pakistan economic crisis inflation in pakistan forex reserves of pakistan
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In the midst of political crisis, the inflation rate in Pakistan reached 36.4 percent in April, which is the highest in South Asia. This is the highest since 1958. Earlier in March, the rate of inflation in the country was 35.4 percent. In April, the price of food items in the country has increased by 47.2% in the last one year. The price of one kg flour in the country has reached around Rs 185. The situation is such that a tandoori roti is available in Lahore for around Rs.40. The price of milk has crossed Rs 250 per litre. Similarly, the price of chicken has crossed Rs 780, mutton has crossed Rs 1,100. Similarly, the price of desi ghee has reached Rs 2,500 to Rs 3,000 per kg.
on the verge of default
Meanwhile, Pakistan’s foreign exchange reserves are also continuously falling. Pakistan’s foreign exchange reserves declined by $74 million to $4.38 billion in the week ended May 5. This is not even enough for one month’s imports. Pakistan’s foreign exchange reserves are continuously declining due to payment of foreign debt. Recently Moody’s Investor Service had warned that Pakistan may default if it does not get loan from IMF. This is because its foreign exchange reserves are very low.
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