Inflation is bad in Pakistan, egg reaches Rs 400, onion Rs 250 per kg, common people find it difficult to live
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Pakistan Economic Crisis: Pakistan is facing the biggest economic crisis in its history. The condition of the economy in the country has become such that it has been forced to take a loan from the International Monetary Fund (IMF). Meanwhile, inflation is creating another problem for the country’s sinking economy. The situation has become such that it has become difficult for the common people to eat and drink. According to CNBC report, the price of 12 eggs in Pakistan’s capital Lahore has crossed 400 Pakistani rupees. Whereas, the price of onion has crossed Rs 250. The big thing is that Pakistan’s situation did not improve even when two installments of the $3 billion bailout package were approved by the IMF. US $ 1.2 billion was released as the first installment by the international agency in July 2023. Whereas, now 70 crore dollars has also been approved. Let us tell you that elections are going to be held in Pakistan in a few days.
The price of flour and pulses is also out of proportion
According to Pakistani news agency ARY, inflation in the country has increased so much that things like flour, pulses and rice have become beyond the reach of people. Chicken is available for Rs 615 in Lahore. Whereas, milk is available at Rs 213 per litre. The price of tomato has crossed Rs 200 per kg and rice has crossed Rs 328 per kg. According to IMF’s World Economic Outlook, the inflation rate in Pakistan will reach near 30 percent in 2023. Whereas, GDP has reached -0.5 percent during this period. According to the news agency, the government has fixed the prices of many food items in view of the elections. But the local administration has failed to enforce the fixed prices.
Foreign exchange reserves are continuously falling
According to media reports, Pakistan’s foreign exchange reserves are continuously declining. In such a situation, the government here cannot even import food from any other country to control inflation. A report was released by the State Bank of Pakistan, the largest government bank here, in November 2023. According to this report, the country’s foreign exchange reserves were only 7 billion dollars. Which was 8.1 billion dollars in July 2023. If we look at the data, there has been a tremendous decline in the currency reserves in four months. In such a situation, even the installment of the bailout package released by the IMF does not seem to be providing much relief. According to news agency ARY, Pakistan’s situation has become critical due to inflation. People are in need of food.
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