan and gutka-consuming visitors of the zoo spat on them, The News reported.&nbsp;

In others, young lions appear unfed and undernourished.

Not just in Pakistan but throughout the world, the existence of zoos has been a matter of contention between authorities and the animal rights activists. This is majorly because of the captor-abuser notions associated with zoos.

But in Pakistan, the cause of zoo closure is not ethical but rather financial.&nbsp;

"Please close down Karachi Zoo. Zoos should be banned, specially in a country where we don't have money to feed and care for humans, no one is bothered about the voiceless, helpless animals. Animals do not belong in cages. What Noor Jehan has gone through is inhumane torture," Zunaira Khan, a research analyst, wrote on Twitter.&nbsp;

Amid skyrocketing inflation, political conflict between Prime Minister Shehbaz Sharif’s government and former Prime Minister Imran Khan, and surging terrorism, Pakistan is facing a disastrous economic outlook due to its massive external debt obligations. This financial crunch of unprecedented proportions has come to affect every visible aspect of the country, including&nbsp;wildlife.

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Pakistan is close to shutting down a famous zoo in the port city of Karachi due to its lack of capacity to take care of the wild animals kept there. The development came after a 17-year-old elephant named Noor Jehan became severely sick due to inadequate care and treatment by the zoo authorities.

Pakistan is close to shutting down a famous zoo in the port city of Karachi due to its lack of capacity to take care of the wild animals kept there. The development came after a 17-year-old elephant named Noor Jehan became severely sick due to inadequate care and treatment by the zoo authorities. Noor Jehan was born in the wild 17 years ago, and was shipped from Tanzania to Pakistan later. The elephant, as per latest reports, continues to be immobile and requires immense care to be fed and washed. Following the public outcry, Pakistan's Federal Minister for Climate Change Senator Sherry Rehman urged the provincial Sindh government to close down the zoo due to its lack of capacity to care for the wild animals. ALSO READ | Foreign vets rush to Pakistan to save an ailing elephant | Inside South Asia × The provincial government has now said that it will shift the animals kept in the zoo to 'safer places'. But so far, reports in the Pakistani media suggest that the shifting of animals is yet to take place. On social media, the visuals of animals kept in the zoo, have gone viral. In one of the pictures, crocodiles are seen soaking up the sun at the zoo. But their bodies remain splattered with blood-red spots because paan and gutka-consuming visitors of the zoo spat on them, The News reported. In others, young lions appear unfed and undernourished. Not just in Pakistan but throughout the world, the existence of zoos has been a matter of contention between authorities and the animal rights activists. This is majorly because of the captor-abuser notions associated with zoos. But in Pakistan, the cause of zoo closure is not ethical but rather financial. "Please close down Karachi Zoo. Zoos should be banned, specially in a country where we don't have money to feed and care for humans, no one is bothered about the voiceless, helpless animals. Animals do not belong in cages. What Noor Jehan has gone through is inhumane torture," Zunaira Khan, a research analyst, wrote on Twitter. Amid skyrocketing inflation, political conflict between Prime Minister Shehbaz Sharif’s government and former Prime Minister Imran Khan, and surging terrorism, Pakistan is facing a disastrous economic outlook due to its massive external debt obligations. This financial crunch of unprecedented proportions has come to affect every visible aspect of the country, including wildlife. 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's economic crisis forces closure of Karachi zoo full of sick, underfed animals

Pakistan's Defence Minister Khawaja Asif said that the finance ministry of the country is lacking funds for conducting elections, reported ARY News.

The revelation was made by Asif while speaking to the international media during a joint press conference along with the country's Information Minister Marriyum Aurangzeb.

As per ARY News, Khawaja Asif&nbsp;also&nbsp;criticised PTI chief Imran Khan and claimed that the allegation of an assassination attempt levelled by the latter was a lie.

Former army chief General Qamar Javaid Bajwa's tenure was first extended by Khan and now he is blaming Bajwa, the defence minister said.

ALSO READ | <a href="https://www.wionews.com/south-asia/pakistan-imf-asks-govt-to-explain-its-fuel-pricing-scheme-before-loan-deal-575391">Pakistan: IMF asks govt to explain its fuel-pricing scheme before signing loan deal</a>

The defence minister said that Imran also blamed the United States for his ouster. The minister further said that the provincial assemblies were dissolved unconstitutionally by Khan, however, through a vote of no confidence he was ousted from his seat constitutionally and now he is not willing to appear before the courts.

Asif further blamed the PTI chairman for imprisoning the leaders of PML-N during his tenure. He stated that he was jailed during the three-year tenure of Khan and his party leaders also had to face court trials in fake cases.

Asif added that everyday crises are being created by Khan but those are being tackled by the government and soon Pakistan will resolve all the crises.

He added that a false narrative was made by the former prime minister about the US conspiracy but due to the interference of the Supreme Court, the country was saved from a constitutional crisis.

Meanwhile, Imran Khan appealed that judges look into the constitutional violations that have taken place because of the general elections' postponement, reported ARY News.

WATCH | Gravitas: 'No more easy money', Saudi Arabia refuses to bailout Pakistan

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While speaking to PTI workers and supporters through a video link, Khan said that the rule of law is the nation's fundamental right.

Appealing to judges to take notice of the moves of the government, he said that Pakistan is passing through a decisive phase.

The PTI chief added that the constitution was attacked by "the ruling mafia". He asked who will guarantee that the general elections will be held on October 8.&nbsp;

(With inputs from agencies)

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Pakistan's Defence Minister Khawaja Asif said that the finance ministry of the country is lacking funds for conducting elections, reported ARY News. The revelation was made by Asif while speaking to the international media during a joint press conference along with the country's Information Minister Marriyum Aurangzeb.

Pakistan's Defence Minister Khawaja Asif said that the finance ministry of the country is lacking funds for conducting elections, reported ARY News. The revelation was made by Asif while speaking to the international media during a joint press conference along with the country's Information Minister Marriyum Aurangzeb. As per ARY News, Khawaja Asif also criticised PTI chief Imran Khan and claimed that the allegation of an assassination attempt levelled by the latter was a lie. Former army chief General Qamar Javaid Bajwa's tenure was first extended by Khan and now he is blaming Bajwa, the defence minister said. ALSO READ | Pakistan: IMF asks govt to explain its fuel-pricing scheme before signing loan deal The defence minister said that Imran also blamed the United States for his ouster. The minister further said that the provincial assemblies were dissolved unconstitutionally by Khan, however, through a vote of no confidence he was ousted from his seat constitutionally and now he is not willing to appear before the courts. Asif further blamed the PTI chairman for imprisoning the leaders of PML-N during his tenure. He stated that he was jailed during the three-year tenure of Khan and his party leaders also had to face court trials in fake cases. Asif added that everyday crises are being created by Khan but those are being tackled by the government and soon Pakistan will resolve all the crises. He added that a false narrative was made by the former prime minister about the US conspiracy but due to the interference of the Supreme Court, the country was saved from a constitutional crisis. Meanwhile, Imran Khan appealed that judges look into the constitutional violations that have taken place because of the general elections' postponement, reported ARY News. WATCH | Gravitas: 'No more easy money', Saudi Arabia refuses to bailout Pakistan While speaking to PTI workers and supporters through a video link, Khan said that the rule of law is the nation's fundamental right. Appealing to judges to take notice of the moves of the government, he said that Pakistan is passing through a decisive phase. The PTI chief added that the constitution was attacked by "the ruling mafia". He asked who will guarantee that the general elections will be held on October 8. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Pakistan's finance ministry does not have funds to conduct elections, says defence minister

Pakistan on Tuesday (March 21) approved a supplementary grant of around&nbsp;$330K&nbsp;to prevent an impending default on account of diesel purchase payments to Kuwait, owing to the nation's efforts to keep total spending within the limits agreed upon with the International Monetary Fund (IMF).

The cabinet's Economic Coordination Committee (ECC), which also approved the supplementary grant to pay for the diesel, granted an additional $35K&nbsp;to&nbsp;partly offset the wheat shortage in the Gilgit-Baltistan region.&nbsp;

The two decisions made by the cabinet body highlight the severe fiscal challenges the administration is facing in trying to avert a default in one area without jeopardising others, reported Express Tribune.&nbsp;

Sources in the finance ministry told the Express Tribune&nbsp;that the accountant general of Pakistan revenue (AGPR)&nbsp;was verbally told to postpone the clearance of some non-salary invoices for a few weeks&nbsp;in order to free up some cash flow.&nbsp;

In a handout from the finance ministry, it was stated that the Petroleum Division had provided a summary of the credit facility provided by the Kuwait Petroleum Corporation (KPC) against the supply of diesel under a contract with the Pakistan State Oil (PSO) since 2000 to the ECC.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/pakistan-imran-khan-gets-protective-bail-in-two-terrorism-related-cases-574532">Pakistan: Imran Khan gets protective bail in two terrorism-related cases</a>

It was also said that the term contract had an annual extension and that the deal had already expired in December.&nbsp;

“In the current situation, this account has witnessed huge exchange losses due to upheaval in the rupee-dollar parity during the last 12 months,” the finance ministry’s statement read.

“Considering the above situation, the ECC approved an immediate technical supplementary grant of Rs 27 billion (US$330K) for [the] Kuwait Petroleum Company,” it added.

ALSO WATCH |&nbsp;Pakistan's parliament meets for special session amid crisis over ex-PM Imran Khan

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As part of an agreement with the IMF, Pakistan is required to reduce spending by the same amount as a supplemental grant or impose additional taxes equal to that amount.&nbsp;

A committee was formed by the ECC to make suggestions for resolving claims for foreign exchange losses incurred as a result of the KPC credit facility, the FE-25 loan guarantee, and Islamic Trade Finance Corporation (ITFC) funding that the PSO had used to finance imports. 
 
(With inputs from agencies) 
 
 
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Pakistan on Tuesday (March 21) approved a supplementary grant of around $330K to prevent an impending default on account of diesel purchase payments to Kuwait, owing to the nation's efforts to keep total spending within the limits agreed upon with the International Monetary Fund (IMF).

Pakistan on Tuesday (March 21) approved a supplementary grant of around $330K to prevent an impending default on account of diesel purchase payments to Kuwait, owing to the nation's efforts to keep total spending within the limits agreed upon with the International Monetary Fund (IMF). The cabinet's Economic Coordination Committee (ECC), which also approved the supplementary grant to pay for the diesel, granted an additional $35K to partly offset the wheat shortage in the Gilgit-Baltistan region. The two decisions made by the cabinet body highlight the severe fiscal challenges the administration is facing in trying to avert a default in one area without jeopardising others, reported Express Tribune. Sources in the finance ministry told the Express Tribune that the accountant general of Pakistan revenue (AGPR) was verbally told to postpone the clearance of some non-salary invoices for a few weeks in order to free up some cash flow. In a handout from the finance ministry, it was stated that the Petroleum Division had provided a summary of the credit facility provided by the Kuwait Petroleum Corporation (KPC) against the supply of diesel under a contract with the Pakistan State Oil (PSO) since 2000 to the ECC. ALSO READ | Pakistan: Imran Khan gets protective bail in two terrorism-related cases It was also said that the term contract had an annual extension and that the deal had already expired in December. “In the current situation, this account has witnessed huge exchange losses due to upheaval in the rupee-dollar parity during the last 12 months,” the finance ministry’s statement read. “Considering the above situation, the ECC approved an immediate technical supplementary grant of Rs 27 billion (US$330K) for [the] Kuwait Petroleum Company,” it added. ALSO WATCH | Pakistan's parliament meets for special session amid crisis over ex-PM Imran Khan As part of an agreement with the IMF, Pakistan is required to reduce spending by the same amount as a supplemental grant or impose additional taxes equal to that amount. A committee was formed by the ECC to make suggestions for resolving claims for foreign exchange losses incurred as a result of the KPC credit facility, the FE-25 loan guarantee, and Islamic Trade Finance Corporation (ITFC) funding that the PSO had used to finance imports. (With inputs from agencies) WATCH WION LIVE HERE:

Pakistan averts default on diesel payments to Kuwait, ECC approves additional grant to foot the bill

Facing an unprecedented economic crisis, Pakistan has been dealt yet another blow. Saudi Arabia has decided to not provide easy financial bailout or interest-free loans to Pakistan, according to an ET report.

Facing an unprecedented economic crisis, Pakistan has been dealt yet another blow. Saudi Arabia has decided to not provide easy financial bailout or interest-free loans to Pakistan, according to an ET report. Instead, the kingdom wants the south Asian country to focus its energy on signing a bailout deal with the International Monetary Fund (IMF). Only after a deal with IMF is struck that the kingdom will decide on extending any loans. The decision by the kingdom has left the Pakistani government in shock which is in dire need of US dollar inflows. The country is on the verge of defaulting on $80 billion of international loan repayments while having only $3 billion in forex exchange reserves. Saudi Finance Minister Mohammed al-Jadaan indicated the newfound stance at the World Economic Forum in Davos, earlier this year. “We used to give direct grants and deposits without strings attached and we are changing that. We are working with multilateral institutions to actually say we need to see reforms," al-Jadaan said on the platform. For a large part of Pakistan's existence, Saudi Arabia has stepped up on multiple occasions to bail Islamabad out of its financial mess by extending zero-interest loans. A mere phone call by the Pakistani prime minister or a visit by the army chief was enough to secure the funding. However, the inability of the Pakistani government to repay those loans has irked the kingdom. The usual bailout avenue has now been shut leaving the lawmakers in a tizzy. In January, Pakistan Prime Minister Shehbaz Sharif said it was shameful for a country like Pakistan to have a nuclear weapon in one hand and a begging bowl in the other. WATCH | Is Pakistan's economic crisis getting worse? × Pakistan's inflation broke all previous records when the consumer price index reached 31.5 per cent in February. 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. ALSO READ | It's shameful for a nuclear power to beg for funds, says Pakistan PM Shehbaz Sharif 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. 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 ALSO READ | Inflation breaks 50-year record in Pakistan, touches high of 31.5% (With inputs from agencies) WATCH WION LIVE HERE:

Saudi Arabia refuses to provide interest-free loans to Pakistan, demands reforms

Years of financial mismanagement and political instability have pushed Pakistan's economy to the brink of collapse. The global energy crisis and devastating floods that submerged a third of the country in 2022 have compounded woes. Now, Saudi Arabia has reportedly decided not to provide any further bailouts or interest-free loans to Pakistan. As per reports, even the Pakistani military chief couldn't convince Saudi crown prince to release emergency funding for the country.

Saudi Prince Mohammed bin Salman says, 'no more easy cash for Pak' as its economy teeters on edge

The economic crisis in Pakistan continues to worsen with common people struggling for basic commodities, and essential medicines amid the impact on the healthcare sector of the South Asian nation.&nbsp;

The latest report by India-based news agency ANI mentioned that the nation is facing a shortage is forex reserves, which has affected Pakistan's capacity to import the required medicines.&nbsp;

The nation also faces difficulties in importing Active Pharmaceutical Ingredients (API), which are used in domestic production. It has resulted in a reduction in production by local pharmaceutical manufacturers, leaving patients suffering in hospitals.&nbsp;

The report also mentions that doctors are not performing surgeries because of the shortage of drugs and medical equipment.&nbsp;

WATCH |&nbsp;Inside South Asia: Pakistan embarrasses itself before the world&nbsp;

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Citing local media outlets, the news agency report also stated that the operation theatres are left with less than the two-week stock of anaesthetics needed for sensitive surgeries, including for heart, cancer and kidney.&nbsp;

The drug makers have claimed that commercial banks are not issuing new Letters of Credit (LCs) for their imports.&nbsp;

The drug retailers in Pakistan's Punjab region raised concerns after government survey teams determined the shortage of crucial medicines-mostly common but important drugs.&nbsp;

These medicines include Panadol, Insulin, Brufen, Disprin, Calpol, Tegral, Nimesulide, Hepamerz, Buscopan and Rivotril, etc.&nbsp;

The Pakistan Medical Association (PMA) had recently urged government officials to intervene and prevent the situation from turning into a disaster.&nbsp;

Notably, Pakistan's medicine manufacturing is highly import-dependent with almost 95 per cent of the drugs requiring raw materials from other nations, including India and China.&nbsp;

(With inputs from agencies)

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The economic crisis in Pakistan continues to worsen with common people struggling for basic commodities, and essential medicines amid the impact on the healthcare sector of the South Asian nation.

The economic crisis in Pakistan continues to worsen with common people struggling for basic commodities, and essential medicines amid the impact on the healthcare sector of the South Asian nation. The latest report by India-based news agency ANI mentioned that the nation is facing a shortage is forex reserves, which has affected Pakistan's capacity to import the required medicines. The nation also faces difficulties in importing Active Pharmaceutical Ingredients (API), which are used in domestic production. It has resulted in a reduction in production by local pharmaceutical manufacturers, leaving patients suffering in hospitals. The report also mentions that doctors are not performing surgeries because of the shortage of drugs and medical equipment. WATCH | Inside South Asia: Pakistan embarrasses itself before the world × Citing local media outlets, the news agency report also stated that the operation theatres are left with less than the two-week stock of anaesthetics needed for sensitive surgeries, including for heart, cancer and kidney. The drug makers have claimed that commercial banks are not issuing new Letters of Credit (LCs) for their imports. The drug retailers in Pakistan's Punjab region raised concerns after government survey teams determined the shortage of crucial medicines-mostly common but important drugs. These medicines include Panadol, Insulin, Brufen, Disprin, Calpol, Tegral, Nimesulide, Hepamerz, Buscopan and Rivotril, etc. The Pakistan Medical Association (PMA) had recently urged government officials to intervene and prevent the situation from turning into a disaster. Notably, Pakistan's medicine manufacturing is highly import-dependent with almost 95 per cent of the drugs requiring raw materials from other nations, including India and China. (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: Patients struggle for essential medicines like Insulin, Disprin amid economic crisis

Sana Amjad, a Pakistani YouTuber and a former journalist, recently shared a video in which a man can be heard slamming the Shehbaz Sharif government in the aftermath of a hike in taxes and a rise in the prices of basic commodities.

Sana Amjad, a Pakistani YouTuber and a former journalist, recently shared a video in which a man can be heard slamming the Shehbaz Sharif government in the aftermath of a hike in taxes and a rise in the prices of basic commodities. The man is seen slamming the current state of Pakistan's economy and comparing it with India. The man, whose identity is not known, said in the video that the situation of Pakistanis would be better had the Indian Prime Minister Narendra Modi been ruling the South Asian nation. In the video, Amjad asked the man why the slogan, "Pakistan se zinda bhago chahe India chale jaao" gained momentum in the past few days and why people are chanting it. EXPLAINED | Everything about Ajay Banga, Indian-American executive nominated to lead the World Bank Responding to the question, the man said he wishes he wasn't born in Pakistan and then goes on to add, "I wish Pakistan wasn't separated from India. We would then be purchasing tomatoes at PKR 20/kg, chicken for PKR 150/kg, and petrol at PKR 50 per litre." He added, "It is unfortunate that we got an Islamist nation but we could not establish Islam here." Watch the video here: "Hamen Modi Mil Jaye bus, Na hamen Nawaz Sharif Chahiye, Na Imran, Na Benazir chahiye, General Musharraf bhi nahi chahiye" Ek Pakistani ki Khwahish 😉 pic.twitter.com/Wbogbet2KF — Meenakshi Joshi ( मीनाक्षी जोशी ) (@IMinakshiJoshi) February 23, 2023 × Pakistan is going through an economic crisis, which has left common people struggling with a very high cost of living. The ruling government has announced some modifications in the policies in order to align with the conditions laid down by the International Monetary Fund (IMF) for loan approval. 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.

WATCH: Pakistan man thinks his country would have been different had Narendra Modi been its PM

Pakistan's Defence Minister Khwaja Asif has said that Islamabad has already defaulted amid looming fears and that the cash-strapped country may go bankrupt. Asif has further blamed the establishment, bureaucracy and the politicians for the prevailing economic crisis.

Pakistan Economic Crisis: Defence Minister Khwaja Asif claims, 'We are living in a bankrupt nation'

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