As the IMF agreed a three billion dollar deal to avert an impending economic catastrophe in the area, Pakistan has gained a much-needed lifeline. This IMF investment is a ray of hope for Pakistan's beleaguered economy, which has been suffering from a severe balance of payments problem and declining foreign reserves that have brought it perilously near to default. Pakistan's prime minister expressed gratitude to China and other friends for their assistance.

IMF to disburse $ 3 Billion to Pakistan in nine months

Pakistan's economy is facing a severe crisis, with no signs of financial relief in sight. Prime Minister Shehbaz Sharif met with the IMF Chief during the Global Financial Summit in Paris, making a last effort to secure the release of $1.1 billion in funding. Political instability, devastating floods, and shrinking foreign exchange reserves have hindered the negotiations for a loan renewal.

IMF disappointed with Pakistan's annual budget

Pakistan's cup of woes is overflowing as the country's economy is in deep crisis - a never-ending nightmare for its citizens. The government was expecting help from IMF but it wasn't forthcoming. The Pakistani rupee is in free fall and inflation continues to spiral.

Pakistan economy: Pakistan fails to buy liquified natural gas from the spot market |

Pakistan's persistent struggle to purchase liquefied natural gas (LNG) from the spot market took a disappointing turn as their latest attempt ended without any suppliers offering cargo, Bloomberg reported. The state-owned Pakistan LNG Ltd. received no responses to its tender seeking six LNG shipments for delivery between October and December. Traders with insider knowledge cited by Bloomberg disclosed this setback.

Why are Suppliers Wary?

The failure of the tender can be attributed to a combination of factors. Overseas banks have been hesitant to accept letters of credit from Pakistani counterparts, which has made suppliers wary of extending offers for LNG cargoes. This reluctance stems from concerns over the financial stability and credibility of Pakistani entities involved in the transactions.

The energy crisis in Pakistan is already a cause for concern, and the inability to secure LNG supplies will only exacerbate the situation. Frequent blackouts plague the country's fragile power sector, and industries heavily reliant on consistent fuel supply will suffer further disruptions. Pakistan's high dependence on imports to meet its energy needs has made it particularly vulnerable to external factors, such as the energy crisis triggered by Russia's invasion of Ukraine last year.

Pakistan's Gloomy Economic Outlook

This recent setback in LNG procurement amplifies the existing challenges faced by Pakistan. The nation is grappling with a weakening currency, political turmoil, and escalating sovereign default risk. The International Monetary Fund has criticized the government's budget, deeming it insufficient to meet the goals outlined in the bailout program. The consequences of these issues extend beyond the energy sector, impacting the country's overall economic stability and welfare.

The repercussions of the failed LNG tender will be felt across various sectors. Households already grappling with erratic power supply will experience intensified hardships due to prolonged blackouts. Furthermore, industries dependent on a stable fuel supply, such as manufacturing and agriculture, will encounter operational difficulties, hindering productivity and economic growth.

Pakistan now faces the daunting task of addressing the energy crisis and finding alternative solutions to fulfill its LNG requirements. It remains to be seen how the government will navigate this situation, considering the multifaceted challenges it currently faces.

With Inputs from Bloomberg)

Pakistan's persistent struggle to purchase liquefied natural gas (LNG) from the spot market took a disappointing turn as their latest attempt ended without any suppliers offering cargo, Bloomberg reported.

Pakistan's persistent struggle to purchase liquefied natural gas (LNG) from the spot market took a disappointing turn as their latest attempt ended without any suppliers offering cargo, Bloomberg reported. The state-owned Pakistan LNG Ltd. received no responses to its tender seeking six LNG shipments for delivery between October and December. Traders with insider knowledge cited by Bloomberg disclosed this setback. Why are Suppliers Wary? The failure of the tender can be attributed to a combination of factors. Overseas banks have been hesitant to accept letters of credit from Pakistani counterparts, which has made suppliers wary of extending offers for LNG cargoes. This reluctance stems from concerns over the financial stability and credibility of Pakistani entities involved in the transactions. The energy crisis in Pakistan is already a cause for concern, and the inability to secure LNG supplies will only exacerbate the situation. Frequent blackouts plague the country's fragile power sector, and industries heavily reliant on consistent fuel supply will suffer further disruptions. Pakistan's high dependence on imports to meet its energy needs has made it particularly vulnerable to external factors, such as the energy crisis triggered by Russia's invasion of Ukraine last year. Pakistan's Gloomy Economic Outlook This recent setback in LNG procurement amplifies the existing challenges faced by Pakistan. The nation is grappling with a weakening currency, political turmoil, and escalating sovereign default risk. The International Monetary Fund has criticized the government's budget, deeming it insufficient to meet the goals outlined in the bailout program. The consequences of these issues extend beyond the energy sector, impacting the country's overall economic stability and welfare. The repercussions of the failed LNG tender will be felt across various sectors. Households already grappling with erratic power supply will experience intensified hardships due to prolonged blackouts. Furthermore, industries dependent on a stable fuel supply, such as manufacturing and agriculture, will encounter operational difficulties, hindering productivity and economic growth. Pakistan now faces the daunting task of addressing the energy crisis and finding alternative solutions to fulfill its LNG requirements. It remains to be seen how the government will navigate this situation, considering the multifaceted challenges it currently faces. With Inputs from Bloomberg)

‘Fuel’ling Frustration: Pakistan's Attempt to Secure LNG Cargo in Spot Market Falls Flat

Amid the ongoing economic crisis, Pakistan's Finance Minister Ishaq Dar unveiled the annual budget for 2023-24 on Friday (June 9) on the floor of the National Assembly. It was a 14.5 trillion rupee (around $50.5 billion) budget, with over half set aside to service 7.3 trillion rupees of debt. This is being deemed as the last budget of the government before the general elections later this year.&nbsp;

One of the key takeaways from the budget speech was when the minister said that the government was not imposing new taxes for the upcoming year.&nbsp;

As quoted by local media outlets, Dar said that the budget is "not an election budget" and is focusing on the "elements of the real economy". He further added that for the next year, GDP growth had been budgeted at 3.5 per cent, terming it a "modest target".&nbsp;

The government has set aside about 950 billion rupees for vote-winning development projects ahead of a general election later this year. Other measures include civil service pay rises of up to 35 per cent and a 17.5 per cent increase for state pensions.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/south-asia/more-than-100-leaders-who-defected-imran-khans-pti-form-new-party-allegedly-backed-by-military-602503">More than 100 leaders, who quit Imran Khan’s PTI, form new party allegedly backed by military</a>&nbsp;

The economy of the nation has been stricken by a balance-of-payments crisis as it attempts to service crippling external debt. Months of political chaos have worsened the situation.&nbsp;

The cost of living crisis is also troubling the common people as inflation has rocketed, the rupee has plummeted and the country can no longer afford imports. This has led to a severe decline in industrial output.&nbsp;

Watch this report:&nbsp;

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<h2>Pakistan defence budget&nbsp;</h2>

Pakistan also hiked defence spending by 15.5 per cent and allocated over Rs 1.8 trillion. Dar said that a sum of Rs 1,804 billion has been proposed for defence, which is higher than Rs 1.523 billion allocated last year. The defence expenditure is 15.5 per cent higher than last year, making up about 1.7 per cent of the GDP.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/south-asia/pakistan-imran-khan-gets-bail-in-murder-case-says-lawyer-602350">Imran Khan gets bail from Islamabad high court in lawyer’s murder case</a>&nbsp;

The defence sector expenses are the second biggest component of the annual expenditure after the debt payments, which for the next year would be Rs 7,303 billion and is the biggest single expense of the country. The minister declared a 3.5 per cent GDP growth target for the next year, which is a moderate target.&nbsp;

The minister said that the inflation target for the next fiscal year would be 21 per cent while the budget deficit would be 6.54 per cent of the GDP. He said that the export target would be Rs 30 billion and the target of remittances would be Rs 33 billion.&nbsp;

(With inputs from agencies)&nbsp; 
 
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Amid the ongoing economic crisis, Pakistan's Finance Minister Ishaq Dar unveiled the annual budget for 2023-24 on Friday (June 9) on the floor of the National Assembly.

Amid the ongoing economic crisis, Pakistan's Finance Minister Ishaq Dar unveiled the annual budget for 2023-24 on Friday (June 9) on the floor of the National Assembly. It was a 14.5 trillion rupee (around $50.5 billion) budget, with over half set aside to service 7.3 trillion rupees of debt. This is being deemed as the last budget of the government before the general elections later this year. One of the key takeaways from the budget speech was when the minister said that the government was not imposing new taxes for the upcoming year. As quoted by local media outlets, Dar said that the budget is "not an election budget" and is focusing on the "elements of the real economy". He further added that for the next year, GDP growth had been budgeted at 3.5 per cent, terming it a "modest target". The government has set aside about 950 billion rupees for vote-winning development projects ahead of a general election later this year. Other measures include civil service pay rises of up to 35 per cent and a 17.5 per cent increase for state pensions. Also read: More than 100 leaders, who quit Imran Khan’s PTI, form new party allegedly backed by military The economy of the nation has been stricken by a balance-of-payments crisis as it attempts to service crippling external debt. Months of political chaos have worsened the situation. The cost of living crisis is also troubling the common people as inflation has rocketed, the rupee has plummeted and the country can no longer afford imports. This has led to a severe decline in industrial output. Watch this report: × Pakistan defence budget Pakistan also hiked defence spending by 15.5 per cent and allocated over Rs 1.8 trillion. Dar said that a sum of Rs 1,804 billion has been proposed for defence, which is higher than Rs 1.523 billion allocated last year. The defence expenditure is 15.5 per cent higher than last year, making up about 1.7 per cent of the GDP. Also read: Imran Khan gets bail from Islamabad high court in lawyer’s murder case The defence sector expenses are the second biggest component of the annual expenditure after the debt payments, which for the next year would be Rs 7,303 billion and is the biggest single expense of the country. The minister declared a 3.5 per cent GDP growth target for the next year, which is a moderate target. The minister said that the inflation target for the next fiscal year would be 21 per cent while the budget deficit would be 6.54 per cent of the GDP. He said that the export target would be Rs 30 billion and the target of remittances would be Rs 33 billion. (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 unveils $51 billion budget with focus on ‘elements of real economy’, hikes defence spending

Donkeys are plentiful in neighboring Pakistan now to put facts on the table what is interesting is that the Pakistani government has said that the population of donkeys is of course increasing but the same of course cannot be said for the economic condition of the country.

Pakistan eyes millions from donkey exports

it was a pretty big day in Pakistan today the Shehbaz Sharif government announced its very first budget after having come to power. While it was the first time for the Finance Minister, the timing is a very crucial one they remember is a lot that is riding on Ishaq Dar and also his budget 2023-24 as Pakistan is facing one of its worst economic crises.

Decoding Pakistan's latest budget

Cash-strapped Pakistan's economy is in the doldrums and data from the country's economic survey a day before the country's budget proves that fact. In fact, the country's economy failed to achieve any of the targets it set out in 2022-23. Pakistan's GDP growth rate crashed to 0.3% in 2022-23.

Pakistan Economic Survey: GDP growth misses 5% target, grows by 0.3% in 2022-23

Pakistan economy: Galloping inflation, deprecating currency

The country's year-on-year inflation rises to record 37.97 percent as crucial IMF bailout talks remain in limbo. Pakistan's annual inflation rate has risen to 37.97 percent in May, the statistics bureau said, setting a national record for the second month in a row.

Pakistan: Consumer inflation skyrockets to 38% in May 2023

Pakistan is teetering on the edge, the South Asian nation is having a double whammy - economic chaos and never-ending political instability. The nation's woes have been compounded by certain terror attacks as well.

US to Pakistan: Move forward with IMF reforms

Pakistan: Amid calls for snap polls, Shehbaz Sharif wins vote of confidence | World News | WION

Pakistan and its relation with terrorism - Pakistan is in crisis, its economy and the state of turmoil, external debt is burdening the economy and today's turmoil and crisis has a strong echoes of the past. Watch the video to know more.

Terrorist group Jaish-E-Mohammed in Pakistan, openly collecting funds in Peshawar

Pakistan's dwindling situation is no secret to anyone, and its tryst with the international monetary fund is becoming more and more antagonising. A day after making the announcement, that they were all set to get the approval for a one billion dollar bailout from the IMF, it seems the celebrations were rather premature.

Pakistan Prime Minister Shehbaz Sharif: Pak not created to act like beggar | World News | WION

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

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

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

The ever-growing crises in Pakistan and the failing establishments raise the spectre of another military intervention in the south Asian nation. The economy is in shambles, and inflation is sky-high, but the ruling elites are engaged in an ugly tug-of-war.

Crisis pushes Pakistan in unchartered territory

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

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

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

Pakistan's economy in doldrums: Never-ending nightmare for citizens

A free-falling Pakistani Rupee Fast-depleting foreign reserves Billions of dollars worth of flood damage Is Pakistan staring at bankruptcy? Will Pakistan get a relief package from the IMF? Watch WION Wideangle

WION Wideangle | Staring at Bankruptcy: The Pakistan story

Pakistan Prime Minister Shehbaz Sharif said that the government would have to agree to IMF bailout condition which he said are 'beyond imagination'. Without going into the details, he said that Pakistan's economic conditions are 'unimaginable' and that 'IMF is giving the government a tough time'.

Pakistan PM Shehbaz Sharif says 'IMF conditions unimaginable' over $6.5 bn bailout

The head of Pakistan and the International Monetary Fund has scheduled discussions. The government has reportedly prepared two draft ordinances to impose nearly $798 million in new taxes.

Pakistan's Economic Crisis: Govt ready to unleash taxes for IMF fund, says report

The Pakistani rupee fell to a historic low on Thursday at 255.43 rupees to a dollar. The latest fall of 24.11 Pakistani rupees came as Islamabad lifted the exchange cap to unlock a bailout from the International Monetary Fund (IMF).&nbsp;Exchange Companies Association of Pakistan President Zafar Paracha told AFP the cap was lifted on Wednesday "in consultation with the state bank".

Mohammad Sohail, the CEO of Topline Securities, told AFP: "Inflation is bound to rise further."

Pakistan is drastically short on foreign reserves owing to persistently rising demand for the dollar.

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>

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Reports citing Pakistani government officials suggest that the country&nbsp;is in dire economic straits. It is reportedly left with foreign exchange reserves enough to pay only around three weeks of imports. This, added with the burden of external debt, has made the Pakistani economic forecast the worst in recent history.

The Pakistani rupee recorded a 9.6 per cent decline, in the second-biggest drop in a single session, brokerage Topline Securities said, according to news agency AFP.

Pakistani Rupee: Which was the previous low against the dollar?&nbsp;

Pakistan recorded a low of 240 rupees against a dollar in July 2022, at the height of devastating floods that the country faced.

The state of Pakistan economy: How bad is it?

Thousands of shipping containers packed with raw materials for industry, foodstuffs, and medical equipment are being held up at Karachi port because banks have refused to guarantee importers' dollar transactions. The country also suffered from a nationwide electricity outage earlier this week, linked to a cost-cutting measure, estimated to have cost the textile industry alone $70 million. 
 
Prime Minister Shehbaz Sharif, who ousted former Prime Minister Imran Khan Khan in a no-confidence vote earlier last year, has also been reluctant to meet loan conditions amid falling popularity and political volatility.&nbsp;

(With inputs from agencies)

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The Pakistani rupee fell to a historic low on Thursday at 255.43 rupees to a dollar. The latest fall of 24.11 Pakistani rupees came as Islamabad lifted the exchange cap to unlock a bailout from the International Monetary Fund (IMF).

The Pakistani rupee fell to a historic low on Thursday at 255.43 rupees to a dollar. The latest fall of 24.11 Pakistani rupees came as Islamabad lifted the exchange cap to unlock a bailout from the International Monetary Fund (IMF). Exchange Companies Association of Pakistan President Zafar Paracha told AFP the cap was lifted on Wednesday "in consultation with the state bank". Mohammad Sohail, the CEO of Topline Securities, told AFP: "Inflation is bound to rise further." Pakistan is drastically short on foreign reserves owing to persistently rising demand for the dollar. ALSO WATCH | WION Dispatch: Pakistan left with only three-weeks of forex cover × Reports citing Pakistani government officials suggest that the country is in dire economic straits. It is reportedly left with foreign exchange reserves enough to pay only around three weeks of imports. This, added with the burden of external debt, has made the Pakistani economic forecast the worst in recent history. The Pakistani rupee recorded a 9.6 per cent decline, in the second-biggest drop in a single session, brokerage Topline Securities said, according to news agency AFP. Pakistani Rupee: Which was the previous low against the dollar? Pakistan recorded a low of 240 rupees against a dollar in July 2022, at the height of devastating floods that the country faced. The state of Pakistan economy: How bad is it? Thousands of shipping containers packed with raw materials for industry, foodstuffs, and medical equipment are being held up at Karachi port because banks have refused to guarantee importers' dollar transactions. The country also suffered from a nationwide electricity outage earlier this week, linked to a cost-cutting measure, estimated to have cost the textile industry alone $70 million. Prime Minister Shehbaz Sharif, who ousted former Prime Minister Imran Khan Khan in a no-confidence vote earlier last year, has also been reluctant to meet loan conditions amid falling popularity and political volatility. (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.

Pakistani rupee slumps 9.6% to historic low against US dollar as nation seeks IMF bailout

Pakistan amid months of long financial crunch, Pakistan's currency plummeted to a record low. The Pakistani rupee was valued at 255.43 against the US dollar in the interbank market on Thursday.

Crumbling state of Pakistan: PKR tanks 9.6% in a day, Pak hopes IMF will soon send its team

Pakistan crumbling economy: Exchange rate cap removed, rupee drops to around 255/$

Pakistan's unprecedented crisis of food, stemming from years of economic mismanagement amid country's support for cross-border terrorism, was debated in Islamabad's senate on Friday. Country's opposition leaders targeted&nbsp;Prime Minister Shehbaz Sharif-led coalition and held the federal government responsible for the country's ongoing shortage of wheat.&nbsp;

Pakistan's federal food minister Tariq Bashir Cheema blamed individual provinces for the massive hike in the price of wheat flour, which opposition leaders claimed was Islamabad's operative method&nbsp;of denying federal responsibility for the ongoing crisis.

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>

The federal food minister alleged that policies of provincial administrations in Punjab and Khyber Pakhtunkhwa, led by former Prime Minister Imran Khan's 'Pakistan Tehreek-e-Insaf' party, gave way to the widely reported visuals of long queues outside the government-operated stores that sell flour among other essential food staples.

The visuals of Pakistani citizens scrambling to secure supply of wheat flour for themselves have gone viral on social media in recent days.&nbsp;

The latest visuals coming from&nbsp;India's impoverished northwestern neighbour show people pushing and shoving each other to hold on to a bag of wheat flour.

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This is how food crises looks in <a href="https://twitter.com/hashtag/Pakistan?src=hash&amp;ref_src=twsrc%5Etfw">#Pakistan</a>. Hunger stricken people eagerly wait for their pack of flour while another person is seen pushing them into the gutter nearby. <a href="https://t.co/ql0ZNNcUHO">pic.twitter.com/ql0ZNNcUHO</a>
— Veer Vikram Mukherjee (@MukherjeeVeer) <a href="https://twitter.com/MukherjeeVeer/status/1614214088481210369?ref_src=twsrc%5Etfw">January 14, 2023</a></blockquote>
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Wheat flour Rs 165/kg, live chicken sold at Rs 390/kg: Pakistan senator

Senator Mushtaq Ahmed, president of Jamaat-e-Islami Khyber Pakhtunkhwa, quoted the statistics of the Pakistan Bureau of Statistics, adding that the price of a 20kg wheat flour bag was Rs 3,300 whereas live chicken was being sold at a price of Rs 390/kg as of January 6. He asked government if the country has enough stocks, why they aren't reaching the people.&nbsp;

WATCH |&nbsp;<a href="https://www.wionews.com/videos/gravitas-pakistan-is-running-out-of-money-food-fuel-550853">Gravitas: Pakistan is running out of money, food, fuel</a>

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"I am surprised that enough wheat is available in the silos but who is stealing the flour and chicken; who is stealing the dollars," he said.

The senator further alleged that the wheat was being smuggled into Afghanistan.&nbsp;

"Who is smuggling flour to Afghanistan," Senator Mushtaq Ahmed questioned.

"The hoarders and flour smugglers are sitting in parliament," he added.&nbsp;

People cannot live without wheat flour: PPP senator

Senator Robina Khalid of People's Party of Pakistan, the party of country's foreign minister Bilawal Bhutto Zardari, said that people in Khyber Pakhtunkhwa province remain terribly affected by the ongoing food crisis.&nbsp;

"It is unfortunate that there was a huge difference in prices of the commodity," she said.&nbsp;

She said that the people could "live without gas and electricity, but not without flour," The Dawn reported.&nbsp;

Meanwhile, Pakistan's federal government has clarified that the country has spent Rs $4.6 billion on the import of edible oil and $2 billion on wheat. The federal food minister has asked provincial governments to expand measures to increase cultivation area for edible oil and wheat.

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Pakistan's unprecedented crisis of food, stemming from years of economic mismanagement amid country's support for cross-border terrorism, was debated in Islamabad's senate on Friday.

Pakistan's unprecedented crisis of food, stemming from years of economic mismanagement amid country's support for cross-border terrorism, was debated in Islamabad's senate on Friday. Country's opposition leaders targeted Prime Minister Shehbaz Sharif-led coalition and held the federal government responsible for the country's ongoing shortage of wheat. Pakistan's federal food minister Tariq Bashir Cheema blamed individual provinces for the massive hike in the price of wheat flour, which opposition leaders claimed was Islamabad's operative method of denying federal responsibility for the ongoing crisis. ALSO READ | Explained: With PM abroad, Pakistanis struggle to put food on table, economy on track The federal food minister alleged that policies of provincial administrations in Punjab and Khyber Pakhtunkhwa, led by former Prime Minister Imran Khan's 'Pakistan Tehreek-e-Insaf' party, gave way to the widely reported visuals of long queues outside the government-operated stores that sell flour among other essential food staples. The visuals of Pakistani citizens scrambling to secure supply of wheat flour for themselves have gone viral on social media in recent days. The latest visuals coming from India's impoverished northwestern neighbour show people pushing and shoving each other to hold on to a bag of wheat flour. This is how food crises looks in #Pakistan. Hunger stricken people eagerly wait for their pack of flour while another person is seen pushing them into the gutter nearby. pic.twitter.com/ql0ZNNcUHO — Veer Vikram Mukherjee (@MukherjeeVeer) January 14, 2023 × Wheat flour Rs 165/kg, live chicken sold at Rs 390/kg: Pakistan senator Senator Mushtaq Ahmed, president of Jamaat-e-Islami Khyber Pakhtunkhwa, quoted the statistics of the Pakistan Bureau of Statistics, adding that the price of a 20kg wheat flour bag was Rs 3,300 whereas live chicken was being sold at a price of Rs 390/kg as of January 6. He asked government if the country has enough stocks, why they aren't reaching the people. WATCH | Gravitas: Pakistan is running out of money, food, fuel × "I am surprised that enough wheat is available in the silos but who is stealing the flour and chicken; who is stealing the dollars," he said. The senator further alleged that the wheat was being smuggled into Afghanistan. "Who is smuggling flour to Afghanistan," Senator Mushtaq Ahmed questioned. "The hoarders and flour smugglers are sitting in parliament," he added. People cannot live without wheat flour: PPP senator Senator Robina Khalid of People's Party of Pakistan, the party of country's foreign minister Bilawal Bhutto Zardari, said that people in Khyber Pakhtunkhwa province remain terribly affected by the ongoing food crisis. "It is unfortunate that there was a huge difference in prices of the commodity," she said. She said that the people could "live without gas and electricity, but not without flour," The Dawn reported. Meanwhile, Pakistan's federal government has clarified that the country has spent Rs $4.6 billion on the import of edible oil and $2 billion on wheat. The federal food minister has asked provincial governments to expand measures to increase cultivation area for edible oil and wheat. 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.

‘Who is stealing our chickens and wheat,’ asks Pakistan senator amid ongoing food crisis

UAE has agreed to roll over $2 billion owed by Pakistan and provide the country with an extra loan of $1 billion, Islamabad said Thursday.

UAE agrees to roll over Pakistan debt, give additional $1 billion

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

The World Economic Forum (WEF) has identified the top five risks faced by economic-crisis-hit Pakistan. In its report — ‘Global Risks 2023’ — the WEF said that debt crisis, sustained and/or rapid inflation, state collapse, failure of cyber security measures and concentration of digital power are the top five risks faced by Pakistan, the Dawn reported on Thursday (January 12). The global forum said that Pakistan is facing a huge threat of hunger and distress amid a prevalent cost-of-living crisis.

The report said that the current cost-of-living crisis might be further aggravated by a combination of extreme weather events and constrained supply. “ (A combination of) extreme wea­ther events and constrained supply could lead the current cost-of-living crisis into a catastrophic scenario of hunger and distress for millions in import-dependent cou­n­tries or turn the energy crisis to­wards a humanitarian crisis in the poorest emerging markets” the report added.&nbsp;

ALSO READ | <a href="https://www.wionews.com/south-asia/pakistan-minister-claims-90-pledges-by-intl-community-at-geneva-conference-were-project-loans-551682">Pakistan minister reveals 90% pledges by int'l community at Geneva conference were project ‘loans’</a>

The WEF said that affordability and availability of necessities could stoke social and political instability and might also exacerbate instability not just in Pakistan, but in countries such as Tunisia, Ghana, Lebanon and Egypt,&nbsp;which are facing simultaneous food and debt crises.

Amir Jahangir, Chief Executive Officer Mishal Pakistan, the Partners Institute for New Economy and Societies Platforms of the World Economic Forum said the impact of insecurity would continue to be felt in Pakistan and may also exacerbate instability because of simultaneous food and debt crises, resulting in the emergence of a possible more technocracy-based decision-making leadership framework, said a report by Geo News on Thursday.&nbsp;

The WEF identified the cost-of-living crisis as the biggest short-term risk while the failure of climate mitigation and climate adaptation as the largest long-term concern. It also said that water shortage is widespread in Pakistan particularly impacting women and girls responsible for water collection, with impacts on health and education outcomes.&nbsp;

The global forum's observations come as Pakistani Prime Minister Shehbaz Sharif will seek a fresh economic package from the United Arab Emirates (UAE) during his two-day visit to the middle eastern country.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/pakistan-needs-8-billion-to-recover-from-devastating-floods-says-pm-sharif-at-un-conference-550730">Pakistan needs $8 billion to recover from devastating floods, says PM Sharif at UN conference</a>

Meanwhile, Saudi Arabia has agreed to assist Pakistan, by undertaking a feasibility study expanding its investments to $10 billion in Islamabad, while extending deposits with the State Bank of Pakistan to $5 billion after it rolled over $3 billion in December.&nbsp;

On Monday (January 9), international donors committed over $ 9 billion to help Pakistan recover from the devastating floods last year,&nbsp;which killed at least 1,700 people and displaced around eight million. Some of these donors include the World Bank, the European Union and the Islamic Development Bank.&nbsp;

&nbsp;

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The World Economic Forum (WEF) has identified the top five risks faced by economic-crisis-hit Pakistan. In its report — ‘Global Risks 2023’ — the WEF said that debt crisis, sustained and/or rapid inflation, state collapse, failure of cyber security measures and concentration of digital power are the top five risks faced by Pakistan, the Dawn reported on Thursday (January 12).

The World Economic Forum (WEF) has identified the top five risks faced by economic-crisis-hit Pakistan. In its report — ‘Global Risks 2023’ — the WEF said that debt crisis, sustained and/or rapid inflation, state collapse, failure of cyber security measures and concentration of digital power are the top five risks faced by Pakistan, the Dawn reported on Thursday (January 12). The global forum said that Pakistan is facing a huge threat of hunger and distress amid a prevalent cost-of-living crisis. The report said that the current cost-of-living crisis might be further aggravated by a combination of extreme weather events and constrained supply. “ (A combination of) extreme weather events and constrained supply could lead the current cost-of-living crisis into a catastrophic scenario of hunger and distress for millions in import-dependent countries or turn the energy crisis towards a humanitarian crisis in the poorest emerging markets” the report added. ALSO READ | Pakistan minister reveals 90% pledges by int'l community at Geneva conference were project ‘loans’ The WEF said that affordability and availability of necessities could stoke social and political instability and might also exacerbate instability not just in Pakistan, but in countries such as Tunisia, Ghana, Lebanon and Egypt, which are facing simultaneous food and debt crises. Amir Jahangir, Chief Executive Officer Mishal Pakistan, the Partners Institute for New Economy and Societies Platforms of the World Economic Forum said the impact of insecurity would continue to be felt in Pakistan and may also exacerbate instability because of simultaneous food and debt crises, resulting in the emergence of a possible more technocracy-based decision-making leadership framework, said a report by Geo News on Thursday. The WEF identified the cost-of-living crisis as the biggest short-term risk while the failure of climate mitigation and climate adaptation as the largest long-term concern. It also said that water shortage is widespread in Pakistan particularly impacting women and girls responsible for water collection, with impacts on health and education outcomes. The global forum's observations come as Pakistani Prime Minister Shehbaz Sharif will seek a fresh economic package from the United Arab Emirates (UAE) during his two-day visit to the middle eastern country. ALSO READ | Pakistan needs $8 billion to recover from devastating floods, says PM Sharif at UN conference Meanwhile, Saudi Arabia has agreed to assist Pakistan, by undertaking a feasibility study expanding its investments to $10 billion in Islamabad, while extending deposits with the State Bank of Pakistan to $5 billion after it rolled over $3 billion in December. On Monday (January 9), international donors committed over $ 9 billion to help Pakistan recover from the devastating floods last year, which killed at least 1,700 people and displaced around eight million. Some of these donors include the World Bank, the European Union and the Islamic Development Bank. 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.

World Economic Forum identifies top five risks faced by crisis-hit Pakistan: Reports

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

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

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

Is Pakistan's economic crisis getting worse?

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.

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 |&nbsp;<a href="https://www.wionews.com/videos/is-pakistans-economic-crisis-getting-worse-550882">Is Pakistan's economic crisis getting worse?</a>

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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;

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.&nbsp;

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>

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.&nbsp;

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.&nbsp;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.&nbsp;

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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

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