<p>In an effort to revive the country's faltering economy, Pakistan's Prime Minister Shehbaz Sharif announced&nbsp;plans on Tuesday (May 14)&nbsp;to privatise all state-owned enterprises (SOEs), with the exception of strategic ones. This&nbsp;initiative is intended to ease the financial strain on the nation, which is facing major&nbsp;economic troubes.</p>

<p>During a review meeting led by Prime Minister Shehbaz Sharif, it was announced that the government plans to privatise all state-owned enterprises, expanding beyond the initial proposal to privatise only loss-making firms, as reported by the media. This decision coincides with Pakistan's negotiations with the International Monetary Fund (IMF) for a new long-term Extended Fund Facility (EFF).</p>

<p>In his address, Sharif said&nbsp;that the government's primary role should be to foster a favourable environment for business and investment rather than participating directly in commercial activities. He instructed all ministries to work with the Privatisation Commission to support the process.</p>

<p>Among the key enterprises set for privatisation is Pakistan International Airlines (PIA), a chronically loss-making entity that&nbsp;burdens the national budget. Sharif mandated that the privatisation of PIA be broadcast&nbsp;live to ensure transparency during the bidding and sale process.</p>

<p>PIA, which needs 11.5 billion Pakistani rupees monthly just for debt servicing, is one of the top public sector entities incurring substantial losses. The privatisation processes of other institutions will also be televised to maintain transparency.</p>

<p><a href="https://www.wionews.com/world/pok-protests-intensify-despite-sharifs-aid-assurance-721288">Also read |&nbsp;PoK protests intensify despite Sharif's aid assurance</a></p>

<h2><strong>Government unveils privatisation programme 2024-2029</strong></h2>

<p>A roadmap for the Privatisation Programme 2024-2029 was presented during the meeting, highlighting the prioritisation of loss-making state-owned enterprises (SOEs) for privatisation, according to The Express Tribune. To expedite the process, the government plans to appoint a pre-qualified panel of experts within the Privatisation Commission.</p>

<p>The move towards privatisation has been strongly advocated by the Sharif-led government as essential for alleviating the country's financial strain, The Dawn newspaper reported. Pakistan’s Finance Minister Muhammad Aurangzeb said, "You have to move towards privatisation if you want economic stability in the country."</p>

<p>The government's decision to limit its involvement to strategic and essential SOEs aligns with recommendations from international institutions like the IMF, which has long urged Pakistan to pursue privatisation to address its fiscal challenges.</p>

<p>Despite making progress in stabilising its economy, Pakistan continues to face significant challenges, including a high fiscal shortfall and stagnant growth.&nbsp;</p>

<p><strong>Also watch |&nbsp;Protesters call of march in PoK after Pakistan govt accepts charter of demands</strong></p>

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<p>Last summer, Pakistan narrowly avoided default, teetering on the brink of a financial crisis.&nbsp;</p>

<p><em>(With inputs from agencies)</em></p>


In an effort to revive the country's faltering economy, Pakistan's Prime Minister Shehbaz Sharif announced plans on Tuesday (May 14) to privatise all state-owned enterprises (SOEs), with the exception of strategic ones.

In an effort to revive the country's faltering economy, Pakistan's Prime Minister Shehbaz Sharif announced plans on Tuesday (May 14) to privatise all state-owned enterprises (SOEs), with the exception of strategic ones. This initiative is intended to ease the financial strain on the nation, which is facing major economic troubes. During a review meeting led by Prime Minister Shehbaz Sharif, it was announced that the government plans to privatise all state-owned enterprises, expanding beyond the initial proposal to privatise only loss-making firms, as reported by the media. This decision coincides with Pakistan's negotiations with the International Monetary Fund (IMF) for a new long-term Extended Fund Facility (EFF). In his address, Sharif said that the government's primary role should be to foster a favourable environment for business and investment rather than participating directly in commercial activities. He instructed all ministries to work with the Privatisation Commission to support the process. Among the key enterprises set for privatisation is Pakistan International Airlines (PIA), a chronically loss-making entity that burdens the national budget. Sharif mandated that the privatisation of PIA be broadcast live to ensure transparency during the bidding and sale process. PIA, which needs 11.5 billion Pakistani rupees monthly just for debt servicing, is one of the top public sector entities incurring substantial losses. The privatisation processes of other institutions will also be televised to maintain transparency. Also read | PoK protests intensify despite Sharif's aid assurance Government unveils privatisation programme 2024-2029 A roadmap for the Privatisation Programme 2024-2029 was presented during the meeting, highlighting the prioritisation of loss-making state-owned enterprises (SOEs) for privatisation, according to The Express Tribune. To expedite the process, the government plans to appoint a pre-qualified panel of experts within the Privatisation Commission. The move towards privatisation has been strongly advocated by the Sharif-led government as essential for alleviating the country's financial strain, The Dawn newspaper reported. Pakistan’s Finance Minister Muhammad Aurangzeb said, "You have to move towards privatisation if you want economic stability in the country." The government's decision to limit its involvement to strategic and essential SOEs aligns with recommendations from international institutions like the IMF, which has long urged Pakistan to pursue privatisation to address its fiscal challenges. Despite making progress in stabilising its economy, Pakistan continues to face significant challenges, including a high fiscal shortfall and stagnant growth. Also watch | Protesters call of march in PoK after Pakistan govt accepts charter of demands Last summer, Pakistan narrowly avoided default, teetering on the brink of a financial crisis. (With inputs from agencies)

Pakistan announces sweeping privatisation plan amid IMF loan negotiations

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<p>Former Pakistan prime minister and Pakistan Tehreek-e-Insaf (PTI) Imran Khan sought a guarantee from the International Monetary Fund (IMF) that the general elections in the country would be held on its scheduled time, according to a report by Geo News last Saturday (July 8). This comes as a delegation of the IMF met Khan at his Zaman Park residence in Lahore on Friday.&nbsp;</p>

<p>Quoting sources, Geo News reported that Khan asked the IMF to ensure that the general elections, scheduled to take place in October, will be held on time.&nbsp;“What guarantee can you (IMF) give that the elections in the country will be held on time,” the PTI chairperson&nbsp;was quoted as saying in the huddle.</p>

<p>During the meeting, which lasted more than an hour, the two sides discussed the recent staff-level pact agreed upon between Pakistan and the global lender with Khan extending his full support to it.&nbsp;</p>

<p>In an address via a video link, Imran said PTI has agreed to “endorse the standby arrangement” with the IMF until elections were held and a new government was formed.</p>

<p>“Obviously, when a new government comes, they will hold talks with the IMF according to their own programme,” he added.</p>

<p>Apart from Imran, the IMF team met with other PTI members including Shah Mahmood Qureshi, Shaukat Tarin, Omar Ayub Khan, Sania Nishtar, Shibli Faraz, Taimur Jhagra and Muzammil Aslam.</p>

<p>“We welcome the SBA (standby arrangement) to preserve macroeconomic stability by anchoring external financing and sound policies ahead of the national elections due in the fall of this year and until a new government is formed," said senior PTI leader Hammad Azhar.&nbsp;</p>

<p>Earlier, IMF's resident representative Esther Perez Ruiz said meetings with different political parties were to "seek assurances of their support for the key objectives and policies under a new IMF-supported programme ahead of the approaching national elections".&nbsp;</p>

<p>Apart from PTI, the Washington-based lender is holding consultations with the ruling Pakistan Muslim League-Nawaz (PML-N) as well as Pakistan Peoples Party (PPP).&nbsp;&nbsp;</p>

<p><a href="https://www.wionews.com/vidCrisis-hit%20Pakistan%20strikes%20$3bn%20IMF%20bailout%20dealeos/crisis-hit-pakistan-strikes-3bn-imf-bailout-deal-610833" target="_blank"><strong>WATCH | Crisis-hit Pakistan strikes $3bn IMF bailout deal</strong></a></p>

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<p>&nbsp;</p>

<p>Notably, the IMF officials met Imran and his party, a day after he was named in six cases, including three under the tough Anti-Terrorism Act, for his connection to the 9 May riots in the country after his arrest.&nbsp;</p>

<h2><strong>Pakistan clinches the deal</strong></h2>

<p>Last week, after months of negotiations, Pakistan managed to clinch a last-minute relief from IMF on an initial $3 billion loan. The development lowers the risk of a sovereign debt default as the South Asian nation continues to grapple with sky-high inflation and staggeringly low exchange reserves.&nbsp;</p>

<p>The agreement aims to support Pakistan's purported efforts to stabilise the economy from recent external shocks, preserve macroeconomic stability and provide a framework for financing from multilateral and bilateral partners.</p>

<p><a href="https://www.wionews.com/south-asia/pakistan-gets-last-minute-relief-from-imf-to-avoid-sovereign-default-610325"><strong>Also read |&nbsp;Pakistan secures initial relief of $3bn from IMF in its bid to avoid sovereign default</strong></a></p>

<p>"The new SBA will also create space for social and development spending through improved domestic revenue mobilisation and careful spending execution to help address the needs of the Pakistani people," the IMF said in an official statement.&nbsp;</p>

<p><em>(With inputs from agencies)</em></p>

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Former Pakistan prime minister and Pakistan Tehreek-e-Insaf (PTI) Imran Khan sought a guarantee from the International Monetary Fund (IMF) that the general elections in the country would be held on its scheduled time, according to a report by Geo News last Saturday (July 8).

Former Pakistan prime minister and Pakistan Tehreek-e-Insaf (PTI) Imran Khan sought a guarantee from the International Monetary Fund (IMF) that the general elections in the country would be held on its scheduled time, according to a report by Geo News last Saturday (July 8). This comes as a delegation of the IMF met Khan at his Zaman Park residence in Lahore on Friday. Quoting sources, Geo News reported that Khan asked the IMF to ensure that the general elections, scheduled to take place in October, will be held on time. “What guarantee can you (IMF) give that the elections in the country will be held on time,” the PTI chairperson was quoted as saying in the huddle. During the meeting, which lasted more than an hour, the two sides discussed the recent staff-level pact agreed upon between Pakistan and the global lender with Khan extending his full support to it. In an address via a video link, Imran said PTI has agreed to “endorse the standby arrangement” with the IMF until elections were held and a new government was formed. “Obviously, when a new government comes, they will hold talks with the IMF according to their own programme,” he added. Apart from Imran, the IMF team met with other PTI members including Shah Mahmood Qureshi, Shaukat Tarin, Omar Ayub Khan, Sania Nishtar, Shibli Faraz, Taimur Jhagra and Muzammil Aslam. “We welcome the SBA (standby arrangement) to preserve macroeconomic stability by anchoring external financing and sound policies ahead of the national elections due in the fall of this year and until a new government is formed," said senior PTI leader Hammad Azhar. Earlier, IMF's resident representative Esther Perez Ruiz said meetings with different political parties were to "seek assurances of their support for the key objectives and policies under a new IMF-supported programme ahead of the approaching national elections". Apart from PTI, the Washington-based lender is holding consultations with the ruling Pakistan Muslim League-Nawaz (PML-N) as well as Pakistan Peoples Party (PPP). WATCH | Crisis-hit Pakistan strikes $3bn IMF bailout deal × Notably, the IMF officials met Imran and his party, a day after he was named in six cases, including three under the tough Anti-Terrorism Act, for his connection to the 9 May riots in the country after his arrest. Pakistan clinches the deal Last week, after months of negotiations, Pakistan managed to clinch a last-minute relief from IMF on an initial $3 billion loan. The development lowers the risk of a sovereign debt default as the South Asian nation continues to grapple with sky-high inflation and staggeringly low exchange reserves. The agreement aims to support Pakistan's purported efforts to stabilise the economy from recent external shocks, preserve macroeconomic stability and provide a framework for financing from multilateral and bilateral partners. Also read | Pakistan secures initial relief of $3bn from IMF in its bid to avoid sovereign default "The new SBA will also create space for social and development spending through improved domestic revenue mobilisation and careful spending execution to help address the needs of the Pakistani people," the IMF said in an official statement. (With inputs from agencies) WATCH WION LIVE HERE:

Pakistan: Imran Khan seeks guarantee from IMF over timely elections

<p dir="ltr">Pakistan’s political climate has been volatile for a while now. A special bench of the Islamabad High Court (IHC) on Friday (May 12) granted bail to <a href="https://www.wionews.com/south-asia/pakistan-high-court-grants-two-week-bail-to-imran-khan-591656">former Pakistani prime minister Imran Khan</a> for two weeks in all ongoing cases. However, the political theatrics that are ripping Pakistan apart are also diverting attention away from the country’s underlying problem: a broken and ailing economy.</p>

<p>With inflation touching a 50-year high, putting food on the table has become a challenge for Pakistan's poorest, who account for <a href="https://hdr.undp.org/sites/default/files/Country-Profiles/MPI/PAK.pdf">one-third of the population</a>.&nbsp;</p>

<p>Pakistan overtook Sri Lanka for Asia's fastest inflation in April, as a weaker currency and rising food and energy costs propelled price hike&nbsp;to a record, reported Bloomberg.&nbsp;</p>

<p><strong>ALSO WATCH |&nbsp;Pakistan needs significantly more financing for successful bailout review-IMF</strong></p>

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<p>The country’s&nbsp;currency, the Pakistani rupee, fell to a new low when the military intervened to put an end to violent protests sparked by the arrest of Khan on Tuesday (May 9).</p>

<p>According to Arif Habib Ltd's foreign-exchange desk, the rupee fell 3.3 per cent to an all-time low of $300 per dollar on Thursday (May 11).</p>

<div class="videoWrapper trancodeVideo">Pakistan's current Gross Domestic Product (<a href="https://data.worldbank.org/country/pakistan">GDP</a>), per capita income, and GDP growth rates are all the lowest in the region, with only Taliban-ruled Afghanistan's economy performing worse.&nbsp;Its unemployment and inflation rates are also among the highest in South Asia.</div>

<div class="videoWrapper trancodeVideo">&nbsp;</div>

<div class="videoWrapper trancodeVideo">In 2022, Pakistan was ranked at 161 out of 185 nations by the <a href="https://hdr.undp.org/system/files/documents/global-report-document/hdr2021-22pdf_1.pdf">Human Development Index</a>, which analyses a country’s achievements across three core dimensions: life expectancy, education, and standard of living.&nbsp;</div>

<p>In a nutshell, Pakistan is one of the 25 nations in the world with the lowest level of human development.</p>

<div class="videoWrapper trancodeVideo">There is also a significant external dimension to the problem, with rising global food and fuel costs as a result of Russia’s war in Ukraine. The confluence of all of these variables has resulted in what may be Pakistan's greatest economic crisis to date.</div>

<p dir="ltr">However, the political crisis that is consuming Pakistan is undermining expectations that the South Asian country would soon be able to resume its much-needed International Monetary Fund (IMF) loan programme and avoid a full-fledged financial crisis.</p>

<p>“Time is ticking away. It seems the IMF still has reservations that Pakistan has not met all the conditions to reach an agreement for it to release the $1.2 billion loan tranche under an already agreed loan facility,” Prof Ajay Darshan Behera,&nbsp;Academy of International Studies, Jamia Millia Islamia, New Delhi, told WION.&nbsp;</p>

<p>“Pakistan needs $4 billion by this June to meet its debt obligations. In addition, it needs another $11 billion for debt repayments by December 2023. Without the $1.2 billion coming through from the IMF soon, other countries are also not going to release committed loans to Pakistan. In this scenario, Pakistan is likely to default on its loans,” added Prof. Behera.&nbsp;</p>

<p>Pakistan is expected to repay $73 billion by 2025, but this will be difficult without debt restructuring.</p>

<p><strong>ALSO READ |</strong><a href="https://www.wionews.com/south-asia/imran-khan-says-hes-worried-they-will-pick-him-again-warns-of-same-reaction-if-arrested-again-591698"><strong>&nbsp;</strong>Imran Khan says he's worried 'they' will pick him again; warns of 'same reaction' if arrested again</a></p>

<p>“Pakistan’s economy desperately requires external support to avoid the default and also stabilise. The IMF loan, even if it comes through, cannot resolve the economic crisis for the country. It will only give it a breather,” Dr Shalini Chawla, Distinguished Fellow at the Centre for Air Power Studies, New Delhi, told WION.&nbsp;</p>

<p>“The IMF loan will open other channels of funding for Pakistan. So the country needs to convince the IMF. Additionally, what can actually alter the economic dynamics of Pakistan is a debt waiver. Pakistan should seek a debt waiver from China given the fact that it owes a significant percentage of debt to China and Beijing is its strongest ally,” added Dr Chawla.</p>

<h2><b id="docs-internal-guid-94a7f59e-7fff-2a61-6eac-8b52fda92f29">Why was Imran Khan arrested?</b></h2>

<p>The Pakistan&nbsp;Tehreek-e-Insaf (PTI)&nbsp;chief was arrested on Tuesday (May 9) during an appearance at the Islamabad High Court in connection with several lawsuits brought against him. Khan had&nbsp;been arrested in connection with the <a href="https://www.wionews.com/south-asia/al-qadir-trust-case-everything-about-the-case-that-led-to-former-pak-pm-imran-khans-arrest-590646">Al-Qadir Trust case</a>, which also involves his wife and other PTI leaders.&nbsp;</p>

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Pakistan’s political climate has been volatile for a while now. A special bench of the Islamabad High Court (IHC) on Friday (May 12) granted bail to former Pakistani prime minister Imran Khan for two weeks in all ongoing cases.

Pakistan’s political climate has been volatile for a while now. A special bench of the Islamabad High Court (IHC) on Friday (May 12) granted bail to former Pakistani prime minister Imran Khan for two weeks in all ongoing cases. However, the political theatrics that are ripping Pakistan apart are also diverting attention away from the country’s underlying problem: a broken and ailing economy. With inflation touching a 50-year high, putting food on the table has become a challenge for Pakistan's poorest, who account for one-third of the population. Pakistan overtook Sri Lanka for Asia's fastest inflation in April, as a weaker currency and rising food and energy costs propelled price hike to a record, reported Bloomberg. ALSO WATCH | Pakistan needs significantly more financing for successful bailout review-IMF The country’s currency, the Pakistani rupee, fell to a new low when the military intervened to put an end to violent protests sparked by the arrest of Khan on Tuesday (May 9). According to Arif Habib Ltd's foreign-exchange desk, the rupee fell 3.3 per cent to an all-time low of $300 per dollar on Thursday (May 11). Pakistan's current Gross Domestic Product (GDP), per capita income, and GDP growth rates are all the lowest in the region, with only Taliban-ruled Afghanistan's economy performing worse. Its unemployment and inflation rates are also among the highest in South Asia. In 2022, Pakistan was ranked at 161 out of 185 nations by the Human Development Index, which analyses a country’s achievements across three core dimensions: life expectancy, education, and standard of living. In a nutshell, Pakistan is one of the 25 nations in the world with the lowest level of human development. There is also a significant external dimension to the problem, with rising global food and fuel costs as a result of Russia’s war in Ukraine. The confluence of all of these variables has resulted in what may be Pakistan's greatest economic crisis to date. However, the political crisis that is consuming Pakistan is undermining expectations that the South Asian country would soon be able to resume its much-needed International Monetary Fund (IMF) loan programme and avoid a full-fledged financial crisis. “Time is ticking away. It seems the IMF still has reservations that Pakistan has not met all the conditions to reach an agreement for it to release the $1.2 billion loan tranche under an already agreed loan facility,” Prof Ajay Darshan Behera, Academy of International Studies, Jamia Millia Islamia, New Delhi, told WION. “Pakistan needs $4 billion by this June to meet its debt obligations. In addition, it needs another $11 billion for debt repayments by December 2023. Without the $1.2 billion coming through from the IMF soon, other countries are also not going to release committed loans to Pakistan. In this scenario, Pakistan is likely to default on its loans,” added Prof. Behera. Pakistan is expected to repay $73 billion by 2025, but this will be difficult without debt restructuring. ALSO READ | Imran Khan says he's worried 'they' will pick him again; warns of 'same reaction' if arrested again “Pakistan’s economy desperately requires external support to avoid the default and also stabilise. The IMF loan, even if it comes through, cannot resolve the economic crisis for the country. It will only give it a breather,” Dr Shalini Chawla, Distinguished Fellow at the Centre for Air Power Studies, New Delhi, told WION. “The IMF loan will open other channels of funding for Pakistan. So the country needs to convince the IMF. Additionally, what can actually alter the economic dynamics of Pakistan is a debt waiver. Pakistan should seek a debt waiver from China given the fact that it owes a significant percentage of debt to China and Beijing is its strongest ally,” added Dr Chawla. Why was Imran Khan arrested? The Pakistan Tehreek-e-Insaf (PTI) chief was arrested on Tuesday (May 9) during an appearance at the Islamabad High Court in connection with several lawsuits brought against him. Khan had been arrested in connection with the Al-Qadir Trust case, which also involves his wife and other PTI leaders. WATCH WION LIVE HERE:

It’s the economy, stupid: The Imran Khan drama, other political rows are holding Pak’s dire finances hostage

<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