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