A Reuters report citing an International Monetary Fund (IMF) official, on Friday (March 24) indicated that Pakistan’s recently announced fuel pricing scheme was not discussed with the United States-based agency and the long-awaited loan agreement will be signed after that and a few remaining points are addressed. This comes as cash-strapped Pakistan has been negotiating with the IMF since February on an agreement which would release $1.1 billion to the nation of 220 million people.&nbsp; 
 
The most recent hurdle that Islamabad is facing to secure funds is its recently announced fuel-pricing scheme. Last week, Prime Minister Shehbaz Sharif announced a ‘petroleum relief package’, reported Dawn. In line with this, the low-income segment would be given a subsidy of Rs 50 per litre who have motorcycles, rickshaws, 800cc cars, or other small cars, as per the media report.&nbsp;

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The plan also involves a difference of around Rs 100 (35 US cents) a litre between the prices paid by the rich and poor which would be compensated for using the money raised, in a bid to subsidise prices for those hardest hit by the country’s inflation which is running at its highest in 50 years.&nbsp;

However, Pakistan’s Petroleum Minister Musadik Malik on Friday told Reuters that they are still in the midst of working out the details of this plan and that it is a relief programme and not a subsidy. “People with larger cars will pay more than people with smaller cars. Smaller cars are more fuel efficient, so people will move towards fuel-efficient cars” said Malik. &nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/pakistan-averts-falling-behind-on-payments-to-kuwait-ecc-approves-additional-grant-to-foot-the-bill-574935">Pakistan averts default on diesel payments to Kuwait, ECC approves additional grant to foot the bill</a>

Meanwhile, IMF’s resident representative in Pakistan Esther Perez Ruiz told the news agency that the fund was not consulted about the fuel pricing scheme and that a staff-level agreement would be signed after a few more points including this were settled. This would include the IMF asking for more details from the Pakistan government like the plans for implementation and protections which would be placed in order to prevent abuse.&nbsp;

However, Malik told Reuters that the scheme would not cost the government anything extra and that they “can explain all this to the IMF when they ask” and that the lender was in touch with the finance ministry but not his. The increase in petroleum prices was to come into effect on March 16, 2023 and will be applicable till March 31. The relief package will be implemented within the next six weeks without any provision of subsidies, said a report by Dawn previously.&nbsp; 
 
(With inputs from agencies) 
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A Reuters report citing an International Monetary Fund (IMF) official, on Friday (March 24) indicated that Pakistan’s recently announced fuel pricing scheme was not discussed with the United States-based agency and the long-awaited loan agreement will be signed after that and a few remaining points are addressed.

A Reuters report citing an International Monetary Fund (IMF) official, on Friday (March 24) indicated that Pakistan’s recently announced fuel pricing scheme was not discussed with the United States-based agency and the long-awaited loan agreement will be signed after that and a few remaining points are addressed. This comes as cash-strapped Pakistan has been negotiating with the IMF since February on an agreement which would release $1.1 billion to the nation of 220 million people. The most recent hurdle that Islamabad is facing to secure funds is its recently announced fuel-pricing scheme. Last week, Prime Minister Shehbaz Sharif announced a ‘petroleum relief package’, reported Dawn. In line with this, the low-income segment would be given a subsidy of Rs 50 per litre who have motorcycles, rickshaws, 800cc cars, or other small cars, as per the media report. ALSO READ | Saudi Arabia refuses to provide interest-free loans to Pakistan, demands reforms The plan also involves a difference of around Rs 100 (35 US cents) a litre between the prices paid by the rich and poor which would be compensated for using the money raised, in a bid to subsidise prices for those hardest hit by the country’s inflation which is running at its highest in 50 years. However, Pakistan’s Petroleum Minister Musadik Malik on Friday told Reuters that they are still in the midst of working out the details of this plan and that it is a relief programme and not a subsidy. “People with larger cars will pay more than people with smaller cars. Smaller cars are more fuel efficient, so people will move towards fuel-efficient cars” said Malik. ALSO READ | Pakistan averts default on diesel payments to Kuwait, ECC approves additional grant to foot the bill Meanwhile, IMF’s resident representative in Pakistan Esther Perez Ruiz told the news agency that the fund was not consulted about the fuel pricing scheme and that a staff-level agreement would be signed after a few more points including this were settled. This would include the IMF asking for more details from the Pakistan government like the plans for implementation and protections which would be placed in order to prevent abuse. However, Malik told Reuters that the scheme would not cost the government anything extra and that they “can explain all this to the IMF when they ask” and that the lender was in touch with the finance ministry but not his. The increase in petroleum prices was to come into effect on March 16, 2023 and will be applicable till March 31. The relief package will be implemented within the next six weeks without any provision of subsidies, said a report by Dawn previously. (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: IMF asks govt to explain its fuel-pricing scheme before signing loan deal

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

Battling a worsening economic crisis, Pakistan's inflation broke all previous records when the consumer price index reached 31.5 per cent in February, according to fresh readings issued by the Pakistan Bureau of Statistics (PBS). The direct repercussion of high inflation rate will be seen in the monetary policy committee (MPC) meeting, scheduled to take place on Thursday. The committee, for all practical purposes, will be hiking interest rates, according to the experts. Since data-keeping began in July 1965, this is the first time inflation has crossed the threshold of 31.5 per cent in Pakistan. In April 1975, the inflation rate came close to February's figures but stood still at 29 per cent. The south Asian country has now become the 17th most expensive country in the world and is hurriedly moving towards hyperinflation. Meaning, the value of the Pakistan Rupee has declined to such an extent that ordinary people and their purchasing power have plummeted. WATCH | Is Pakistan's economic crisis getting worse? × Food and gas prices have touched new highs in recent months as Pakistan's import-based economy cannot handle the devaluation of its local currency. Additionally, the forex reserves are running at an all-time low which has added to the conundrum. The release of the grim figures came on the same day as global credit rating agency Moody's, in its report, downgraded Pakistan's local and foreign currency credit ratings from Caa1 to Caa3. "The decision to downgrade the ratings is driven by Moody's assessment that Pakistan's increasingly fragile liquidity and external position significantly raises default risks to a level consistent with a Caa3 rating," the agency said. The rating is expected to hurt the position of the Pakistani government which is currently involved in talks with the International Monetary Fund (IMF) to secure a $1 billion bailout package. Read more: Moody's downgrades Pakistan's credit rating to the lowest in three decades To secure IMF funding, the Pakistani government has implemented new tax measures as suggested by the global body. However, securing the final tranche of payment looks uncertain at the moment. (With inputs from agencies) WATCH WION LIVE HERE:

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

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

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

Pakistan imports luxury cars worth $1.2 billion amid economic crisis: Report

The recent surge in prices in Pakistan has galvanised the opposition's plan to bring no-confidence vote against Prime Minister Imran Khan.

The sharp increase in the food prices in Pakistan has again pushed the inflation up, forcing people to face difficulties amid multiple economic challenges faced by the country.

It comes after Pakistan Democratic Movement chief had announced that the alliance has unanimously decided to move a no-confidence motion against the incumbent Pakistan Tehreek-e-Insaf (PTI) government led by Khan.

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However, he had also said, "We will first do our homework, so we cannot talk about the definite timeframe for this move."

Inflation measured through the Sensitive Price Index&lt;/a&gt; (SPI) posted an increase of 0.08 per cent for the week driven by a sharp increase in the prices of essential food and non-food items, data released by the Pakistan Bureau of Statistics (PBS) showed.

In recent months, the highest weekly inflation&lt;/a&gt; jump was recorded last November with rise of 1.81 per cent.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/pakistan-journalist-arrested-for-making-obscene-remarks-about-imran-khan-453755">Pak scribe fires at cops before his arrest for 'obscene' remarks against Imran</a>

The overall increase was mainly due to an increase of 5.23 per cent in potato price, followed by chicken 4.45 per cent, bananas 2.56 per cent, onions 2.12 per cent, pulse masoor 1.55 per cent, pulse gram 1.46 per cent and pulse mash 1.44 per cent. In non-food items, price of diesel and salt increased by 2.75 per cent each and petrol 2.68 per cent, according to Dawn.

Pakistan's trade deficit surged due to the rise in imports. The country's trade deficit has surged to $24.79 billion during the first half of the current fiscal year, mainly on the back of a 63 per cent year-on-year increase in imports.

Data for the July-December period showed that imports jumped to USD 39.91 bn from USD 24.47 bn a year ago. In contrast, exports during July-December also grew 25 per cent to USD 15.13bn compared to the year-ago period, reported Dawn.

Opposition parties like Pakistan Peoples Party (PPP), Pakistan Muslim League-Nawaz (PML-N) and the allies of Imran Khan, Muttahida Qaumi Movement (MQM) and Pakistan Muslim League (PML-Q) are setting aside their differences to ouster 'Kaptaan' Imran Khan.

(With inputs from agencies)

The recent surge in prices in Pakistan has galvanised the opposition's plan to bring no-confidence vote against Prime Minister Imran Khan. The sharp increase in the food prices in Pakistan has again pushed the inflation up, forcing people to face difficulties amid multiple economic challenges faced by the country.

The recent surge in prices in Pakistan has galvanised the opposition's plan to bring no-confidence vote against Prime Minister Imran Khan. The sharp increase in the food prices in Pakistan has again pushed the inflation up, forcing people to face difficulties amid multiple economic challenges faced by the country. It comes after Pakistan Democratic Movement chief had announced that the alliance has unanimously decided to move a no-confidence motion against the incumbent Pakistan Tehreek-e-Insaf (PTI) government led by Khan. However, he had also said, "We will first do our homework, so we cannot talk about the definite timeframe for this move." Inflation measured through the Sensitive Price Index</a> (SPI) posted an increase of 0.08 per cent for the week driven by a sharp increase in the prices of essential food and non-food items, data released by the Pakistan Bureau of Statistics (PBS) showed. In recent months, the highest weekly inflation</a> jump was recorded last November with rise of 1.81 per cent. Also read | Pak scribe fires at cops before his arrest for 'obscene' remarks against Imran The overall increase was mainly due to an increase of 5.23 per cent in potato price, followed by chicken 4.45 per cent, bananas 2.56 per cent, onions 2.12 per cent, pulse masoor 1.55 per cent, pulse gram 1.46 per cent and pulse mash 1.44 per cent. In non-food items, price of diesel and salt increased by 2.75 per cent each and petrol 2.68 per cent, according to Dawn. Pakistan's trade deficit surged due to the rise in imports. The country's trade deficit has surged to $24.79 billion during the first half of the current fiscal year, mainly on the back of a 63 per cent year-on-year increase in imports. Data for the July-December period showed that imports jumped to USD 39.91 bn from USD 24.47 bn a year ago. In contrast, exports during July-December also grew 25 per cent to USD 15.13bn compared to the year-ago period, reported Dawn. Opposition parties like Pakistan Peoples Party (PPP), Pakistan Muslim League-Nawaz (PML-N) and the allies of Imran Khan, Muttahida Qaumi Movement (MQM) and Pakistan Muslim League (PML-Q) are setting aside their differences to ouster 'Kaptaan' Imran Khan. (With inputs from agencies)

Price surge in Pak galvanises opposition's plan to bring no-confidence vote against Imran Khan

Blaming Pakistan’s bureaucratic system, Prime Minister Imran Khan admitted that his government could not bring the desired “changes” in the country.

Speaking at a government event in Islamabad, Khan on Thursday said that he wanted to bring "revolutionary changes" at the start of his term, but he could not do it because the "system was incapable of absorbing shock,” Dawn newspaper reported.

The prime minister further said the government and ministries had not given the desired results.

"The biggest problem is that there has been no connection between the government and the interest of the country," Dawn quoted Khan as saying.

"Are our ministries performing how to stabilise the country through increasing exports and how the condition of the people can be improved, how poverty can be eliminated?" he asked.

Khan said increasing exports, finding import substitution and alleviating poverty were significant areas of national interest.

He stressed the need for putting in place a system of reward and punishment and said that reforms had been made regarding the powers of the National Accountability Bureau that allowed bureaucrats to take initiatives.

The remarks of the prime minister come amid a massive economic crisis plaguing Pakistan. Inflation, poverty and unemployment have reached record levels under Imran Khan’s term.

Pakistan has sought almost 20 bailouts from the International Monetary Fund over half a century to tide over the foreign reserve crisis.

Apart from that, Pakistan has been struggling to pay out debts to China amounting to $4.5 billion.

(With inputs from agencies)

Blaming Pakistan’s bureaucratic system, Prime Minister Imran Khan admitted that his government could not bring the desired “changes” in the country. Speaking at a government event in Islamabad, Khan on Thursday said that he wanted to bring "revolutionary changes" at the start of his term, but he could not do it because the "system was incapable of absorbing shock,” Dawn newspaper reported.

Blaming Pakistan’s bureaucratic system, Prime Minister Imran Khan admitted that his government could not bring the desired “changes” in the country. Speaking at a government event in Islamabad, Khan on Thursday said that he wanted to bring "revolutionary changes" at the start of his term, but he could not do it because the "system was incapable of absorbing shock,” Dawn newspaper reported. The prime minister further said the government and ministries had not given the desired results. "The biggest problem is that there has been no connection between the government and the interest of the country," Dawn quoted Khan as saying. "Are our ministries performing how to stabilise the country through increasing exports and how the condition of the people can be improved, how poverty can be eliminated?" he asked. Khan said increasing exports, finding import substitution and alleviating poverty were significant areas of national interest. He stressed the need for putting in place a system of reward and punishment and said that reforms had been made regarding the powers of the National Accountability Bureau that allowed bureaucrats to take initiatives. The remarks of the prime minister come amid a massive economic crisis plaguing Pakistan. Inflation, poverty and unemployment have reached record levels under Imran Khan’s term. Pakistan has sought almost 20 bailouts from the International Monetary Fund over half a century to tide over the foreign reserve crisis. Apart from that, Pakistan has been struggling to pay out debts to China amounting to $4.5 billion. (With inputs from agencies)

‘Wanted to bring revolutionary changes’: Pak PM admits govt’s failure

Pakistan's Prime Minister Imran Khan says he is having 'sleepless nights' over inflation. The admission comes days after he claimed Pakistan's economy was better than India's. Palki Sharma examines the shape of Pakistan's economy.

Gravitas: Imran Khan having 'sleepless nights' over inflation

Pakistan's Prime Minister Imran Khan has admitted that commodity and fuel prices have skyrocketed in the nation, stating that the inflation issue keeps him awake at night.

During a live on-air program on Saturday, in response to a question about skyrocketing inflation, Imran Khan said that it was the only problem that "kept [him] awake at night", according to a report by Dawn.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/in-a-first-pakistan-gets-a-female-supreme-court-judge-447052">In a first, Pakistan gets a female Supreme Court judge</a>

Prime Minister Imran Khan also noted that the current inflation was a "global phenomenon" and that several countries are currently experiencing supply shortages because of the COVID-19 pandemic.

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“The biggest challenge we face today is inflation &amp; rising prices of commodities. I am well aware and cognisant of the issues being faced by the common man due to rising prices.” - Prime Minister <a href="https://twitter.com/ImranKhanPTI?ref_src=twsrc%5Etfw">@ImranKhanPTI</a> <a href="https://twitter.com/hashtag/%D8%A2%D9%BE%DA%A9%D8%A7_%D9%88%D8%B2%DB%8C%D8%B1%D8%A7%D8%B9%D8%B8%D9%85_%D8%A2%D9%BE%DA%A9%DB%92_%D8%B3%D8%A7%D8%AA%DA%BE?src=hash&amp;ref_src=twsrc%5Etfw">#آپکا_وزیراعظم_آپکے_ساتھ</a> <a href="https://t.co/Y7qDjMA3v2">pic.twitter.com/Y7qDjMA3v2</a>
— PTI (@PTIofficial) <a href="https://twitter.com/PTIofficial/status/1485205921768869891?ref_src=twsrc%5Etfw">January 23, 2022</a></blockquote>
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He also noted that when the Pakistan Tehreek-i-Insaf led government came to power, it had to deal with a massive account deficit, which led to an increase in import prices.

Imran stated that the US spent USD 6,000 billion for the welfare of the people during the pandemic, and Pakistan spent USD 8 billion.&nbsp;

"We must compare the situation of both countries," he added.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/foreign-funding-fraud-by-imran-khans-pti-authorities-to-reveal-entire-scrutiny-committee-report-445776">Foreign funding fraud by Imran Khan's PTI: Authorities to reveal entire scrutiny committee report</a>

Moreover, the Pakistani Prime Minister noted that the UK and some European countries are currently experiencing record inflation.

Acknowledging that inflation has affected Pakistanis a lot, Imran said the salaried class has been the worst hit.

Asking the media to take a "balanced approach" when discussing inflation, he said that the media must inform citizens of the situation around the world.

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“Criticism is important in every part of the world. I’ve always faced criticism, but there’s difference between criticism and propaganda/fake news”- Prime Minister <a href="https://twitter.com/ImranKhanPTI?ref_src=twsrc%5Etfw">@ImranKhanPTI</a> <a href="https://twitter.com/hashtag/%D8%A2%D9%BE%DA%A9%D8%A7_%D9%88%D8%B2%DB%8C%D8%B1%D8%A7%D8%B9%D8%B8%D9%85_%D8%A2%D9%BE%DA%A9%DB%92_%D8%B3%D8%A7%D8%AA%DA%BE?src=hash&amp;ref_src=twsrc%5Etfw">#آپکا_وزیراعظم_آپکے_ساتھ</a> <a href="https://t.co/AaA2VkvM8X">pic.twitter.com/AaA2VkvM8X</a>
— PTI (@PTIofficial) <a href="https://twitter.com/PTIofficial/status/1485259245637488641?ref_src=twsrc%5Etfw">January 23, 2022</a></blockquote>
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The Prime Minister of Pakistan Imran Khan also warned the opposition parties that he was not willing to grant them any concessions and that forcing him to step down would make him more dangerous.

Responding to a question about the long march planned on March 23 by the Pakistan Democratic Movement (PDM), he said that the move would fail.

"If I take to the streets, then you (opposition parties) won't find any place to hide," Khan said, adding that he would be more dangerous if forced to step down.

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"اگر میں گورنمنٹ سے نکل گیا تو میں آپ لوگوں کیلئے زیادہ خطرناک ہوں.." 
یہ پیغام کس کیلۓ تھا؟؟ 
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Maulana Fazlur Rahman, the head of the PDM and Jamiat Ulema-e-Islam-Fazl, has declared that the opposition parties will march to Islamabad on March 23 in an effort to remove Imran Khan's "incapable and illegitimate" government.

Additionally, Khan slammed Shehbaz Sharif, the Leader of the Opposition in the National Assembly, and refused to speak with him.

"I get called out for not meeting Shehbaz as he is the Leader of the Opposition. (But) I see him as the nation's criminal," he said.

Watch |&nbsp;Pakistan is facing massive inflation, PM Imran Khan states facing poverty unable to sleep

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He accused the head of the Pakistan Muslim League-Nawaz (PML-N) of evading corruption charges by not responding to allegations.

According to Khan, his government will complete its current term and win the next general elections.

He claimed that the opposition was blackmailing the government and if he ever gave them any concessions it would be a "betrayal."

(With inputs from agencies)

Pakistan's Prime Minister Imran Khan has admitted that commodity and fuel prices have skyrocketed in the nation, stating that the inflation issue keeps him awake at night.

Pakistan's Prime Minister Imran Khan has admitted that commodity and fuel prices have skyrocketed in the nation, stating that the inflation issue keeps him awake at night. During a live on-air program on Saturday, in response to a question about skyrocketing inflation, Imran Khan said that it was the only problem that "kept [him] awake at night", according to a report by Dawn. Also read | In a first, Pakistan gets a female Supreme Court judge Prime Minister Imran Khan also noted that the current inflation was a "global phenomenon" and that several countries are currently experiencing supply shortages because of the COVID-19 pandemic. “The biggest challenge we face today is inflation & rising prices of commodities. I am well aware and cognisant of the issues being faced by the common man due to rising prices.” - Prime Minister @ImranKhanPTI #آپکا_وزیراعظم_آپکے_ساتھ pic.twitter.com/Y7qDjMA3v2 — PTI (@PTIofficial) January 23, 2022 × He also noted that when the Pakistan Tehreek-i-Insaf led government came to power, it had to deal with a massive account deficit, which led to an increase in import prices. Imran stated that the US spent USD 6,000 billion for the welfare of the people during the pandemic, and Pakistan spent USD 8 billion. "We must compare the situation of both countries," he added. Also read | Foreign funding fraud by Imran Khan's PTI: Authorities to reveal entire scrutiny committee report Moreover, the Pakistani Prime Minister noted that the UK and some European countries are currently experiencing record inflation. Acknowledging that inflation has affected Pakistanis a lot, Imran said the salaried class has been the worst hit. Asking the media to take a "balanced approach" when discussing inflation, he said that the media must inform citizens of the situation around the world. “Criticism is important in every part of the world. I’ve always faced criticism, but there’s difference between criticism and propaganda/fake news”- Prime Minister @ImranKhanPTI #آپکا_وزیراعظم_آپکے_ساتھ pic.twitter.com/AaA2VkvM8X — PTI (@PTIofficial) January 23, 2022 × The Prime Minister of Pakistan Imran Khan also warned the opposition parties that he was not willing to grant them any concessions and that forcing him to step down would make him more dangerous. Responding to a question about the long march planned on March 23 by the Pakistan Democratic Movement (PDM), he said that the move would fail. "If I take to the streets, then you (opposition parties) won't find any place to hide," Khan said, adding that he would be more dangerous if forced to step down. "اگر میں گورنمنٹ سے نکل گیا تو میں آپ لوگوں کیلئے زیادہ خطرناک ہوں.." یہ پیغام کس کیلۓ تھا؟؟ pic.twitter.com/uBA03WT7E8 — Raza Ahmad Rumi (@Razarumi) January 23, 2022 × Maulana Fazlur Rahman, the head of the PDM and Jamiat Ulema-e-Islam-Fazl, has declared that the opposition parties will march to Islamabad on March 23 in an effort to remove Imran Khan's "incapable and illegitimate" government. Additionally, Khan slammed Shehbaz Sharif, the Leader of the Opposition in the National Assembly, and refused to speak with him. "I get called out for not meeting Shehbaz as he is the Leader of the Opposition. (But) I see him as the nation's criminal," he said. Watch | Pakistan is facing massive inflation, PM Imran Khan states facing poverty unable to sleep He accused the head of the Pakistan Muslim League-Nawaz (PML-N) of evading corruption charges by not responding to allegations. According to Khan, his government will complete its current term and win the next general elections. He claimed that the opposition was blackmailing the government and if he ever gave them any concessions it would be a "betrayal." (With inputs from agencies)

Pakistan PM says inflation keeps him 'awake at night', slams opposition for trying to destabilise his govt

Pakistan's economy is in the doldrums plunging to new lows every day with inflation at an all-time high.

In January, Pakistan had witnessed 12-year high inflation at 14.6 per cent which is among the highest in the world.

Food prices have been spiralling out of control in the country. In October, food inflation was at 16.6 per cent. The Pakistan government has gone on a panic-buying spree to bring the prices down.

The Pakistani currency has weakened at 160 Pakistani rupees to a dollar it has become one of the worst-performing currencies in the region. "Naya Pakistan" is turning out to be a nightmare for Imran Khan which has taken the shape of the country - failed and adrift.

For all his tall promises of a new era, PM Imran Khan has only taken his country backwards.

The total public debt has in Pakistan has ballooned. It has increased by 11 trillion rupees at a total of 36.3 trillion which is 87 per cent of Pakistan's total GDP in the two years under Imran Khan's rule.

Then there are international loans which have been piling up. Islamabad is still turning to foreign banks to meet its balance of payments. In the latest instance, the Asian Development Bank has approved a loan of $300 million to Islamabad, it is in addition to $1.3 billion that Pakistan borrowed from the IMF in April which was in addition to a $6 billion loan it secured from the IMF in July.

Pakistan's economy is scraping the bottom of the barrel with unemployment zooming. According to the World Economic Forum, the youth unemployment rate in Pakistan stands at 8.5 per cent in a country where 64 per cent of the population is below the age of 30.

Pakistan's healthcare has been going from bad to worse. According to Pakistan's national command operation centre, 10,300 healthcare professionals have been infected during the pandemic and at least 100 healthcare workers have lost their lives to the virus from China.

There's also a severe shortage of oxygen in hospitals. In Peshawar, at least 6 patients lost their life due to oxygen shortage even as over 200 patients had their oxygen supply curtailed for hours.

Corruption in Pakistan has become institutionalised. The bus rapid transit project and the billion tree Tsunami project which was the brainchild of Imran Khan are now scams. A report by Pakistan's auditor-general has revealed financial irregularities of up to 2.77 billion Pakistani rupees in the bus rapid transport project and the billion tree Tsunami project is facing a probe for embezzlement of funds and misuse of authority.

PM Imran Khan had promised a tsunami of trees across Pakistan. The money has been spent but there are no trees to show for it, all that is left is a hole in the public exchequer's purse with a loss of over 432 million Pakistani rupees.

Naya Pakistan is riddled with the same old problems - the politicians are embroiled in corruption, the elites have been exploiting the masses and the clerics have been radicalising them. The army is taking control and cash and terrorism have become a means for survival, the people of Pakistan, however. are barely managing to survive.

Pakistan's economy is in the doldrums plunging to new lows every day with inflation at an all-time high. In January, Pakistan had witnessed 12-year high inflation at 14.

Pakistan's economy is in the doldrums plunging to new lows every day with inflation at an all-time high. In January, Pakistan had witnessed 12-year high inflation at 14.6 per cent which is among the highest in the world. Food prices have been spiralling out of control in the country. In October, food inflation was at 16.6 per cent. The Pakistan government has gone on a panic-buying spree to bring the prices down. The Pakistani currency has weakened at 160 Pakistani rupees to a dollar it has become one of the worst-performing currencies in the region. "Naya Pakistan" is turning out to be a nightmare for Imran Khan which has taken the shape of the country - failed and adrift. For all his tall promises of a new era, PM Imran Khan has only taken his country backwards. The total public debt has in Pakistan has ballooned. It has increased by 11 trillion rupees at a total of 36.3 trillion which is 87 per cent of Pakistan's total GDP in the two years under Imran Khan's rule. Then there are international loans which have been piling up. Islamabad is still turning to foreign banks to meet its balance of payments. In the latest instance, the Asian Development Bank has approved a loan of $300 million to Islamabad, it is in addition to $1.3 billion that Pakistan borrowed from the IMF in April which was in addition to a $6 billion loan it secured from the IMF in July. Pakistan's economy is scraping the bottom of the barrel with unemployment zooming. According to the World Economic Forum, the youth unemployment rate in Pakistan stands at 8.5 per cent in a country where 64 per cent of the population is below the age of 30. Pakistan's healthcare has been going from bad to worse. According to Pakistan's national command operation centre, 10,300 healthcare professionals have been infected during the pandemic and at least 100 healthcare workers have lost their lives to the virus from China. There's also a severe shortage of oxygen in hospitals. In Peshawar, at least 6 patients lost their life due to oxygen shortage even as over 200 patients had their oxygen supply curtailed for hours. Corruption in Pakistan has become institutionalised. The bus rapid transit project and the billion tree Tsunami project which was the brainchild of Imran Khan are now scams. A report by Pakistan's auditor-general has revealed financial irregularities of up to 2.77 billion Pakistani rupees in the bus rapid transport project and the billion tree Tsunami project is facing a probe for embezzlement of funds and misuse of authority. PM Imran Khan had promised a tsunami of trees across Pakistan. The money has been spent but there are no trees to show for it, all that is left is a hole in the public exchequer's purse with a loss of over 432 million Pakistani rupees. Naya Pakistan is riddled with the same old problems - the politicians are embroiled in corruption, the elites have been exploiting the masses and the clerics have been radicalising them. The army is taking control and cash and terrorism have become a means for survival, the people of Pakistan, however. are barely managing to survive.

Imran's 'Naya Pakistan' turns into nightmare as economy hits new low

Pakistan witnessed the highest inflation in the world in the fiscal year 2020 with the country recording a 12-year high at 14.6 per cent in the month of January, forcing policy makers to increase interest rate, the country's central bank said on Sunday.

According to the Inflation Monitor for April issued by the State Bank of Pakistan (SBP), the country witnessed highest inflation not only in comparison with the developed economies but also with emerging economies, the Dawn News reported.

<a href="https://www.wionews.com/pakistan/imf-asks-pakistan-to-freeze-government-employees-salaries-to-cut-public-debt-303583">Also read:&nbsp;IMF asks Pakistan to freeze government employees' salaries to cut public debt</a>

The SBP pushed up interest rates to cool down the inflationary pressure during the fiscal year but high rates proved counterproductive as they further increased inflation while the private sector stopped borrowing costly money hampering industrial growth and services.

The month of January witnessed a 12-year high inflation at 14.6 per cent. In response to the rising prices, the SBP rose the interest rates to 13.25 per cent.

However, due to the coronavirus pandemic, the entire economic scenario was turned upside down as demand contraction lowered inflation, forcing the SBP to cut down interest rates to 5.25 per cent within just three months, the daily reported.

<a href="https://www.wionews.com/south-asia/world-bank-to-provide-188-million-to-pakistan-to-address-environmental-degradation-climate-change-302602">Also read:&nbsp;World Bank to provide $188 million to Pakistan to address environmental degradation, climate change&nbsp;</a>

The rate cut announcement came as inflation slowed down, falling to 8.2 per cent in May, much lower than the SBP projections for the month.

Detailed graphs accompanying the SBP's Inflation Monitor show Pakistan's inflation, when compared to developing economies like China, Thailand, India, Bangladesh and Sri Lanka, has fallen since the pandemic.

The July-May inflation for the current fiscal year slipped below to the State Bank's earlier projection of 11 per cent to 10.94 per cent. The number is expected to drop further in June.

The government has slashed petroleum prices thrice during the two months, which drastically reduced the cost of production, transportation and finally reduced inflation.

Trade and industrial sectors, while demanding cuts to interest rate, also believe the economy needs additional injection of Rs 3-4 trillion for full recovery.

However, with sharp economic slowdown, the revenue collection has also fallen short of target this year, making further liquidity injection on such a large scale impossible for the government.

The SBP has provided relief amounting to hundreds of billions in the form of principal payments deferrals, debts rescheduling and lending on easier terms for the industrial sector to avoid massive layoffs, according to the paper.

Pakistan witnessed the highest inflation in the world in the fiscal year 2020 with the country recording a 12-year high at 14.6 per cent in the month of January, forcing policy makers to increase interest rate, the country's central bank said on Sunday.

Pakistan witnessed the highest inflation in the world in the fiscal year 2020 with the country recording a 12-year high at 14.6 per cent in the month of January, forcing policy makers to increase interest rate, the country's central bank said on Sunday. According to the Inflation Monitor for April issued by the State Bank of Pakistan (SBP), the country witnessed highest inflation not only in comparison with the developed economies but also with emerging economies, the Dawn News reported. Also read: IMF asks Pakistan to freeze government employees' salaries to cut public debt The SBP pushed up interest rates to cool down the inflationary pressure during the fiscal year but high rates proved counterproductive as they further increased inflation while the private sector stopped borrowing costly money hampering industrial growth and services. The month of January witnessed a 12-year high inflation at 14.6 per cent. In response to the rising prices, the SBP rose the interest rates to 13.25 per cent. However, due to the coronavirus pandemic, the entire economic scenario was turned upside down as demand contraction lowered inflation, forcing the SBP to cut down interest rates to 5.25 per cent within just three months, the daily reported. Also read: World Bank to provide $188 million to Pakistan to address environmental degradation, climate change The rate cut announcement came as inflation slowed down, falling to 8.2 per cent in May, much lower than the SBP projections for the month. Detailed graphs accompanying the SBP's Inflation Monitor show Pakistan's inflation, when compared to developing economies like China, Thailand, India, Bangladesh and Sri Lanka, has fallen since the pandemic. The July-May inflation for the current fiscal year slipped below to the State Bank's earlier projection of 11 per cent to 10.94 per cent. The number is expected to drop further in June. The government has slashed petroleum prices thrice during the two months, which drastically reduced the cost of production, transportation and finally reduced inflation. Trade and industrial sectors, while demanding cuts to interest rate, also believe the economy needs additional injection of Rs 3-4 trillion for full recovery. However, with sharp economic slowdown, the revenue collection has also fallen short of target this year, making further liquidity injection on such a large scale impossible for the government. The SBP has provided relief amounting to hundreds of billions in the form of principal payments deferrals, debts rescheduling and lending on easier terms for the industrial sector to avoid massive layoffs, according to the paper.

Pakistan sees highest inflation in the world during 2020: SBP

Pakistan's consumer price inflation eased to 9.5% in April, its statistics office said on Friday, extending a months-long decline as the economy tanks due to the coronavirus crisis despite three interest rate cuts.

The South Asian nation is struggling to keep its economy afloat as the reported number of infections from COVID-19, the highly contagious respiratory disease caused by the novel coronavirus has risen to 16,817, with 385 deaths.

Consumer price inflation was 10.24% in March after having risen in January to 14.56%, its highest in over a decade, severely squeezing household budgets.

The central bank kept interest rates unchanged at 13.25% in January but, once the coronavirus began battering business and household finances, it slashed rates three times in recent weeks to 9% to help cushion the blow.

Pakistan now faces a balance of payment crisis as the economy heads towards a major recession with a 1.5 per cent contraction forecast in the current financial year ending in June, compared with a pre-COVID-19 forecast of nearly 3% growth, according to the finance ministry and central bank.

Growth is projected to recover to about 2% in the 2021/22 fiscal year.

A steep drop in oil prices, which comprise most of Pakistan's import bill, has been welcome, allowing pump prices for petrol and diesel to be cut by 27% and 35% respectively since February, with the biggest cut coming on Thursday.

But critics say the government has not passed on the full advantage of the oil price fall to the public, instead raising taxes on petrol and diesel by up to 300%.

With the current account deficit mounting and foreign reserves shrivelling, businesses and industries that were shut to contain the spread of the coronavirus have been allowed to start reopening.

Pakistan agreed a $6 billion bailout from the International Monetary Fund last year and secured another $1.386 billion in rapid financing from the IMF at zero interest last month.

Islamabad is hoping for more bailout packages from the World Bank and other development partners as it plans to file for debt relief from G20 countries and bilateral partners, mainly longtime ally China.

Pakistan's consumer price inflation eased to 9.5% in April, its statistics office said on Friday, extending a months-long decline as the economy tanks due to the coronavirus crisis despite three interest rate cuts.

Pakistan's consumer price inflation eased to 9.5% in April, its statistics office said on Friday, extending a months-long decline as the economy tanks due to the coronavirus crisis despite three interest rate cuts. The South Asian nation is struggling to keep its economy afloat as the reported number of infections from COVID-19, the highly contagious respiratory disease caused by the novel coronavirus has risen to 16,817, with 385 deaths. Consumer price inflation was 10.24% in March after having risen in January to 14.56%, its highest in over a decade, severely squeezing household budgets. The central bank kept interest rates unchanged at 13.25% in January but, once the coronavirus began battering business and household finances, it slashed rates three times in recent weeks to 9% to help cushion the blow. Pakistan now faces a balance of payment crisis as the economy heads towards a major recession with a 1.5 per cent contraction forecast in the current financial year ending in June, compared with a pre-COVID-19 forecast of nearly 3% growth, according to the finance ministry and central bank. Growth is projected to recover to about 2% in the 2021/22 fiscal year. A steep drop in oil prices, which comprise most of Pakistan's import bill, has been welcome, allowing pump prices for petrol and diesel to be cut by 27% and 35% respectively since February, with the biggest cut coming on Thursday. But critics say the government has not passed on the full advantage of the oil price fall to the public, instead raising taxes on petrol and diesel by up to 300%. With the current account deficit mounting and foreign reserves shrivelling, businesses and industries that were shut to contain the spread of the coronavirus have been allowed to start reopening. Pakistan agreed a $6 billion bailout from the International Monetary Fund last year and secured another $1.386 billion in rapid financing from the IMF at zero interest last month. Islamabad is hoping for more bailout packages from the World Bank and other development partners as it plans to file for debt relief from G20 countries and bilateral partners, mainly longtime ally China.

Pakistan's inflation eases as COVID-19 hammers economy

Pakistan's government has approved a hefty subsidy package in a bid to offset the spiralling costs of basic food staples that threaten to undermine Prime Minister Imran Khan.

The move comes as the government already faces mounting pressure over inflation, tax increases, the devaluation of the rupee and other woes.

Khan's finance advisor Hafeez Sheikh said Wednesday the government had approved a five-month, 10 billion rupees ($64.8 million) package to alleviate the "soaring prices" of basic commodities, including food items such as wheat flour and sugar.

Under the package, some five million poorer Pakistanis would be able to buy discounted basics through the state-run Utility Stores Corporation (USC), which operates stores across the country.&nbsp;

The stores "will drastically bring down prices of at least 19 food items including wheat flour and sugar during the holy month of Ramadan" starting late April, Sheikh said.

The increasing food prices come as Pakistani farmers keep a wary eye on locust populations. Swarms of the insects have already attacked crops in the provinces of Punjab and Sindh.

Khan's opponents have seized on the food issue to attack the cricketer-turned-leader, who is about 18 months into his premiership.&nbsp;

Low tax yields and mounting debt, coupled with repeated devaluations of the rupee, soaring inflation and rising utility costs are driving discontent with Khan's administration.

Khan's administration says it has improved increasing fiscal and balance of payments deficits.

Pakistan's government has approved a hefty subsidy package in a bid to offset the spiralling costs of basic food staples that threaten to undermine Prime Minister Imran Khan.

Pakistan's government has approved a hefty subsidy package in a bid to offset the spiralling costs of basic food staples that threaten to undermine Prime Minister Imran Khan. The move comes as the government already faces mounting pressure over inflation, tax increases, the devaluation of the rupee and other woes. Khan's finance advisor Hafeez Sheikh said Wednesday the government had approved a five-month, 10 billion rupees ($64.8 million) package to alleviate the "soaring prices" of basic commodities, including food items such as wheat flour and sugar. Under the package, some five million poorer Pakistanis would be able to buy discounted basics through the state-run Utility Stores Corporation (USC), which operates stores across the country. The stores "will drastically bring down prices of at least 19 food items including wheat flour and sugar during the holy month of Ramadan" starting late April, Sheikh said. The increasing food prices come as Pakistani farmers keep a wary eye on locust populations. Swarms of the insects have already attacked crops in the provinces of Punjab and Sindh. Khan's opponents have seized on the food issue to attack the cricketer-turned-leader, who is about 18 months into his premiership. Low tax yields and mounting debt, coupled with repeated devaluations of the rupee, soaring inflation and rising utility costs are driving discontent with Khan's administration. Khan's administration says it has improved increasing fiscal and balance of payments deficits.

Pakistan unveils $64 million subsidy to tackle rising food prices

Pakistani consumer price inflation rose to 14.56% in January, news agency Reuters report said quoting the statistics bureau on Saturday. CPI inflation had stood at 12.

Pakistani consumer price inflation rose to 14.56% in January, news agency Reuters report said quoting the statistics bureau on Saturday. CPI inflation had stood at 12.63% in December. Food items such as pulses, chicken and fresh vegetables were among the top drivers of inflation, underscoring the squeeze on household budgets, the report added. Pakistan's central bank in late January kept rates unchanged at 13.25%, citing strong inflationary pressures.

Pakistan annual inflation rate rises to 14.56% in January

Pakistani consumer price inflation rose to 14.56 per cent in January, the statistics bureau said on Saturday.

CPI inflation had stood at 12.63 per cent&nbsp;in December. Food items such as pulses, chicken and fresh vegetables were among the top drivers of inflation, underscoring the squeeze on household budgets.

Pakistan's central bank in late January kept rates unchanged at 13.25 per cent, citing strong inflationary pressures. 
&nbsp;

Pakistani consumer price inflation rose to 14.56 per cent in January, the statistics bureau said on Saturday. CPI inflation had stood at 12.63 per cent in December.

Pakistani consumer price inflation rose to 14.56 per cent in January, the statistics bureau said on Saturday. CPI inflation had stood at 12.63 per cent in December. Food items such as pulses, chicken and fresh vegetables were among the top drivers of inflation, underscoring the squeeze on household budgets. Pakistan's central bank in late January kept rates unchanged at 13.25 per cent, citing strong inflationary pressures.

Pakistan's federal cabinet will hold a meeting on Tuesday to discuss a hike in salary for the country's Prime Minister and the President.

The latest development comes as Pakistan PM had harped on the fact that the <a href="https://www.wionews.com/south-asia/imrans-salary-not-enough-to-run-household-wion-accesses-pak-pms-salary-slip-275968">salary he earns is not enough to make ends meet</a>.

<img alt="Imran Khan' February salary slip" data-entity-type="file" data-entity-uuid="03b8661d-73de-4f48-a3c7-53288390befc" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%288%29_15_0.jpg" />

During a meeting with traders, Imran had cited his expenses as an individual and as a public servant to make a point to traders while accusing opposition leaders of minting money by cheating on taxes.

WION had accessed the Khan's payslip from February 2019, which shows Imran gets over 2 lakh as gross salary every month which includes allowances and after deductions it comes to Rs 1,96, 979.

<a href="https://www.wionews.com/south-asia/wheat-crisis-deepens-in-pakistan-people-eat-more-bread-in-november-december-says-minister-275435">Also read: Wheat crisis deepens in Pakistan: People eat more bread in November-December, says minister</a>

That is close to 90 thousand Indian rupees. The median salary for a considerable population both in Pakistan and India.

Apart from this Khan also enjoys the many perks a country's PM is entitled to.

The Pakistan prime minister has been under fire as a nationwide shortage of wheat has led to a surge in prices of bread and roti.

Pakistan's economy has seen the rupee plummeting as the country battles rampant price rise of various commodities including pulses and flour. Several provinces in the country have reported a shortage of flour.

Since Imran Khan came to power in August 2018, the Pakistani rupee has lost 35 per cent of its value.

In December last year, inflation reached as high as 12.6 per cent, while, Pakistan's foreign debt has reached 106 point 9 billion dollars.

The country is in constant need of bailouts and loans from friendly nations.

In September last year, the <a href="https://www.wionews.com/world/imf-to-extend-6-bn-bailout-package-to-restore-paks-plunging-economy-250518">International Monetary Fund approved a bailout of $6 billion</a> to help Pakistan restore an inclusive and sustainable growth of its plunging economy.

Earlier this month, the UAE allocated $200 million to support small and medium economic projects in Pakistan. 
&nbsp;

Pakistan's federal cabinet will hold a meeting on Tuesday to discuss a hike in salary for the country's Prime Minister and the President. The latest development comes as Pakistan PM had harped on the fact that the salary he earns is not enough to make ends meet.

Pakistan's federal cabinet will hold a meeting on Tuesday to discuss a hike in salary for the country's Prime Minister and the President. The latest development comes as Pakistan PM had harped on the fact that the salary he earns is not enough to make ends meet. During a meeting with traders, Imran had cited his expenses as an individual and as a public servant to make a point to traders while accusing opposition leaders of minting money by cheating on taxes. WION had accessed the Khan's payslip from February 2019, which shows Imran gets over 2 lakh as gross salary every month which includes allowances and after deductions it comes to Rs 1,96, 979. Also read: Wheat crisis deepens in Pakistan: People eat more bread in November-December, says minister That is close to 90 thousand Indian rupees. The median salary for a considerable population both in Pakistan and India. Apart from this Khan also enjoys the many perks a country's PM is entitled to. The Pakistan prime minister has been under fire as a nationwide shortage of wheat has led to a surge in prices of bread and roti. Pakistan's economy has seen the rupee plummeting as the country battles rampant price rise of various commodities including pulses and flour. Several provinces in the country have reported a shortage of flour. Since Imran Khan came to power in August 2018, the Pakistani rupee has lost 35 per cent of its value. In December last year, inflation reached as high as 12.6 per cent, while, Pakistan's foreign debt has reached 106 point 9 billion dollars. The country is in constant need of bailouts and loans from friendly nations. In September last year, the International Monetary Fund approved a bailout of $6 billion to help Pakistan restore an inclusive and sustainable growth of its plunging economy. Earlier this month, the UAE allocated $200 million to support small and medium economic projects in Pakistan.

Pakistan PM Imran Khan to get salary hike? Cabinet to hold meeting

Pakistan PM Imran Khan during a meeting with traders on the need to pay taxes recently had harped on the fact that the salary he earns&nbsp;is not enough to run his household.

WION accessed the Pakistan prime minister's payslip which shows Imran gets over 2 lakh as gross salary every month which includes allowances and&nbsp;after deductions it comes to Rs 1,96, 979.

<img alt="Imran Khan" data-entity-type="file" data-entity-uuid="383a6df0-8d02-4ffe-b022-a59c190e26f7" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%288%29_15.jpg" />

During his speech, Imran had cited his expenses as an individual and as a public servant to make a point to traders while accusing Opposition leaders of minting money by cheating on taxes.

It is no secret inflation has badly hit the average Pakistani citizen. The Pakistan prime minister has been under fire as a nationwide shortage of wheat has led to a surge in prices of bread and roti.

Pakistan's economy has seen the rupee plummeting as the country battles&nbsp;rampant price rise of various commodities including pulses and flour. Several provinces in the country have reported a shortage of flour.

Despite this, the fact that the Pakistan PM tried to play a political game by trying to identify with an average citizen wouldn't&nbsp;exactly make his countrymen happy. The Pakistan PM's basic pay alone of Rs 107, 280 is enough to feed an average Pakistani household, leave alone the gross amount.

The Pakistan economy has been in doldrums for a while with rising debt with the Pak prime minister himself going to various countries to pick up much-needed aid for the country.

A recent World Bank report had presented gloomy picture for the country stating that the growth in Pakistan had actually decelerated with the Pakistan rupee depreciating nearly twenty per cent and&nbsp;the Budget deficit rising sharply. The report highlighted that revenue collecting had dipped as well.

Pakistan PM Imran Khan during a meeting with traders on the need to pay taxes recently had harped on the fact that the salary he earns is not enough to run his household.

Pakistan PM Imran Khan during a meeting with traders on the need to pay taxes recently had harped on the fact that the salary he earns is not enough to run his household. WION accessed the Pakistan prime minister's payslip which shows Imran gets over 2 lakh as gross salary every month which includes allowances and after deductions it comes to Rs 1,96, 979. During his speech, Imran had cited his expenses as an individual and as a public servant to make a point to traders while accusing Opposition leaders of minting money by cheating on taxes. It is no secret inflation has badly hit the average Pakistani citizen. The Pakistan prime minister has been under fire as a nationwide shortage of wheat has led to a surge in prices of bread and roti. Pakistan's economy has seen the rupee plummeting as the country battles rampant price rise of various commodities including pulses and flour. Several provinces in the country have reported a shortage of flour. Despite this, the fact that the Pakistan PM tried to play a political game by trying to identify with an average citizen wouldn't exactly make his countrymen happy. The Pakistan PM's basic pay alone of Rs 107, 280 is enough to feed an average Pakistani household, leave alone the gross amount. The Pakistan economy has been in doldrums for a while with rising debt with the Pak prime minister himself going to various countries to pick up much-needed aid for the country. A recent World Bank report had presented gloomy picture for the country stating that the growth in Pakistan had actually decelerated with the Pakistan rupee depreciating nearly twenty per cent and the Budget deficit rising sharply. The report highlighted that revenue collecting had dipped as well.

Imran's salary not enough to run household? WION accesses Pak PM's salary slip

Days after Pakistan unveiled its budget for the upcoming financial year, its currency has fallen to record low.

Pakistani rupee touched an all-time high of Rs 157 against US dollar in the intrabank market on Friday. It has been continuously falling since the country's markets opened after Eid holiday.

On Thursday, Pakistani rupee had closed at Rs 154 against the US dollar.

The country's finance ministry has predicted the inflation to rise up to 13 per cent and Pakistan's growth to fall to 2.4 per cent, according to major publications in the country. However, as per the official Annual Plan 2019-20 of the Planning Commission, the GDP growth is targeted at four per cent and inflation is projected at 8.5 per cent for the coming year.

Pakistan Prime Minister Imran Khan recently addressed the nation and stated that the country's debt, in the last decade, has gone up from 6,000 billion Pakistani Rupees to a whopping 30,000 billion Pakistani Rupees ($205 billion).

Khan added that taxes that are gathered annually, around 4,000 billion Pak Rupees, half of it goes to pay off these debts.

"The money left after that, Pakistan cannot survive with its expenses in that money," Khan stated.

He urged the people of Pakistan to declare undeclared assets. "If we won't pay taxes, we cannot help our nation go forward," Pak PM said adding that everyone must declare their undeclared assets by June 30.

Days after Pakistan unveiled its budget for the upcoming financial year, its currency has fallen to record low. Pakistani rupee touched an all-time high of Rs 157 against US dollar in the intrabank market on Friday.

Days after Pakistan unveiled its budget for the upcoming financial year, its currency has fallen to record low. Pakistani rupee touched an all-time high of Rs 157 against US dollar in the intrabank market on Friday. It has been continuously falling since the country's markets opened after Eid holiday. On Thursday, Pakistani rupee had closed at Rs 154 against the US dollar. The country's finance ministry has predicted the inflation to rise up to 13 per cent and Pakistan's growth to fall to 2.4 per cent, according to major publications in the country. However, as per the official Annual Plan 2019-20 of the Planning Commission, the GDP growth is targeted at four per cent and inflation is projected at 8.5 per cent for the coming year. Pakistan Prime Minister Imran Khan recently addressed the nation and stated that the country's debt, in the last decade, has gone up from 6,000 billion Pakistani Rupees to a whopping 30,000 billion Pakistani Rupees ($205 billion). Khan added that taxes that are gathered annually, around 4,000 billion Pak Rupees, half of it goes to pay off these debts. "The money left after that, Pakistan cannot survive with its expenses in that money," Khan stated. He urged the people of Pakistan to declare undeclared assets. "If we won't pay taxes, we cannot help our nation go forward," Pak PM said adding that everyone must declare their undeclared assets by June 30.

Pakistan rupee falls to historic low against US dollar, GDP growth expected to fall to 2.4 per cent

Pakistan`s central bank raised its key interest rate to 12.25% on Monday, warning that already soaring inflation risked further rises on the back of higher oil prices and reforms required for a bailout from the International Monetary Fund.

The 150 basis points increase follows a preliminary agreement last week with the IMF for a $6 billion loan that is expected to come with tough conditions, including raising more tax revenues and putting up gas and power prices. It was the eighth time the central bank has increased its main policy rate since the start of last year.

With economic growth set to slow to 2.9% this year from 5.2% last year, according to IMF forecasts, the rate rise adds to pressure on Prime Minister Imran Khan, who came to power last year facing a balance of payments crisis that has now forced his government to turn to the IMF.

Higher prices for basic essentials including food and energy has already stirred public anger but the central bank suggested there was little prospect of any immediate improvement.

Noting average headline inflation rose to 7% in the July-April period from 3.8 per cent a year earlier, the central bank said recent rises in domestic oil prices and the cost of food suggested that "inflationary pressures are likely to continue for some time".

It said it expected headline inflation to average between 6.5% and 7.5% for the financial year to the end of June and was expected to be "considerably higher" in the coming year. Expected tax measures in next month`s budget, as well as higher gas and power prices and volatility in international oil prices, could push inflation up further, it said.

It said the fiscal deficit, which the IMF expects to reach 7.2% of gross domestic product (GDP) this year, was likely to have been "considerably higher" during the July-March period than in the same period a year earlier due to shortfalls in revenue collection, higher interest payments and security costs.

Despite some improvements, financing the current account deficit remained "challenging" and foreign exchange reserves of $8.8 billion were below standard adequacy levels at less than the equivalent of three months of imports.

The central bank said it was watching foreign exchange markets closely and was prepared to take action to curb "unwarranted" volatility, after the sharp fall in the rupee over recent days that saw the currency touch a record low of 150 against the US dollar.

Details of what Pakistan will be required to do under the IMF agreement, which must still be approved by the Fund`s board, have not been announced but already opposition parties are planning protests.

As well as higher energy prices that will hit households hard, there are also expectations of new taxes and spending cuts in next month`s budget to reach a primary budget deficit - excluding interest payments - of 0.6% of GDP.

With the IMF forecasting a primary deficit of 2.2% for the coming financial year, that implies squeezing roughly $5 billion in extra revenues from Pakistan`s $315 billion economies, which has long suffered from problems raising tax revenue.

Pakistan`s central bank raised its key interest rate to 12.25% on Monday, warning that already soaring inflation risked further rises on the back of higher oil prices and reforms required for a bailout from the International Monetary Fund.

Pakistan`s central bank raised its key interest rate to 12.25% on Monday, warning that already soaring inflation risked further rises on the back of higher oil prices and reforms required for a bailout from the International Monetary Fund. The 150 basis points increase follows a preliminary agreement last week with the IMF for a $6 billion loan that is expected to come with tough conditions, including raising more tax revenues and putting up gas and power prices. It was the eighth time the central bank has increased its main policy rate since the start of last year. With economic growth set to slow to 2.9% this year from 5.2% last year, according to IMF forecasts, the rate rise adds to pressure on Prime Minister Imran Khan, who came to power last year facing a balance of payments crisis that has now forced his government to turn to the IMF. Higher prices for basic essentials including food and energy has already stirred public anger but the central bank suggested there was little prospect of any immediate improvement. Noting average headline inflation rose to 7% in the July-April period from 3.8 per cent a year earlier, the central bank said recent rises in domestic oil prices and the cost of food suggested that "inflationary pressures are likely to continue for some time". It said it expected headline inflation to average between 6.5% and 7.5% for the financial year to the end of June and was expected to be "considerably higher" in the coming year. Expected tax measures in next month`s budget, as well as higher gas and power prices and volatility in international oil prices, could push inflation up further, it said. It said the fiscal deficit, which the IMF expects to reach 7.2% of gross domestic product (GDP) this year, was likely to have been "considerably higher" during the July-March period than in the same period a year earlier due to shortfalls in revenue collection, higher interest payments and security costs. Despite some improvements, financing the current account deficit remained "challenging" and foreign exchange reserves of $8.8 billion were below standard adequacy levels at less than the equivalent of three months of imports. The central bank said it was watching foreign exchange markets closely and was prepared to take action to curb "unwarranted" volatility, after the sharp fall in the rupee over recent days that saw the currency touch a record low of 150 against the US dollar. Details of what Pakistan will be required to do under the IMF agreement, which must still be approved by the Fund`s board, have not been announced but already opposition parties are planning protests. As well as higher energy prices that will hit households hard, there are also expectations of new taxes and spending cuts in next month`s budget to reach a primary budget deficit - excluding interest payments - of 0.6% of GDP. With the IMF forecasting a primary deficit of 2.2% for the coming financial year, that implies squeezing roughly $5 billion in extra revenues from Pakistan`s $315 billion economies, which has long suffered from problems raising tax revenue.

Pakistani central bank lifts interest rate as inflation bites