Pakistan's economy is in a dire strait, rating agency - Fitch - has downgraded Pakistan's currency issue. A default rating to CCC (-) to CCC (+). This while the Parliament has called a session as it desperately needs to secure IMF bailout.

Pakistan Economic Crisis: Fitch downgrades Pakistan's currency ratings

<p>Pakistan's dire state of economy after the International Monetary Fund (IMF) sought more time to conclude a $1.1 billion loan tranche, is severely hitting its retail consumers. Pakistanis across the length of the country located in India's northwest in South Asia, are struggling to put necessary food items on the table, such as milk and chicken — a common principal item in Pakistani meals.&nbsp;</p>

<p>A report in The Dawn stated that the prices of loose milk have been increased from PKR 190 to 210 per litre. Meanwhile, the prices of live broiler chickens have seen an increase of Pakistani Rupees 30-40 per kg this week, following which it now costs 480-500 per kilogram.&nbsp;</p>

<p><strong>ALSO READ | <a href="https://www.wionews.com/south-asia/after-inconclusive-talks-pakistan-fails-to-get-imf-lifeline-to-revive-its-economy-560342">IMF seeks more time for negotiations over $1.1 billion deal for Pakistan</a></strong></p>

<p>The report added that the prices of boneless meat have hit a peak of Pakistani Rupees 1,000-1,100. While the typical chicken meat is being sold at PKR 700-780 per kg from PKR 620-650 before.&nbsp;</p>

<p>The representatives of Pakistani milk industry told the media that many shopkeepers are selling milk at an inflated price —a common marketplace malpractice in the countries facing economic crisis or a looking economic collapse.&nbsp;</p>

<p>"Over 1,000 shopkeepers are selling milk at an inflated rate. These are actually shops of wholesalers/dairy farmers and not our members," Karachi Milk Retailers Association media coordinator Waheed Gaddi was quoted as saying by The Dawn.&nbsp;</p>

<p>At the same time, representatives of Pakistani poultry industry justified the wholesale to retail price difference of meat prices in the country.&nbsp;</p>

<p>The Sindh Poultry Wholesalers Association general secretary Kamal Akhtar Siddiqui told Dawn that the wholesale rate of live bird was PKR 600 per kg while meat rate was hovering between PKR 650 and PKR 700.&nbsp;</p>

<p><strong>ALSO WATCH |</strong> <a href="https://www.wionews.com/videos/imf-seeks-flood-rehabilitation-expenditure-details-from-pakistan-560388"><strong>IMF seeks flood rehabilitation expenditure details from Pakistan</strong></a></p>

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<p>In Pakistan, the inflation is at a 48-year high. Foreign currency reserves, according to the country's own official estimates, cover less than a month of imports. The Consumer Price Index index increased by 27.6 per cent in January 2023. Wholesale Price Index has increased to 28.5 per cent in the same period.</p>

<p>The skyrocketing retail prices of the common food items in Pakistan come after the negotiations between the International Monetary Fund (IMF) and Islamabad for a $1.1 billion loan tranche. Prime Minister Shehbaz Sharif's government has cited last year's devastating floods of the country as defining attribute of country's current state of dire economy. Critics, however, cite years of economic mismanagement amid consistent political uncertainty in Islamabad's power corridors as underlying causes beneath the shaky foundations of the country's economy at present.</p>

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Pakistan's dire state of economy after the International Monetary Fund (IMF) sought more time to conclude a $1.1 billion loan tranche, is severely hitting its retail consumers.

Pakistan's dire state of economy after the International Monetary Fund (IMF) sought more time to conclude a $1.1 billion loan tranche, is severely hitting its retail consumers. Pakistanis across the length of the country located in India's northwest in South Asia, are struggling to put necessary food items on the table, such as milk and chicken — a common principal item in Pakistani meals. A report in The Dawn stated that the prices of loose milk have been increased from PKR 190 to 210 per litre. Meanwhile, the prices of live broiler chickens have seen an increase of Pakistani Rupees 30-40 per kg this week, following which it now costs 480-500 per kilogram. ALSO READ | IMF seeks more time for negotiations over $1.1 billion deal for Pakistan The report added that the prices of boneless meat have hit a peak of Pakistani Rupees 1,000-1,100. While the typical chicken meat is being sold at PKR 700-780 per kg from PKR 620-650 before. The representatives of Pakistani milk industry told the media that many shopkeepers are selling milk at an inflated price —a common marketplace malpractice in the countries facing economic crisis or a looking economic collapse. "Over 1,000 shopkeepers are selling milk at an inflated rate. These are actually shops of wholesalers/dairy farmers and not our members," Karachi Milk Retailers Association media coordinator Waheed Gaddi was quoted as saying by The Dawn. At the same time, representatives of Pakistani poultry industry justified the wholesale to retail price difference of meat prices in the country. The Sindh Poultry Wholesalers Association general secretary Kamal Akhtar Siddiqui told Dawn that the wholesale rate of live bird was PKR 600 per kg while meat rate was hovering between PKR 650 and PKR 700. ALSO WATCH | IMF seeks flood rehabilitation expenditure details from Pakistan × In Pakistan, the inflation is at a 48-year high. Foreign currency reserves, according to the country's own official estimates, cover less than a month of imports. The Consumer Price Index index increased by 27.6 per cent in January 2023. Wholesale Price Index has increased to 28.5 per cent in the same period. The skyrocketing retail prices of the common food items in Pakistan come after the negotiations between the International Monetary Fund (IMF) and Islamabad for a $1.1 billion loan tranche. Prime Minister Shehbaz Sharif's government has cited last year's devastating floods of the country as defining attribute of country's current state of dire economy. Critics, however, cite years of economic mismanagement amid consistent political uncertainty in Islamabad's power corridors as underlying causes beneath the shaky foundations of the country's economy at present. 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.

Pakistanis struggle with skyrocketing milk and chicken prices as inflation tops 48-year high

In view of the crippling economic crisis in Pakistan, the Prime Minister Shehbaz Sharif's austerity committee has made some recommendations where it is now asked Pakistan's missions abroad to cut costs.

Pakistan economic crisis: Austerity panel recommends 15% expense cut on abroad missions

<p>In a development that may worsen the already dire straits of the Pakistani economy, the country's bid for a bailout package from the International Monetary Fund (IMF) has hit a snag.</p>

<p>The international body has asked for more time for negotiations with Pakistan over a deal that would unlock $1.1 billion in much-needed funds for the country, part of the&nbsp;IMF's $6.5 billion bailout aimed at warding off an economic meltdown.</p>

<p>"Virtual discussions will continue in the coming days," IMF Pakistan Mission Chief Nathan Porter said in a statement, adding that considerable progress had been made.</p>

<p>"Considerable progress was made during the mission on policy measures to address domestic and external imbalances," the statement said.&nbsp;</p>

<p>"The staff level agreement between Pakistan and&nbsp;IMF&nbsp;will be reached soon," Sheikh, a senior official at the Ministry of Finance, said in a statement to Reuters. "The&nbsp;IMF&nbsp;mission asked for more time for staff-level negotiations."</p>

<p data-testid="paragraph-0"><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/explained-with-pm-abroad-pakistanis-struggle-to-put-food-on-table-economy-on-track-551157">Explained: With PM abroad, Pakistanis struggle to put food on table, economy on track</a></strong></p>

<p data-testid="paragraph-0">The first round of talks between Pakistan and the IMF began on January 31.&nbsp;The talks, which continued through February&nbsp;9, were meant to clear the IMF’s 9th review of its Extended Fund Facility, aimed at helping countries facing balance-of-payments crises.</p>

<p>The IMF mission to Pakistan had a virtual session with Prime Minister Shehbaz Sharif, besides a face-to-face engagement with Finance Minister Ishaq Dar.</p>

<h2 data-testid="paragraph-0"><strong>Pakistan economic crisis: What are the IMF's&nbsp;conditions and demands?</strong></h2>

<p data-testid="paragraph-0">The IMF wants Islamabad to make efforts to&nbsp;boost its&nbsp;incredibly low tax base. It further wants Prime Minister Shehbaz Sharif's government&nbsp;to end the tax exemptions for the export sector. The most brutal point of contention, according to the reports in Pakistani media, is the IMF's expectation to hike&nbsp;petrol, electricity, and gas prices — that Islamabad says are&nbsp;meant to help low-income families.</p>

<p data-testid="paragraph-0">The IMF is also pushing for Pakistan to keep a sustainable amount of US dollars in the bank through guarantees of further support from friendly nations Saudi Arabia, China, and the UAE, as well as the World Bank.&nbsp;</p>

<p><strong>WATCH |&nbsp;WION Dispatch: Pakistan left with only three-weeks of forex cover</strong></p>

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<p>As per IMF conditions, a&nbsp;country should achieve a primary budget surplus of 0.2 per cent of the national output for the new financial year to revive the bailout package. For Pakistan, this amounts to Rs 153 billion.&nbsp;The IMF also demanded records of flood rehabilitation expenditures as a condition for giving Pakistan an exemption of&nbsp;Rs 475 billion in its primary budget deficit.</p>

<h2><strong>Pakistan economic crisis: How bad is it?</strong></h2>

<p>A prospect of national bankruptcy is looming in Pakistan amid the global energy crisis and damage caused by devastating floods last year.&nbsp;</p>

<p>The government loosened controls on the rupee to rein in a rampant black market in US dollars -- a step that caused the currency to plunge to a record low -- and hiked petrol prices by 16 per cent.</p>

<p>"IMF is not satisfied with the current prices of petroleum and energy,"&nbsp;a government official, who asked not to be named, told AFP.</p>

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In a development that may worsen the already dire straits of the Pakistani economy, the country's bid for a bailout package from the International Monetary Fund (IMF) has hit a snag.

In a development that may worsen the already dire straits of the Pakistani economy, the country's bid for a bailout package from the International Monetary Fund (IMF) has hit a snag. The international body has asked for more time for negotiations with Pakistan over a deal that would unlock $1.1 billion in much-needed funds for the country, part of the IMF's $6.5 billion bailout aimed at warding off an economic meltdown. "Virtual discussions will continue in the coming days," IMF Pakistan Mission Chief Nathan Porter said in a statement, adding that considerable progress had been made. "Considerable progress was made during the mission on policy measures to address domestic and external imbalances," the statement said. "The staff level agreement between Pakistan and IMF will be reached soon," Sheikh, a senior official at the Ministry of Finance, said in a statement to Reuters. "The IMF mission asked for more time for staff-level negotiations." ALSO READ | Explained: With PM abroad, Pakistanis struggle to put food on table, economy on track The first round of talks between Pakistan and the IMF began on January 31. The talks, which continued through February 9, were meant to clear the IMF’s 9th review of its Extended Fund Facility, aimed at helping countries facing balance-of-payments crises. The IMF mission to Pakistan had a virtual session with Prime Minister Shehbaz Sharif, besides a face-to-face engagement with Finance Minister Ishaq Dar. Pakistan economic crisis: What are the IMF's conditions and demands? The IMF wants Islamabad to make efforts to boost its incredibly low tax base. It further wants Prime Minister Shehbaz Sharif's government to end the tax exemptions for the export sector. The most brutal point of contention, according to the reports in Pakistani media, is the IMF's expectation to hike petrol, electricity, and gas prices — that Islamabad says are meant to help low-income families. The IMF is also pushing for Pakistan to keep a sustainable amount of US dollars in the bank through guarantees of further support from friendly nations Saudi Arabia, China, and the UAE, as well as the World Bank. WATCH | WION Dispatch: Pakistan left with only three-weeks of forex cover × As per IMF conditions, a country should achieve a primary budget surplus of 0.2 per cent of the national output for the new financial year to revive the bailout package. For Pakistan, this amounts to Rs 153 billion. The IMF also demanded records of flood rehabilitation expenditures as a condition for giving Pakistan an exemption of Rs 475 billion in its primary budget deficit. Pakistan economic crisis: How bad is it? A prospect of national bankruptcy is looming in Pakistan amid the global energy crisis and damage caused by devastating floods last year. The government loosened controls on the rupee to rein in a rampant black market in US dollars -- a step that caused the currency to plunge to a record low -- and hiked petrol prices by 16 per cent. "IMF is not satisfied with the current prices of petroleum and energy," a government official, who asked not to be named, told AFP. 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.

IMF seeks more time for negotiations over $1.1 billion deal for Pakistan

Pakistan grapples with economic instability and the government is not able to secure the latest tranche of the bailout package of IMF, the steel manufacturing industry in Pakistan has now said that the industry is virtually on the brink of collapse.

Pakistan's steel industry warns of collapse, imports stuck at ports due to Forex crisis

A breather for cash-strapped Pakistan as the country's economy is in doldrums, the people are suffering with no quick fix in sight. Meanwhile, Pakistani broadcaster Geo News said that Shehbaz Sharif has approved the deal with the International Monetary Fund (IMF).

A breather for cash-strapped Pakistan as PM Shehbaz Sharif approves deal with IMF

<p>A day after the Pakistani rupee drowned to its lowest-ever level against the US dollar (PKR 255.43 = $1), Islamabad has been forced to push for unlocking the stalled $6.5 billion loans from the International Monetary Fund (IMF). Pakistan's balance of crisis is now attributed to be hanging towards chronic levels than the acute ones as was being reported before. It is now left with less than three weeks' worth of import cover in its forex reserves. They declined another $923 million to $3.68 billion, according to the news agency Reuters.&nbsp;</p>

<p>Pakistan recorded a low of 240 rupees against a dollar in July 2022, at the height of devastating floods that the country faced.</p>

<p>Meanwhile, Pakistan's central bank too has raised its interest rates to a 24-year high in a bid to control the inflation.&nbsp;</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/pakistani-rupee-falls-to-all-time-low-against-us-dollar-556311">Pakistani rupee slumps 9.6% to historic low against US dollar as govt lifts exchange cap</a></strong></p>

<p>This, added with the burden of external debt, has made the Pakistani economic forecast the worst in recent history.</p>

<p><strong>How does Pakistan expect to manage this crisis?</strong></p>

<p>The International Monetary Fund (IMF) will send a mission to Islamabad before the end of January. The IMF will decide if Pakistan will be given the remaining tranches of the $6 billion bailout that Islamabad availed in 2019 under former Prime Minister Imran Khan. &nbsp;</p>

<p><strong>ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/wion-dispatch-pakistan-left-with-only-three-weeks-of-forex-cover-555235">WION Dispatch: Pakistan left with only three-weeks of forex cover</a></strong></p>

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<p>Islamabad has practically surrendered to the IMF conditions for the revival of the loan programme amid fast-dwindling central bank reserves, The Dawn reported.&nbsp;</p>

<p>The government has met the key pre-conditions of the fund including a market-based dollar-rupee exchange parity and high-interest rate and is likely to impose 17pc general sales tax on diesel and petrol within a week, it added.</p>

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A day after the Pakistani rupee drowned to its lowest-ever level against the US dollar (PKR 255.43 = $1), Islamabad has been forced to push for unlocking the stalled $6.

A day after the Pakistani rupee drowned to its lowest-ever level against the US dollar (PKR 255.43 = $1), Islamabad has been forced to push for unlocking the stalled $6.5 billion loans from the International Monetary Fund (IMF). Pakistan's balance of crisis is now attributed to be hanging towards chronic levels than the acute ones as was being reported before. It is now left with less than three weeks' worth of import cover in its forex reserves. They declined another $923 million to $3.68 billion, according to the news agency Reuters. Pakistan recorded a low of 240 rupees against a dollar in July 2022, at the height of devastating floods that the country faced. Meanwhile, Pakistan's central bank too has raised its interest rates to a 24-year high in a bid to control the inflation. ALSO READ | Pakistani rupee slumps 9.6% to historic low against US dollar as govt lifts exchange cap This, added with the burden of external debt, has made the Pakistani economic forecast the worst in recent history. How does Pakistan expect to manage this crisis? The International Monetary Fund (IMF) will send a mission to Islamabad before the end of January. The IMF will decide if Pakistan will be given the remaining tranches of the $6 billion bailout that Islamabad availed in 2019 under former Prime Minister Imran Khan. ALSO WATCH | WION Dispatch: Pakistan left with only three-weeks of forex cover × Islamabad has practically surrendered to the IMF conditions for the revival of the loan programme amid fast-dwindling central bank reserves, The Dawn reported. The government has met the key pre-conditions of the fund including a market-based dollar-rupee exchange parity and high-interest rate and is likely to impose 17pc general sales tax on diesel and petrol within a week, it added. 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 hopes of economic rescue pinned on IMF mission, bailout conditions

<p>Amid the ongoing economic crisis in Pakistan, the Shehbaz Sharif government is considering different proposals, including slashing the salaries of government employees by 10 per cent across the board. The National Austerity Committee (NAC) constituted by Prime Minister Shehbaz Sharif is also considering cutting down expenditures of ministries and divisions by 15 per cent, reducing the number of federal ministers, ministers of state, and advisers from 78 to 30 while the remaining should work on a pro bono basis, according to a report by Geo News on Wednesday (January 25).</p>

<p>The recommendations were supposed to be finalised on Wednesday and the NAC would send the report to Sharif. However, there is no update on this development so far.&nbsp;</p>

<p>The Geo News report said the government was finalising recommendations on austerity as it sought another International Monetary Fund (IMF) tranche, but is reluctant to implement the conditionalities. This hesitation created a deadlock for the last two and a half months with the IMF.</p>

<p>A report by Dawn on Thursday said that the government has sought support from the United States to unlock the IMF programme that would release $1.1 billion to the economy. In 2019, Pakistan and the IMF signed a $6 billion bailout which was topped by another $1.1 billion last year. However, this came along with conditions. Citing multiple reports, news agency PTI reported that the Washington-based global lender might not release more funds under the programme until pledges made by the Pakistan government are met.&nbsp;</p>

<p>On Wednesday, Pakistan's Finance Minister Ishaq Dar met a visiting US Treasury delegation, where he said that Islamabad will honour&nbsp;its international commitments and was in the process of taking "very tough decisions" such as increasing the prices of electricity and natural gas, said the Dawn report.</p>

<p>Dar also highlighted that Pakistan required breathing space as industry and agriculture had passed through the most challenging times after the devastating floods last year, it added.&nbsp;<br />
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Amid the ongoing economic crisis in Pakistan, the Shehbaz Sharif government is considering different proposals, including slashing the salaries of government employees by 10 per cent across the board.

Amid the ongoing economic crisis in Pakistan, the Shehbaz Sharif government is considering different proposals, including slashing the salaries of government employees by 10 per cent across the board. The National Austerity Committee (NAC) constituted by Prime Minister Shehbaz Sharif is also considering cutting down expenditures of ministries and divisions by 15 per cent, reducing the number of federal ministers, ministers of state, and advisers from 78 to 30 while the remaining should work on a pro bono basis, according to a report by Geo News on Wednesday (January 25). The recommendations were supposed to be finalised on Wednesday and the NAC would send the report to Sharif. However, there is no update on this development so far. The Geo News report said the government was finalising recommendations on austerity as it sought another International Monetary Fund (IMF) tranche, but is reluctant to implement the conditionalities. This hesitation created a deadlock for the last two and a half months with the IMF. A report by Dawn on Thursday said that the government has sought support from the United States to unlock the IMF programme that would release $1.1 billion to the economy. In 2019, Pakistan and the IMF signed a $6 billion bailout which was topped by another $1.1 billion last year. However, this came along with conditions. Citing multiple reports, news agency PTI reported that the Washington-based global lender might not release more funds under the programme until pledges made by the Pakistan government are met. On Wednesday, Pakistan's Finance Minister Ishaq Dar met a visiting US Treasury delegation, where he said that Islamabad will honour its international commitments and was in the process of taking "very tough decisions" such as increasing the prices of electricity and natural gas, said the Dawn report. Dar also highlighted that Pakistan required breathing space as industry and agriculture had passed through the most challenging times after the devastating floods last year, it added. 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.

Amid economic crisis, Pakistan mulls 10% cut in salaries of govt employees: Reports

Amid the economic crisis in Pakistan, the country has reportedly sought the support of United States in reviving the International Monetary Fund program. The IMF loan is expected to facilitate a soft landing for Pakistan's economy.

Pakistan's Economic Crisis: Finance Minister Ishaq Dar meets US delegation

Pakistan has finally decided to buy the IMF bullet, battered by a huge financial crunch, the country will give in to all demands laid down by the International Monetary Fund to move forward on the release of desperately needed funds.

Pakistan financial troubles: Pak gives in to IMF demands; Finance Secy writes to IMF

<p>Addressing the passing-out ceremony of probationary officers of the Pakistan Administration Service (PAS) on Saturday,&nbsp;Pakistan&nbsp;Prime Minister Shehbaz Sharif said it was shameful&nbsp;to have a nuclear weapon in one hand and a begging bowl in the other.&nbsp;Shehbaz said that seeking more loans made him feel ashamed and that turning to overseas lenders was the wrong course of action, given they needed to pay the money back. He criticised the&nbsp; main opposition party Pakistan Tehreek-e-Insaf, saying that, in the past, they have lost time with disorder and protests.&nbsp;</p>

<p>PM Shehbaz said that if their "bus moved at a faster rate" and in the proper direction, they could achieve the sustainable development goals (SDGs) and avoid foreign loans.</p>

<p><strong>Also Read |&nbsp;</strong><a href="www.wionews.com/south-asia/who-is-stealing-our-chickens-and-wheat-asks-pakistan-senator-amid-ongoing-food-crisis-552621">‘Who is stealing our chickens and wheat,’ asks Pakistan senator amid ongoing food crisis</a></p>

<p>Sharif explained his perspective on the nation's economic problems and&nbsp;expressed regret that, throughout the last 75 years, many administrations, whether led by civilian leaders or military dictators, had failed to solve the problems plaguing the nation.</p>

<p>Pakistan's PM stated that President Sheikh Mohammed bin Zayed of the United Arab Emirates (UAE) had pledged a $1 billion loan to Pakistan during his most recent trip to the UAE. In his remarks, PM Shehbaz praised Saudi Arabia for its financial assistance.</p>

<p>PM Shehbaz encouraged public officials to perform their duties for the country and nation to the best of their abilities and expressed his optimism that they would be able to guide the country out of the current difficulties.</p>

<p><strong>Watch |&nbsp;Pakistan's Punjab Assembly dissolved after governor refuses to sign summary</strong></p>

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<p>In the meantime, Quaid Nawaz Sharif of the Pakistan Muslim League-Nawaz (PMLN) gave the party's leaders and workers instructions on the elections in Punjab and Khyber Pakhtunkhwa.</p>

<p>According to Minister for Information and Broadcasting Marriyum Aurangzeb, Quaid Nawaz Sharif had directed Prime Minister Shehbaz Sharif, the President of PMLN, to set up a parliamentary board.</p>

<p>She said Nawaz asked the party leaders and workers to contest the election in Punjab with full passion, confidence, strength and preparations.</p>

<p><em>(With inputs from agencies)</em><br />
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Addressing the passing-out ceremony of probationary officers of the Pakistan Administration Service (PAS) on Saturday, Pakistan Prime Minister Shehbaz Sharif said it was shameful to have a nuclear weapon in one hand and a begging bowl in the other.

Addressing the passing-out ceremony of probationary officers of the Pakistan Administration Service (PAS) on Saturday, Pakistan Prime Minister Shehbaz Sharif said it was shameful to have a nuclear weapon in one hand and a begging bowl in the other. Shehbaz said that seeking more loans made him feel ashamed and that turning to overseas lenders was the wrong course of action, given they needed to pay the money back. He criticised the main opposition party Pakistan Tehreek-e-Insaf, saying that, in the past, they have lost time with disorder and protests. PM Shehbaz said that if their "bus moved at a faster rate" and in the proper direction, they could achieve the sustainable development goals (SDGs) and avoid foreign loans. Also Read | ‘Who is stealing our chickens and wheat,’ asks Pakistan senator amid ongoing food crisis Sharif explained his perspective on the nation's economic problems and expressed regret that, throughout the last 75 years, many administrations, whether led by civilian leaders or military dictators, had failed to solve the problems plaguing the nation. Pakistan's PM stated that President Sheikh Mohammed bin Zayed of the United Arab Emirates (UAE) had pledged a $1 billion loan to Pakistan during his most recent trip to the UAE. In his remarks, PM Shehbaz praised Saudi Arabia for its financial assistance. PM Shehbaz encouraged public officials to perform their duties for the country and nation to the best of their abilities and expressed his optimism that they would be able to guide the country out of the current difficulties. Watch | Pakistan's Punjab Assembly dissolved after governor refuses to sign summary In the meantime, Quaid Nawaz Sharif of the Pakistan Muslim League-Nawaz (PMLN) gave the party's leaders and workers instructions on the elections in Punjab and Khyber Pakhtunkhwa. According to Minister for Information and Broadcasting Marriyum Aurangzeb, Quaid Nawaz Sharif had directed Prime Minister Shehbaz Sharif, the President of PMLN, to set up a parliamentary board. She said Nawaz asked the party leaders and workers to contest the election in Punjab with full passion, confidence, strength and preparations. (With inputs from agencies) WATCH WION LIVE HERE

It's shameful for a nuclear power to beg for funds, says Pakistan PM Shehbaz Sharif

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

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

<p>Pakistan Prime Minister Shehbaz Sharif arrived in the United Arab Emirates (UAE) on Thursday (January 12) for a two-day visit to ramp up bilateral economic and trade ties. According to a tweet by the Prime Minister's Office (PMO), Shehbaz landed in Abu Dhabi and was received by the UAE's Minister of Economic Affairs Abdullah Touq Al-Marri and officials of the Pakistan Embassy. Sharif is leading a key delegation of Pakistani ministers. This is his third visit to the UAE since becoming the Prime Minister.&nbsp;</p>

<p>"My visit to the UAE is aimed at building on the conversation I have had with H.H. President Sheikh Mohamed Bin Zayed. We share a resolve &amp; understanding that continuous efforts need to be made to further strengthen trade, investment &amp; economic relations," Prime Minister Sharif tweeted. He met the UAE's President &nbsp;Sheikh Mohammed bin Zayed and will&nbsp;also meet Vice President Mohammad bin Rashid Al Makhtoum.&nbsp;</p>

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<p dir="ltr" lang="en">Prime Minister Muhammad Shehbaz Sharif meets the President of the United Arab Emirates H.H. Sheikh Mohamed Bin Zayed Al Nahyan (12 January 2023)<a href="https://twitter.com/hashtag/PMShehbazinUAE?src=hash&amp;ref_src=twsrc%5Etfw">#PMShehbazinUAE</a> <a href="https://t.co/EOaYsH8jg8">pic.twitter.com/EOaYsH8jg8</a></p>
— Prime Minister's Office (@PakPMO) <a href="https://twitter.com/PakPMO/status/1613502335648399360?ref_src=twsrc%5Etfw">January 12, 2023</a></blockquote>
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<p><strong>ALSO READ | <a href="https://www.wionews.com/business-economy/world-economic-forum-identifies-top-five-risks-faced-by-crisis-hit-pakistan-reports-551910">World Economic Forum identifies top five risks faced by crisis-hit Pakistan: Reports</a></strong></p>

<p>During his two-day visit, Shehbaz Sharif will seek a fresh economic package for Pakistan from the UAE, news agency Reuters reported on Thursday citing a report by ARY news. The report added the Prime Minister will also seek deferment of a $2 billion loan repayment to the UAE due in the coming weeks and hold discussions on finalising a $2 billion investment in Pakistan. There is no comment from the government on this development yet.&nbsp;</p>

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<p dir="ltr" lang="en">My visit to the UAE is aimed at building on the conversation I have had with H.H. President Sheikh <a href="https://twitter.com/MohamedBinZayed?ref_src=twsrc%5Etfw">@MohamedBinZayed</a>. We share a resolve &amp; understanding that the continuous efforts need to be made to further strengthen trade, investment &amp; economic relations.</p>
— Shehbaz Sharif (@CMShehbaz) <a href="https://twitter.com/CMShehbaz/status/1613463610486886400?ref_src=twsrc%5Etfw">January 12, 2023</a></blockquote>
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<p>Sharif's visit comes as Pakistan is facing an economic crisis because of many factors including political instability, depleting forex reserves and high inflation. Last year's devastating floods,&nbsp;which killed at least 1,700 people and displaced around eight million, have further added to the economic pressure.&nbsp;</p>

<p>On Monday (January 9), international donors in Geneva committed more than $9 billion to help Pakistan recover from the floods. Prime Minister Sharif termed the financial pledges as a testament to his government's credibility.&nbsp;</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/explained-with-pm-abroad-pakistanis-struggle-to-put-food-on-table-economy-on-track-551157">Explained: With PM abroad, Pakistanis struggle to put food on table, economy on track</a></strong></p>

<p>Meanwhile, Pakistan's negotiations with the International Monetary Fund (IMF) have not reached any positive outcome yet. The Shehbaz Sharif government has been asking a team from the IMF to come, review and approve the ninth assessment to release the next tranche of $1.1 billion. The IMF's plan is being seen as the only way forward for Pakistan. On Wednesday, Finance Minister Ishaq Dar said the government will take fiscal measures set by the IMF to meet its budgetary targets for the 2022-23 financial year, Reuters reported. Dar said some of these measures include subsidies in the farming and export sectors and shedding energy sector debt.&nbsp;</p>

<p>As the economic crisis in Pakistan worsens, the World Bank on Tuesday slashed the country's economic growth by half from 4 per cent to 2 per cent for the current fiscal year, saying the government faces mounting economic difficulties.&nbsp;</p>

<p><em>(With inputs from agencies)</em></p>

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Pakistan Prime Minister Shehbaz Sharif arrived in the United Arab Emirates (UAE) on Thursday (January 12) for a two-day visit to ramp up bilateral economic and trade ties.

Pakistan Prime Minister Shehbaz Sharif arrived in the United Arab Emirates (UAE) on Thursday (January 12) for a two-day visit to ramp up bilateral economic and trade ties. According to a tweet by the Prime Minister's Office (PMO), Shehbaz landed in Abu Dhabi and was received by the UAE's Minister of Economic Affairs Abdullah Touq Al-Marri and officials of the Pakistan Embassy. Sharif is leading a key delegation of Pakistani ministers. This is his third visit to the UAE since becoming the Prime Minister. "My visit to the UAE is aimed at building on the conversation I have had with H.H. President Sheikh Mohamed Bin Zayed. We share a resolve & understanding that continuous efforts need to be made to further strengthen trade, investment & economic relations," Prime Minister Sharif tweeted. He met the UAE's President Sheikh Mohammed bin Zayed and will also meet Vice President Mohammad bin Rashid Al Makhtoum. Prime Minister Muhammad Shehbaz Sharif meets the President of the United Arab Emirates H.H. Sheikh Mohamed Bin Zayed Al Nahyan (12 January 2023)#PMShehbazinUAE pic.twitter.com/EOaYsH8jg8 — Prime Minister's Office (@PakPMO) January 12, 2023 × ALSO READ | World Economic Forum identifies top five risks faced by crisis-hit Pakistan: Reports During his two-day visit, Shehbaz Sharif will seek a fresh economic package for Pakistan from the UAE, news agency Reuters reported on Thursday citing a report by ARY news. The report added the Prime Minister will also seek deferment of a $2 billion loan repayment to the UAE due in the coming weeks and hold discussions on finalising a $2 billion investment in Pakistan. There is no comment from the government on this development yet. My visit to the UAE is aimed at building on the conversation I have had with H.H. President Sheikh @MohamedBinZayed. We share a resolve & understanding that the continuous efforts need to be made to further strengthen trade, investment & economic relations. — Shehbaz Sharif (@CMShehbaz) January 12, 2023 × Sharif's visit comes as Pakistan is facing an economic crisis because of many factors including political instability, depleting forex reserves and high inflation. Last year's devastating floods, which killed at least 1,700 people and displaced around eight million, have further added to the economic pressure. On Monday (January 9), international donors in Geneva committed more than $9 billion to help Pakistan recover from the floods. Prime Minister Sharif termed the financial pledges as a testament to his government's credibility. ALSO READ | Explained: With PM abroad, Pakistanis struggle to put food on table, economy on track Meanwhile, Pakistan's negotiations with the International Monetary Fund (IMF) have not reached any positive outcome yet. The Shehbaz Sharif government has been asking a team from the IMF to come, review and approve the ninth assessment to release the next tranche of $1.1 billion. The IMF's plan is being seen as the only way forward for Pakistan. On Wednesday, Finance Minister Ishaq Dar said the government will take fiscal measures set by the IMF to meet its budgetary targets for the 2022-23 financial year, Reuters reported. Dar said some of these measures include subsidies in the farming and export sectors and shedding energy sector debt. As the economic crisis in Pakistan worsens, the World Bank on Tuesday slashed the country's economic growth by half from 4 per cent to 2 per cent for the current fiscal year, saying the government faces mounting economic difficulties. (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 PM arrives in UAE on two-day visit to seek fresh economic package: Report

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

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

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<p>Pakistan is going through severe economic hardship. The economic crisis has translated into a food crisis with 'flour' - a staple part of most diets facing an extreme shortage in supply. The repercussions have been dire as people are fighting, often resorting to violence to gain hold of a few mounds of the prized commodity.&nbsp;</p>

<p>Videos of Pakistani residents from Khyber Pakhtunkhwa, Sindh, and Balochistan battling to acquire bags of flour have now gone viral on social media platforms. The three provinces have been facing acute food shortages ever since last year's deadly flood.&nbsp;</p>

<p>The people in the video can be seen snatching the flour bag from each other while engaging in a violent tussle. Meanwhile, in other clips, the residents can be seen chasing the truck supplying the subsidised flour.&nbsp;</p>

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<p dir="ltr" lang="en"><a href="https://twitter.com/hashtag/PakistanFlourCrisis?src=hash&amp;ref_src=twsrc%5Etfw">#PakistanFlourCrisis</a>, Visual from <a href="https://twitter.com/hashtag/Sindh?src=hash&amp;ref_src=twsrc%5Etfw">#Sindh</a> Pakistan, people were seen squabbling for flour.<br />
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It's Painful💔💔<a href="https://twitter.com/hashtag/PakistanEconomy?src=hash&amp;ref_src=twsrc%5Etfw">#PakistanEconomy</a> <a href="https://twitter.com/hashtag/ResilientPakistan?src=hash&amp;ref_src=twsrc%5Etfw">#ResilientPakistan</a> <a href="https://t.co/7qlSjh3rni">pic.twitter.com/7qlSjh3rni</a></p>
— Bakhtawar Shah (@Shah_Bakhtawar1) <a href="https://twitter.com/Shah_Bakhtawar1/status/1612686353271070722?ref_src=twsrc%5Etfw">January 10, 2023</a></blockquote>
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<p dir="ltr" lang="hi">“आटा ख़त्म…Gate बंद…”<br />
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<a href="https://twitter.com/hashtag/PakistanEconomy?src=hash&amp;ref_src=twsrc%5Etfw">#PakistanEconomy</a> <a href="https://twitter.com/hashtag/Pakistan?src=hash&amp;ref_src=twsrc%5Etfw">#Pakistan</a> <a href="https://t.co/jgitifBIZR">pic.twitter.com/jgitifBIZR</a></p>
— Jyot Jeet (@activistjyot) <a href="https://twitter.com/activistjyot/status/1612675931268845568?ref_src=twsrc%5Etfw">January 10, 2023</a></blockquote>
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<p>Local media reports state that thousands of people have to spend hours daily to receive the subsidised bag of flour.</p>

<p>Flour prices have touched an exorbitant high amid the crunch. In Karachi, flour is being sold at Rs 160 per kilogramme. Meanwhile, a bag of flour can easily fetch as much as Rs 1500 to 1600 per kg in Islamabad and Peshawar.&nbsp;</p>

<p><a href="https://www.wionews.com/videos/is-pakistans-economic-crisis-getting-worse-550882"><strong>WATCH |&nbsp;</strong></a><strong><a href="https://www.wionews.com/videos/is-pakistans-economic-crisis-getting-worse-550882">Is Pakistan's economic crisis getting worse?</a></strong></p>

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<p>Such is the state of the economy that Islamabad is unable to provide basic amenities to a common Pakistani citizen.</p>

<p>Notably, people are being forced to store LPG (cooking gas) in plastic balloons and bags as the government fails to address the shortage in supply.</p>

<p>In the videos that have gone viral on different social media platforms, citizens in the Khyber Pakhtunkhwa province can be seen storing cooking gas in plastic bags due to shortage.&nbsp;</p>

<p><a href="https://www.wionews.com/south-asia/watch-people-in-pakistan-store-cooking-gas-in-plastic-bags-amid-economic-crisis-549060" target="_blank"><strong>WATCH | People in Pakistan store cooking gas in plastic bags amid economic crisis</strong></a></p>

<p>To arrest the slide,<b>&nbsp;</b>the Pakistani government has proposed to close markets and wedding halls by 8:30 PM and 10 PM respectively to keep the rising debt in check.&nbsp;</p>

<p>The radical changes by the government also include&nbsp;a plan to halt the production of fans and incandescent bulbs.&nbsp;</p>

<p><a href="https://www.wionews.com/south-asia/pakistan-to-close-wedding-halls-malls-early-stop-production-of-bulbs-fans-to-save-money-549205" target="_blank"><strong>Read more: Pakistan to close wedding halls, malls early; stop production of bulbs, fans to save money</strong></a></p>

<p>Pakistan's fiscal deficit stood at 1.5 per cent of GDP from July-October 2022-23. The country's foreign&nbsp;exchange reserves plummeted to its lowest since April 2014 last month when it shrank by $294 million to $5.8 billion, primarily due to external debt repayment.&nbsp;</p>

<p><em>(With inputs from agencies)</em></p>

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Pakistan is going through severe economic hardship. The economic crisis has translated into a food crisis with 'flour' - a staple part of most diets facing an extreme shortage in supply.

Pakistan is going through severe economic hardship. The economic crisis has translated into a food crisis with 'flour' - a staple part of most diets facing an extreme shortage in supply. The repercussions have been dire as people are fighting, often resorting to violence to gain hold of a few mounds of the prized commodity. Videos of Pakistani residents from Khyber Pakhtunkhwa, Sindh, and Balochistan battling to acquire bags of flour have now gone viral on social media platforms. The three provinces have been facing acute food shortages ever since last year's deadly flood. The people in the video can be seen snatching the flour bag from each other while engaging in a violent tussle. Meanwhile, in other clips, the residents can be seen chasing the truck supplying the subsidised flour. #PakistanFlourCrisis, Visual from #Sindh Pakistan, people were seen squabbling for flour. It's Painful💔💔#PakistanEconomy #ResilientPakistan pic.twitter.com/7qlSjh3rni — Bakhtawar Shah (@Shah_Bakhtawar1) January 10, 2023 × “आटा ख़त्म…Gate बंद…” #PakistanEconomy #Pakistan pic.twitter.com/jgitifBIZR — Jyot Jeet (@activistjyot) January 10, 2023 × Local media reports state that thousands of people have to spend hours daily to receive the subsidised bag of flour. Flour prices have touched an exorbitant high amid the crunch. In Karachi, flour is being sold at Rs 160 per kilogramme. Meanwhile, a bag of flour can easily fetch as much as Rs 1500 to 1600 per kg in Islamabad and Peshawar. WATCH | Is Pakistan's economic crisis getting worse? × Such is the state of the economy that Islamabad is unable to provide basic amenities to a common Pakistani citizen. Notably, people are being forced to store LPG (cooking gas) in plastic balloons and bags as the government fails to address the shortage in supply. In the videos that have gone viral on different social media platforms, citizens in the Khyber Pakhtunkhwa province can be seen storing cooking gas in plastic bags due to shortage. WATCH | People in Pakistan store cooking gas in plastic bags amid economic crisis To arrest the slide, the Pakistani government has proposed to close markets and wedding halls by 8:30 PM and 10 PM respectively to keep the rising debt in check. The radical changes by the government also include a plan to halt the production of fans and incandescent bulbs. Read more: Pakistan to close wedding halls, malls early; stop production of bulbs, fans to save money Pakistan's fiscal deficit stood at 1.5 per cent of GDP from July-October 2022-23. The country's foreign exchange reserves plummeted to its lowest since April 2014 last month when it shrank by $294 million to $5.8 billion, primarily due to external debt repayment. (With inputs from agencies) WATCH WION LIVE HERE:

WATCH | Pakistani citizens fight for flour as prices touch record high amid shortage

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

Is Pakistan's economic crisis getting worse?

<p>The food crisis in Pakistan, India's northwestern neighbour, reached unprecedented proportions this week. With visuals of stampede at wheat flour shops in different parts of the country dominating the South Asian news cycle, years of economic mismanagement by Islamabad have come to haunt its current rulers.&nbsp;While the Pakistani economy was declining for quite some time, the floods of 2022 caused unprecedented damage to the country with critical infrastructure destroyed and millions displaced.</p>

<p><strong>Pakistan food crisis: How bad is it?</strong></p>

<p>Prices of staple food items have increased by nearly 56 per cent. According to Pakistan Bureau of Statistics (PBS), Onion prices have risen by more than 415 per cent since last year.</p>

<p><strong>ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/is-pakistans-economic-crisis-getting-worse-550882">Is Pakistan's economic crisis getting worse?</a></strong></p>

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<p>The wheat flour, a necessary food item for preparation of various types of breads, is reportedly being sold at prices as high as Rs 140-160/kg in the port city of Karachi. It is also reported that a single roti currently costs Rs 30.&nbsp;</p>

<p>According to reports in local Pakistani media, in several other parts of the country, a 10 kg bag of flour is costing people around Rs 1,500 and a 20 kg bag at Rs 2,800.</p>

<p>At present, Pakistan is on the verge of economic collapse. Its hopes are pinned on getting concessions from the International Monetary Fund (IMF) on the Extended Fund Facility established in 2019. Islamabad further expects to get economic help from friendly nations in the form of donations and long-term loans.</p>

<p><strong>Pakistan economic crisis: Poor foreign reserves, loan repayment deadlines</strong></p>

<p>A report in Pakistan's 'The Frontier Post' newspaper cited The Federation of Pakistan Chambers of Commerce (FPCCI), saying that the country's foreign exchange reserves have fallen to a critical level of $4.5 billion. In the first quarter of 2023, the country has loan repayment obligations of more than $8 billion.&nbsp;</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/pakistan-faces-grim-economic-forecast-amid-loan-pay-back-deadlines-548297">Pakistan faces grim economic forecast amid loan pay back deadlines</a></strong></p>

<p>Pakistan will reportedly be left with just 25 days of import cover if it stands by its loan repayment commitments.</p>

<p>Reports in Pakistani media point out that since Islamabad's change of guard from Imran Khan to Shehbaz Sharif, the corresponding political turmoil too has contributed to the country's economic decline.&nbsp;</p>

<p>Throughout the year, the political elite failed to agree to play by any rules of the game amid the falling economic health of the country, reported The Express Tribune.</p>

<p><strong>Pakistan economic crisis: What country's rulers are doing?</strong></p>

<p>Pakistani leaders are doing what they are known to do at the moments of crisis: visiting foreign nations, asking for help by using 'aid' and 'assistance' adjectives. Country's Prime Minister Shehbaz Sharif is currently in Geneva. On January 9, Sharif asked the International Conference on Climate Resilience to aid the country, citing the damage caused by 2022 floods.&nbsp;On the sidelines, Pakistani representatives met IMF officials regarding its currently stalled Extended Fund Facility.</p>

<p>In the face of the ongoing financial crisis, the Pakistani government has come up with measures to save energy and reduce its energy bill. Markets and restaurants will close at 8:30 PM and 10 PM in a bid to save energy. This January 3 decision, intended to save about $274 million, has drawn flak from both market associations as well as general masses.&nbsp;</p>

<p><strong>WATCH WION LIVE HERE</strong></p>

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The food crisis in Pakistan, India's northwestern neighbour, reached unprecedented proportions this week. With visuals of stampede at wheat flour shops in different parts of the country dominating the South Asian news cycle, years of economic mismanagement by Islamabad have come to haunt its current rulers.

The food crisis in Pakistan, India's northwestern neighbour, reached unprecedented proportions this week. With visuals of stampede at wheat flour shops in different parts of the country dominating the South Asian news cycle, years of economic mismanagement by Islamabad have come to haunt its current rulers. While the Pakistani economy was declining for quite some time, the floods of 2022 caused unprecedented damage to the country with critical infrastructure destroyed and millions displaced. Pakistan food crisis: How bad is it? Prices of staple food items have increased by nearly 56 per cent. According to Pakistan Bureau of Statistics (PBS), Onion prices have risen by more than 415 per cent since last year. ALSO WATCH | Is Pakistan's economic crisis getting worse? × The wheat flour, a necessary food item for preparation of various types of breads, is reportedly being sold at prices as high as Rs 140-160/kg in the port city of Karachi. It is also reported that a single roti currently costs Rs 30. According to reports in local Pakistani media, in several other parts of the country, a 10 kg bag of flour is costing people around Rs 1,500 and a 20 kg bag at Rs 2,800. At present, Pakistan is on the verge of economic collapse. Its hopes are pinned on getting concessions from the International Monetary Fund (IMF) on the Extended Fund Facility established in 2019. Islamabad further expects to get economic help from friendly nations in the form of donations and long-term loans. Pakistan economic crisis: Poor foreign reserves, loan repayment deadlines A report in Pakistan's 'The Frontier Post' newspaper cited The Federation of Pakistan Chambers of Commerce (FPCCI), saying that the country's foreign exchange reserves have fallen to a critical level of $4.5 billion. In the first quarter of 2023, the country has loan repayment obligations of more than $8 billion. ALSO READ | Pakistan faces grim economic forecast amid loan pay back deadlines Pakistan will reportedly be left with just 25 days of import cover if it stands by its loan repayment commitments. Reports in Pakistani media point out that since Islamabad's change of guard from Imran Khan to Shehbaz Sharif, the corresponding political turmoil too has contributed to the country's economic decline. Throughout the year, the political elite failed to agree to play by any rules of the game amid the falling economic health of the country, reported The Express Tribune. Pakistan economic crisis: What country's rulers are doing? Pakistani leaders are doing what they are known to do at the moments of crisis: visiting foreign nations, asking for help by using 'aid' and 'assistance' adjectives. Country's Prime Minister Shehbaz Sharif is currently in Geneva. On January 9, Sharif asked the International Conference on Climate Resilience to aid the country, citing the damage caused by 2022 floods. On the sidelines, Pakistani representatives met IMF officials regarding its currently stalled Extended Fund Facility. In the face of the ongoing financial crisis, the Pakistani government has come up with measures to save energy and reduce its energy bill. Markets and restaurants will close at 8:30 PM and 10 PM in a bid to save energy. This January 3 decision, intended to save about $274 million, has drawn flak from both market associations as well as general masses. 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.

Explained: With PM abroad, Pakistanis struggle to put food on table, economy on track

<p>Economic troubles in Pakistan are not new as the nation has been reeling because of the high cost of living for quite some time now. Authorities recently directed markets, shopping malls, restaurants, and wedding halls to close early to conserve energy.&nbsp;</p>

<p>To tackle the situation, Pakistan Prime Minister Shehbaz Sharif on Friday held talks with the International Monetary Fund (IMF) chief Kristalina Georgieva. Sharif aimed at breaking the deadlock over the release of the next tranche of assistance for the country.&nbsp;</p>

<p>The Pakistani prime minister said that he received a call from IMF Managing Director Georgieva. They talked about the issue of disbursement of an already pledged loan, Sharif said while addressing a business gathering on Friday.&nbsp;</p>

<p><strong>Watch this report for details:&nbsp;</strong></p>

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<p>Sharif said, "I told the IMF that we cannot put more burden on our masses. I also urged that the IMF should send its delegation to Pakistan for talks."&nbsp;</p>

<p>The problems are not appearing to go away for Pakistan as IMF has refused to issue the new instalment of the already agreed loan. The reason behind the rejection was Pakistan not being able to live up to the promises it made when the stalled loan of $6 billion was restored in 2022.&nbsp;</p>

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<p dir="ltr" lang="en"><a href="https://twitter.com/hashtag/EconWatch?src=hash&amp;ref_src=twsrc%5Etfw">#EconWatch</a>: <a href="https://twitter.com/hashtag/Pakistan?src=hash&amp;ref_src=twsrc%5Etfw">#Pakistan</a> is on the brink of a debt default. Its sovereign bonds have lost more than 60% of their value this year. I'm not surprised. PM Sharif's government is failing to save the sinking ship. <a href="https://t.co/ySDno0MAC2">pic.twitter.com/ySDno0MAC2</a></p>
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<p>Several factors have combined to put Pakistan's economy in dire strait, including tumbling GDP growth, global inflation due to the ongoing Russia- Ukraine war, expensive imports due to the fall in the currency, and plunging forex reserves. Unprecedented floods in 2022 made the situation even worse for the nation.&nbsp;</p>

<p><em>(With inputs from agencies)&nbsp;</em></p>

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Economic troubles in Pakistan are not new as the nation has been reeling because of the high cost of living for quite some time now. Authorities recently directed markets, shopping malls, restaurants, and wedding halls to close early to conserve energy.

Economic troubles in Pakistan are not new as the nation has been reeling because of the high cost of living for quite some time now. Authorities recently directed markets, shopping malls, restaurants, and wedding halls to close early to conserve energy. To tackle the situation, Pakistan Prime Minister Shehbaz Sharif on Friday held talks with the International Monetary Fund (IMF) chief Kristalina Georgieva. Sharif aimed at breaking the deadlock over the release of the next tranche of assistance for the country. The Pakistani prime minister said that he received a call from IMF Managing Director Georgieva. They talked about the issue of disbursement of an already pledged loan, Sharif said while addressing a business gathering on Friday. Watch this report for details: × Sharif said, "I told the IMF that we cannot put more burden on our masses. I also urged that the IMF should send its delegation to Pakistan for talks." The problems are not appearing to go away for Pakistan as IMF has refused to issue the new instalment of the already agreed loan. The reason behind the rejection was Pakistan not being able to live up to the promises it made when the stalled loan of $6 billion was restored in 2022. #EconWatch: #Pakistan is on the brink of a debt default. Its sovereign bonds have lost more than 60% of their value this year. I'm not surprised. PM Sharif's government is failing to save the sinking ship. pic.twitter.com/ySDno0MAC2 — Steve Hanke (@steve_hanke) October 13, 2022 × Several factors have combined to put Pakistan's economy in dire strait, including tumbling GDP growth, global inflation due to the ongoing Russia- Ukraine war, expensive imports due to the fall in the currency, and plunging forex reserves. Unprecedented floods in 2022 made the situation even worse for the nation. (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.

Pak PM Shehbaz Sharif holds talks with IMF chief amid economic crisis

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<p>Currently going through a harrowing economic crisis, the Pakistan government on Tuesday announced a slew of plans to reduce energy consumption and in turn reduce the financial load on the exchequer.&nbsp;</p>

<p>The government proposed to close markets and wedding halls by 8:30 PM and 10 PM respectively to keep the rising debt in check.&nbsp;</p>

<p>“The plan will change the overall lifestyle and habit pattern of the nation and save us $26 million (Pkr 60 billion)," Pakistan Defence Minister Khawaja Asif was quoted as saying by Dawn.</p>

<p>The radical changes by Asif also included a plan to halt the production of fans running on electricity by July.&nbsp;</p>

<p>“Inefficient fans use around 120-130 watts of electricity. Across the globe, fans are available that use 60-80 watts."</p>

<p>Similarly, the manufacturing of incandescent bulbs will be stopped from next month. Meanwhile, the government will&nbsp;make the use of conical geysers mandatory and employ alternative use of streetlights to further cut the wage bill.&nbsp;&nbsp;</p>

<p>Asif added the country is going through a 'critical' situation and that it could not afford to sustain current levels of power consumption. He also announced plans of implementing a 'work from home policy'.&nbsp;</p>

<p>"All government buildings and offices will also reduce the use of energy under the plan, and a policy to work from home will be completed in 10 days," said Asif before adding, "No lights were on in the cabinet meeting today. The meeting was held in full sunlight."</p>

<p><a href="https://www.wionews.com/videos/gravitas-pakistans-facing-a-financial-crisis-537529" target="_blank"><strong>WATCH | Gravitas: Pakistan's facing a financial crisis</strong></a></p>

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<p>According to reports quoting Pakistan's power division, the country's circular debt stood at $10.5 billion (Rs2.437 trillion) which was an increase of $815 million (Rs 185 billion) from September last year.</p>

<p>Such is the state of the economy that Islamabad is unable to provide basic amenities to a common Pakistani citizen. Notably, people are being forced to store LPG (cooking gas) in plastic balloons and bags as the government fails to address the shortage in supply.</p>

<p>In the videos that have gone viral on different social media platforms, citizens in the Khyber Pakhtunkhwa province can be seen storing cooking gas in plastic bags due to shortage.&nbsp;</p>

<p>Local media reports have suggested that people in Hangu city of the province have been living without gas for the past two years.&nbsp;</p>

<p><a href="https://www.wionews.com/south-asia/watch-people-in-pakistan-store-cooking-gas-in-plastic-bags-amid-economic-crisis-549060" target="_blank"><strong>WATCH | People in Pakistan store cooking gas in plastic bags amid economic crisis</strong></a></p>

<p>Pakistan's fiscal deficit stood at 1.5 percent of GDP from July-October 2022-23. The country's foreign&nbsp;exchange reserves plummeted to its lowest since April 2014 last month when it shrank by $294 million to $5.8 billion, primarily due to external debt repayment.&nbsp;</p>

<p>Consequently, economic pundits have sounded the warning bells that Pakistan might be perilously close to default.</p>

<p><em>(With inputs from agencies)</em></p>

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Currently going through a harrowing economic crisis, the Pakistan government on Tuesday announced a slew of plans to reduce energy consumption and in turn reduce the financial load on the exchequer.

Currently going through a harrowing economic crisis, the Pakistan government on Tuesday announced a slew of plans to reduce energy consumption and in turn reduce the financial load on the exchequer. The government proposed to close markets and wedding halls by 8:30 PM and 10 PM respectively to keep the rising debt in check. “The plan will change the overall lifestyle and habit pattern of the nation and save us $26 million (Pkr 60 billion)," Pakistan Defence Minister Khawaja Asif was quoted as saying by Dawn. The radical changes by Asif also included a plan to halt the production of fans running on electricity by July. “Inefficient fans use around 120-130 watts of electricity. Across the globe, fans are available that use 60-80 watts." Similarly, the manufacturing of incandescent bulbs will be stopped from next month. Meanwhile, the government will make the use of conical geysers mandatory and employ alternative use of streetlights to further cut the wage bill. Asif added the country is going through a 'critical' situation and that it could not afford to sustain current levels of power consumption. He also announced plans of implementing a 'work from home policy'. "All government buildings and offices will also reduce the use of energy under the plan, and a policy to work from home will be completed in 10 days," said Asif before adding, "No lights were on in the cabinet meeting today. The meeting was held in full sunlight." WATCH | Gravitas: Pakistan's facing a financial crisis × According to reports quoting Pakistan's power division, the country's circular debt stood at $10.5 billion (Rs2.437 trillion) which was an increase of $815 million (Rs 185 billion) from September last year. Such is the state of the economy that Islamabad is unable to provide basic amenities to a common Pakistani citizen. Notably, people are being forced to store LPG (cooking gas) in plastic balloons and bags as the government fails to address the shortage in supply. In the videos that have gone viral on different social media platforms, citizens in the Khyber Pakhtunkhwa province can be seen storing cooking gas in plastic bags due to shortage. Local media reports have suggested that people in Hangu city of the province have been living without gas for the past two years. WATCH | People in Pakistan store cooking gas in plastic bags amid economic crisis Pakistan's fiscal deficit stood at 1.5 percent of GDP from July-October 2022-23. The country's foreign exchange reserves plummeted to its lowest since April 2014 last month when it shrank by $294 million to $5.8 billion, primarily due to external debt repayment. Consequently, economic pundits have sounded the warning bells that Pakistan might be perilously close to default. (With inputs from agencies) WATCH WION LIVE HERE:

Pakistan to close wedding halls, malls early; stop production of bulbs, fans to save money

<p>Just hours after Pakistan's PML-N-led government announced the early closure of malls, markets and wedding halls to save energy, shopkeepers have resoundingly rejected the move.&nbsp;</p>

<p>Slamming the decision as "unilateral" and "counter-offensive" trader organisations in the country asked the government to reconsider.</p>

<p><strong>Watch |&nbsp;Pakistan PM asks govt departments to reduce energy consumptions by 30%</strong></p>

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<p>The All Pakistan Restaurant Association urged the ruling government to reconsider and let restaurants stay open till midnight.</p>

<p>On the other hand, talking to Geo News, &nbsp;Ajmal Baloch the president of All-Pakistan Anjuman Tajiran (APAT) declared that contrary to the National Energy Conservation Plan asking shops to be closed at 8:30 pm, they will stay open till 10 pm, while restaurants will remain open until 11 pm.</p>

<p>Baloch "suggested" that government officials should stop the use of air conditioners and heaters in their offices and that protocols and allowances given to them should be halted. He also proposed that as a means to save electricity street lights should be switched on post 10 pm and that the excessive use of electricity on national highways should be curbed.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/south-asia/pakistan-to-close-wedding-halls-malls-early-stop-production-of-bulbs-fans-to-save-money-549205">Pakistan to close wedding halls, malls early; stop production of bulbs, fans to save money</a></strong></p>

<p>As per reports the business community claims that the decision was reached unilaterally despite previous meetings in which the participating stakeholders had agreed that markets and malls should be allowed to remain open until 9-10 pm, while restaurants and wedding halls should be allowed to operate until 11-12 pm.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/south-asia/taliban-unable-or-unwilling-to-fulfil-commitments-pakistan-has-right-to-defend-itself-us-549258">Taliban 'unable or unwilling’ to fulfil commitments, Pakistan has right to defend itself: US</a></strong></p>

<p>On Tuesday the Pakistan government announced the energy conservation plan that enforces market closure at 8:30 pm, while wedding halls are slated to be shut at 10 pm. Reportedly all department of the federal government has also been asked to reduce electricity usage by 30 per cent.</p>

<p>Announcing the decision Pakistan Defence Minister Khawaja Asif said "The cabinet, on the recommendation of the power division, has allowed enforcing the energy-saving plan which will be applied to the entire country."</p>

<p><em>(With inputs from agencies)</em></p>

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Just hours after Pakistan's PML-N-led government announced the early closure of malls, markets and wedding halls to save energy, shopkeepers have resoundingly rejected the move.

Just hours after Pakistan's PML-N-led government announced the early closure of malls, markets and wedding halls to save energy, shopkeepers have resoundingly rejected the move. Slamming the decision as "unilateral" and "counter-offensive" trader organisations in the country asked the government to reconsider. Watch | Pakistan PM asks govt departments to reduce energy consumptions by 30% The All Pakistan Restaurant Association urged the ruling government to reconsider and let restaurants stay open till midnight. On the other hand, talking to Geo News, Ajmal Baloch the president of All-Pakistan Anjuman Tajiran (APAT) declared that contrary to the National Energy Conservation Plan asking shops to be closed at 8:30 pm, they will stay open till 10 pm, while restaurants will remain open until 11 pm. Baloch "suggested" that government officials should stop the use of air conditioners and heaters in their offices and that protocols and allowances given to them should be halted. He also proposed that as a means to save electricity street lights should be switched on post 10 pm and that the excessive use of electricity on national highways should be curbed. Also read | Pakistan to close wedding halls, malls early; stop production of bulbs, fans to save money As per reports the business community claims that the decision was reached unilaterally despite previous meetings in which the participating stakeholders had agreed that markets and malls should be allowed to remain open until 9-10 pm, while restaurants and wedding halls should be allowed to operate until 11-12 pm. Also read | Taliban 'unable or unwilling’ to fulfil commitments, Pakistan has right to defend itself: US On Tuesday the Pakistan government announced the energy conservation plan that enforces market closure at 8:30 pm, while wedding halls are slated to be shut at 10 pm. Reportedly all department of the federal government has also been asked to reduce electricity usage by 30 per cent. Announcing the decision Pakistan Defence Minister Khawaja Asif said "The cabinet, on the recommendation of the power division, has allowed enforcing the energy-saving plan which will be applied to the entire country." (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 traders reject govt's energy saving plan, say officials should stop use of ACs, heaters in offices

<p>Pakistan's slumping economy is pushing people of the South Asian nation to the edge. Islamabad is failing to provide its people with basic amenities to the point that people are storing LPG (cooking gas) in plastic balloons and bags.&nbsp;</p>

<p>Visuals have emerged on social media that show people in Khyber Pakhtunkhwa province storing cooking gas in plastic bags due to shortage in supply of cooking gas cylinders. Reports in the local media suggest that people in Hangu city of the province have been living without gas for the past two years.&nbsp;</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/pakistan-railways-running-trains-with-just-three-day-oil-inventory-claims-report-548986">Pakistan Railways running trains with just three-day oil inventory, claims report</a></strong></p>

<p>People can be&nbsp;seen storing cooking gas in plastic bags instead of gas cylinders. The viral videos from Pakistan, however, cannot be independently verified by WION.</p>

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<p dir="ltr" lang="en">In Pakistan, the practice of using gas packed in plastic bags instead of cylinders for cooking has increased. Gas is sold by filling bags inside the shops connected to the gas pipeline network. People use it in the kitchen with the help of a small electric suction pump.<a href="https://twitter.com/hashtag/pkmb?src=hash&amp;ref_src=twsrc%5Etfw">#pkmb</a> <a href="https://t.co/e1DpNp20Ku">pic.twitter.com/e1DpNp20Ku</a></p>
— R Singh...🤸🤸 (@lonewolf_singh) <a href="https://twitter.com/lonewolf_singh/status/1609065713385496579?ref_src=twsrc%5Etfw">December 31, 2022</a></blockquote>
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<p><strong>Pakistan economic crisis: How the cooking gas is being filled in plastic bags?</strong></p>

<p>According to local media reports, gas vendors in various parts of Pakistan use a compressor to load LPG into a plastic bag before sealing the opening with a nozzle and valve. Around three to four kilograms of the gas is filled in a large plastic balloon in about an hour. The bags are then sold to individuals who use the gas using a small electric suction pump.</p>

<p><strong>About Pakistan's collapsing economy</strong></p>

<p>The Pakistan government raised the prices of wheat flour, sugar, and ghee for sale through the Utility Stores Corporation (USC) with immediate effect, The Dawn reported. &nbsp;The step was reportedly taken to mitigate the impact of untargeted subsidies.</p>

<p><strong>WATCH |&nbsp;<a href="https://www.wionews.com/videos/economic-crisis-worsens-in-pakistan-forex-reserves-fall-to-58-billion-547992">Economic crisis worsens in Pakistan, Forex reserves fall to $5.8 billion</a></strong></p>

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<p>"Benazir Income Support Programme (BISP) beneficiaries would be exempt from the price increase, while the limit for subsidised purchases from the USC has also been curtailed," the report stated.</p>

<p>Under the new rates, the price of sugar has been raised to Rs 89 per kg from Rs 70 per kg, a 27 per cent rise, while the price of ghee has been raised to Rs 375 per kg from Rs 75 per kg. Wheat flour prices have also been raised to Rs 64.8 per kg from Rs 40 per kg.&nbsp;</p>

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Pakistan's slumping economy is pushing people of the South Asian nation to the edge. Islamabad is failing to provide its people with basic amenities to the point that people are storing LPG (cooking gas) in plastic balloons and bags.

Pakistan's slumping economy is pushing people of the South Asian nation to the edge. Islamabad is failing to provide its people with basic amenities to the point that people are storing LPG (cooking gas) in plastic balloons and bags. Visuals have emerged on social media that show people in Khyber Pakhtunkhwa province storing cooking gas in plastic bags due to shortage in supply of cooking gas cylinders. Reports in the local media suggest that people in Hangu city of the province have been living without gas for the past two years. ALSO READ | Pakistan Railways running trains with just three-day oil inventory, claims report People can be seen storing cooking gas in plastic bags instead of gas cylinders. The viral videos from Pakistan, however, cannot be independently verified by WION. In Pakistan, the practice of using gas packed in plastic bags instead of cylinders for cooking has increased. Gas is sold by filling bags inside the shops connected to the gas pipeline network. People use it in the kitchen with the help of a small electric suction pump.#pkmb pic.twitter.com/e1DpNp20Ku — R Singh...🤸🤸 (@lonewolf_singh) December 31, 2022 × Pakistan economic crisis: How the cooking gas is being filled in plastic bags? According to local media reports, gas vendors in various parts of Pakistan use a compressor to load LPG into a plastic bag before sealing the opening with a nozzle and valve. Around three to four kilograms of the gas is filled in a large plastic balloon in about an hour. The bags are then sold to individuals who use the gas using a small electric suction pump. About Pakistan's collapsing economy The Pakistan government raised the prices of wheat flour, sugar, and ghee for sale through the Utility Stores Corporation (USC) with immediate effect, The Dawn reported. The step was reportedly taken to mitigate the impact of untargeted subsidies. WATCH | Economic crisis worsens in Pakistan, Forex reserves fall to $5.8 billion × "Benazir Income Support Programme (BISP) beneficiaries would be exempt from the price increase, while the limit for subsidised purchases from the USC has also been curtailed," the report stated. Under the new rates, the price of sugar has been raised to Rs 89 per kg from Rs 70 per kg, a 27 per cent rise, while the price of ghee has been raised to Rs 375 per kg from Rs 75 per kg. Wheat flour prices have also been raised to Rs 64.8 per kg from Rs 40 per kg. 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 | People in Pakistan store cooking gas in plastic bags amid economic crisis

<p>As Pakistan's fiscal deficit widened by more than 115 per cent between July and October this year, the country's finance ministry forecast&nbsp;that inflation in the South Asian nation will remain between 21 to 23 per cent.&nbsp;"For FY23, economic growth is likely to remain below the budgeted target due to the devastation caused by the floods. This combination of low growth, high inflation and low levels of official foreign exchange reserves are the key challenges for policymakers," Pakistan's Ministry of Finance said on Friday in its Monthly Economic Update and Outlook report, reported the Dawn.</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/with-uncertain-saudi-help-and-imf-loan-pakistans-economic-woes-hit-new-low-543222">With uncertain Saudi help and IMF loan, Pakistan's economic woes hit new low</a></strong></p>

<p>Pakistan’s MoF’s Economic Adviser’s Wing (EAW) prepared a report which stated that from July-October 2022, the government’s fiscal deficit stood at 1.5 per cent of the GDP (Rs 1.266 trillion) compared to 0.9 per cent of the GDP (Rs 587bn) in 2021.&nbsp;Amid such financial woes, the Pakistani government faces the challenge of providing relief to people in flood-hit areas.</p>

<p>"The EAW report said the average Consumer Price Index (CPI) in the first five months (July-November) of FY23 remained at 25.1 per cent compared to 9.3 per cent in the same period last year. It is expected that CPI inflation will remain in the range of 21-23 per cent,” said the Dawn report.</p>

<p><strong>WATCH |&nbsp;<a href="https://www.wionews.com/videos/wion-business-news-pakistan-gdp-growth-to-slip-from-5-to-3-amid-floods-515286">WION Business News: Pakistan GDP growth to slip from 5% to 3% amid floods</a></strong></p>

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<p>"The current account posted a deficit of $3.1bn for July-November FY23 against a deficit of $7.2bn last year, mainly due to an improvement in the trade balance," it added.</p>

<p>The current account deficit shrank to $276 million in November from $569m in October.</p>

<p><strong>Will Pakistan default on loan payments?</strong></p>

<p>Despite such a downcast economic description of the country at present, Pakistan’s Finance Minister Ishaq Dar on Friday said that “there is no way Pakistan is going to default," referring to a number of loans that the country has committed in past to pay back to the multilateral financial institutions and countries.&nbsp;</p>

<p>"We are in a tight position. We don’t have USD 24bn in foreign exchange reserves that our (last) government left in 2016. But that’s not my fault. It’s the system’s fault," Darr told investors at a ceremony to mark the listing of Pakistan’s first developmental real estate investment trust scheme on the stock exchange.</p>

<p>A recent Dawn report&nbsp;quoted the State Bank of Pakistan saying that the incumbent Pakistan government avoided focusing on growth for the fiscal year FY23, resulting in a drop in growth.</p>

<p>Despite sacrificing growth, Pakistan’s government has not been able to achieve price stability and financial stability, the bank said in its annual statement.</p>

<p><em>(With inputs from agencies)</em></p>

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As Pakistan's fiscal deficit widened by more than 115 per cent between July and October this year, the country's finance ministry forecast that inflation in the South Asian nation will remain between 21 to 23 per cent.

As Pakistan's fiscal deficit widened by more than 115 per cent between July and October this year, the country's finance ministry forecast that inflation in the South Asian nation will remain between 21 to 23 per cent. "For FY23, economic growth is likely to remain below the budgeted target due to the devastation caused by the floods. This combination of low growth, high inflation and low levels of official foreign exchange reserves are the key challenges for policymakers," Pakistan's Ministry of Finance said on Friday in its Monthly Economic Update and Outlook report, reported the Dawn. ALSO READ | With uncertain Saudi help and IMF loan, Pakistan's economic woes hit new low Pakistan’s MoF’s Economic Adviser’s Wing (EAW) prepared a report which stated that from July-October 2022, the government’s fiscal deficit stood at 1.5 per cent of the GDP (Rs 1.266 trillion) compared to 0.9 per cent of the GDP (Rs 587bn) in 2021. Amid such financial woes, the Pakistani government faces the challenge of providing relief to people in flood-hit areas. "The EAW report said the average Consumer Price Index (CPI) in the first five months (July-November) of FY23 remained at 25.1 per cent compared to 9.3 per cent in the same period last year. It is expected that CPI inflation will remain in the range of 21-23 per cent,” said the Dawn report. WATCH | WION Business News: Pakistan GDP growth to slip from 5% to 3% amid floods × "The current account posted a deficit of $3.1bn for July-November FY23 against a deficit of $7.2bn last year, mainly due to an improvement in the trade balance," it added. The current account deficit shrank to $276 million in November from $569m in October. Will Pakistan default on loan payments? Despite such a downcast economic description of the country at present, Pakistan’s Finance Minister Ishaq Dar on Friday said that “there is no way Pakistan is going to default," referring to a number of loans that the country has committed in past to pay back to the multilateral financial institutions and countries. "We are in a tight position. We don’t have USD 24bn in foreign exchange reserves that our (last) government left in 2016. But that’s not my fault. It’s the system’s fault," Darr told investors at a ceremony to mark the listing of Pakistan’s first developmental real estate investment trust scheme on the stock exchange. A recent Dawn report quoted the State Bank of Pakistan saying that the incumbent Pakistan government avoided focusing on growth for the fiscal year FY23, resulting in a drop in growth. Despite sacrificing growth, Pakistan’s government has not been able to achieve price stability and financial stability, the bank said in its annual statement. (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 faces grim economic forecast amid loan pay back deadlines

<p>Pakistan's central bank criticised the Shehbaz Sharif government for prioritising growth at the cost of price and financial stability.&nbsp;The State Bank of Pakistan in its annual report said that such economies are not able to sustain growth and face financial crisis, reported the Dawn.&nbsp;&nbsp;</p>

<p>The Sharif government's focus&nbsp;on growth for the fiscal year 2023 might result in a fall in growth overall as it failed to bring price stability with financial stability, it said.&nbsp;</p>

<p><a href="https://www.wionews.com/south-asia/pakistan-punjab-governor-denotifies-cm-with-immediate-effect-545813"><strong>Also read |&nbsp;Pakistan: Punjab governor denotifies CM Elahi with 'immediate effect', Lahore HC reinstates him</strong></a></p>

<p>In its report, 'State of the Economy of the fiscal year FY22',&nbsp;the State Bank of Pakistan anticipated that the economic growth for FY23 will be lower than what was expected. It added that the growth rate will remain less than three or four per cent.</p>

<p>The fall in growth has resulted in mass layoffs of hundreds of people from the trade and industrial sectors. In these sectors, it is hard to survive under the focus set by the government.&nbsp;</p>

<p>The inflation in the South Asian country has been nearly 25 per cent in the last five months, worsening aspects of growth and stability.&nbsp;</p>

<p><a href="https://www.wionews.com/world/watch-bilawal-bhutto-claims-made-to-work-like-donkey-on-foreign-trips-546112"><strong>Also read |&nbsp;WATCH| Bilawal Bhutto claims ‘made to work like donkey’ on foreign trips</strong></a></p>

<p>The SBP added that economies that prioritise 'price stability' tend to have lower inflation as well as less volatility&nbsp;in both inflation and growth.&nbsp;</p>

<p>However, the report further stated that estimating the growth of side supplies like the price of energy and food is hard to predict as they can be driven by both national and international developments.&nbsp;</p>

<p>The document said, "In Pakistan, the coverage and timeliness of information need improvement and there are often large revisions to 'annual' GDP growth estimates relative to provisional estimates. These, together with scarce availability of high-frequency real sector data, complicate forecasting and real-time decision making."</p>

<p><em>(With inputs from agencies)</em></p>

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Pakistan's central bank criticised the Shehbaz Sharif government for prioritising growth at the cost of price and financial stability. The State Bank of Pakistan in its annual report said that such economies are not able to sustain growth and face financial crisis, reported the Dawn.

Pakistan's central bank criticised the Shehbaz Sharif government for prioritising growth at the cost of price and financial stability. The State Bank of Pakistan in its annual report said that such economies are not able to sustain growth and face financial crisis, reported the Dawn. The Sharif government's focus on growth for the fiscal year 2023 might result in a fall in growth overall as it failed to bring price stability with financial stability, it said. Also read | Pakistan: Punjab governor denotifies CM Elahi with 'immediate effect', Lahore HC reinstates him In its report, 'State of the Economy of the fiscal year FY22', the State Bank of Pakistan anticipated that the economic growth for FY23 will be lower than what was expected. It added that the growth rate will remain less than three or four per cent. The fall in growth has resulted in mass layoffs of hundreds of people from the trade and industrial sectors. In these sectors, it is hard to survive under the focus set by the government. The inflation in the South Asian country has been nearly 25 per cent in the last five months, worsening aspects of growth and stability. Also read | WATCH| Bilawal Bhutto claims ‘made to work like donkey’ on foreign trips The SBP added that economies that prioritise 'price stability' tend to have lower inflation as well as less volatility in both inflation and growth. However, the report further stated that estimating the growth of side supplies like the price of energy and food is hard to predict as they can be driven by both national and international developments. The document said, "In Pakistan, the coverage and timeliness of information need improvement and there are often large revisions to 'annual' GDP growth estimates relative to provisional estimates. These, together with scarce availability of high-frequency real sector data, complicate forecasting and real-time decision making." (With inputs from agencies) WATCH WION LIVE HERE

Pak central bank slams Shehbaz govt’s focus on growth over financial stability, warns of economic crisis ahead

<p>The dire state of Pakistan's national finances have been a South Asian constant in the global news cycle. Only this time it's different, it's because of an Islamic prayer to ward off anxiety and depression that Pakistan's finance minister Ishaq Dar tweeted earlier this week. While the minister tweeted citation of a prayer to his followers, many people from Pakistan interpreted it as his way to deal with the prevailing dire federal financial situation in the country.&nbsp;</p>

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<p dir="ltr" lang="en">The finance minister of our country tweeting prayers for people to avoid depression!!!!! Good morning pakistan !!! 😣 <a href="https://t.co/IproddWkmg">https://t.co/IproddWkmg</a></p>
— حَل صرف جماعتِ اسلامی! (@mariaasaleem) <a href="https://twitter.com/mariaasaleem/status/1599974533272076288?ref_src=twsrc%5Etfw">December 6, 2022</a></blockquote>
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<p>Ishaq Dar's tweet did not result in any reactions for or against the actual depression or anxiety-related problems that people face in and beyond Pakistan. In fact, the supposed prayer to ward mental health problems off, stoked people to ask if the minister knew any prayers to ensure that the country doesn't default on the loans it has taken from various countries and multilateral organisations.</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/pakistan-needs-usd-41-billion-in-next-12-months-says-finance-minister-486098">Pakistan needs USD 41 billion in next 12 months</a></strong></p>

<p>"Brother, tell us the prayer to prevent the loan default as well," one user replied. "It surely means that economic situation is out of hand and even the outspoken and&nbsp;self proclaimed experienced Finance Minister is praying to Allah to save him from public backlash amid imminent default threat the country is facing," interpreted another.</p>

<p>"The best thing our finance minister has done for us since returning back from a trip at UK is releasing his own assets from NAB (sic)," joked a third Twitter user, referring to the National Accountability Bureau that can seize illegal assets owned by Pakistani citizens.</p>

<p><strong>WATCH |&nbsp;<a href="https://www.wionews.com/videos/exclusive-pak-finance-minister-speaks-on-trade-with-india-says-will-look-into-options-518547">Exclusive: Pak finance minister speaks on trade with India, says will look into options</a></strong></p>

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<p>On December 6, Pakistan Business Forum (PBF) called upon the State Bank of Pakistan to take necessary measures against what they called a&nbsp;'financial emergency' in the country.&nbsp;</p>

<p>"We still have foreign debt of $130 billion and $73 billion due in three years. Our deficit for next three years is a minimum of $20 billion to $30 billion. Additionally, super inflation is killing the poor. This is a financial emergency,"&nbsp;PBF CEO, Ahmad Jawad said in a statement.</p>

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The dire state of Pakistan's national finances have been a South Asian constant in the global news cycle. Only this time it's different, it's because of an Islamic prayer to ward off anxiety and depression that Pakistan's finance minister Ishaq Dar tweeted earlier this week.

The dire state of Pakistan's national finances have been a South Asian constant in the global news cycle. Only this time it's different, it's because of an Islamic prayer to ward off anxiety and depression that Pakistan's finance minister Ishaq Dar tweeted earlier this week. While the minister tweeted citation of a prayer to his followers, many people from Pakistan interpreted it as his way to deal with the prevailing dire federal financial situation in the country. The finance minister of our country tweeting prayers for people to avoid depression!!!!! Good morning pakistan !!! 😣 https://t.co/IproddWkmg — حَل صرف جماعتِ اسلامی! (@mariaasaleem) December 6, 2022 × Ishaq Dar's tweet did not result in any reactions for or against the actual depression or anxiety-related problems that people face in and beyond Pakistan. In fact, the supposed prayer to ward mental health problems off, stoked people to ask if the minister knew any prayers to ensure that the country doesn't default on the loans it has taken from various countries and multilateral organisations. ALSO READ | Pakistan needs USD 41 billion in next 12 months "Brother, tell us the prayer to prevent the loan default as well," one user replied. "It surely means that economic situation is out of hand and even the outspoken and self proclaimed experienced Finance Minister is praying to Allah to save him from public backlash amid imminent default threat the country is facing," interpreted another. "The best thing our finance minister has done for us since returning back from a trip at UK is releasing his own assets from NAB (sic)," joked a third Twitter user, referring to the National Accountability Bureau that can seize illegal assets owned by Pakistani citizens. WATCH | Exclusive: Pak finance minister speaks on trade with India, says will look into options × On December 6, Pakistan Business Forum (PBF) called upon the State Bank of Pakistan to take necessary measures against what they called a 'financial emergency' in the country. "We still have foreign debt of $130 billion and $73 billion due in three years. Our deficit for next three years is a minimum of $20 billion to $30 billion. Additionally, super inflation is killing the poor. This is a financial emergency," PBF CEO, Ahmad Jawad said in a statement. 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.

Pak finance minister trolled for tweet on depression, netizens doubt his ability to manage economy

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