Pakistan Rupee Crisis: IMF gave such a blow to Pakistan, which became ‘beggar’, Pakistani rupee reached hell
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Analysts say that in view of the ongoing differences between the Government of Pakistan and the IMF regarding the loan, it seems difficult to get the loan. This is the reason that the Pakistani rupee has come under heavy pressure. Earlier on Wednesday, the Pakistani rupee was trading at 266.11 against one dollar. Earlier, Pakistani officials had alleged that the IMF was treating them like beggars, not members.
Highest inflation in Pakistan in 50 years
Pakistan is currently going through a serious economic crisis and its foreign exchange reserves have reached only $ 3 billion. Due to this only 3 weeks can be imported. In such a situation, Pakistan now urgently needs a deal with the IMF. With this, not only will Pakistan get a new tranche of $1.2 billion loan, but it will pave the way for loans from other friendly countries like Saudi Arabia and UAE. Earlier, Pakistan was hopeful that an agreement could be reached with the IMF on 28 February but it did not happen.
The Government of Pakistan is unable to convince the IMF for a new installment of the loan. Meanwhile in Pakistan, Pakistan’s annual inflation reached a record high of 31.55 percent in February, compared to 27.6 percent in the previous month. It is being told that this has increased due to the huge increase in food and transport prices. Dawn reported according to Arif Habib Corporation that this is the highest ever CPI increase based on data available since July 1965. Inflation reached 12.2 percent in February 2022. Inflation in urban and rural areas rose to 28.82 per cent and 35.56 per cent, respectively, on an annual basis. The inflation rate increased by 4.32 percent on a month-on-month basis.
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