Monday, February 10, 2025
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IMF slashes cash-strapped Pakistan’s progress outlook to 0.5%

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ISLAMABAD — The Worldwide Financial Fund has slashed the expansion outlook for cash-strapped Pakistan, forecasting the South Asian nation’s fragile financial system will develop simply 0.5% this yr, down from 6% in 2022.

The newest knowledge on Pakistan’s ailing financial system was launched by the IMF on Tuesday, when it unveiled its World Economic Outlook report in Washington.

The IMF additionally forecast 27% inflation within the impoverished Islamic nation for 2023.

The worldwide lender warned that unemployment will proceed to rise in Pakistan. The nation is struggling to keep away from a default because it recovers from destruction brought on by final summer time’s floods, which killed 1,739 individuals and brought about $30 billion in damages.

The coalition authorities of Pakistan’s Prime Minister Shahbaz Sharif is in talks with the IMF to obtain a key tranche of a $6 billion bailout package deal signed in 2019 by Sharif’s predecessor Imran Khan. Sharif’s authorities in latest weeks slashed subsidies and raised taxes to comply with the bailout phrases and safe the discharge of the $1.2 billion portion of the deal that’s been stalled since December.

However these measures resulted in will increase within the worth of meals, gasoline and energy in Pakistan.

Sharif’s authorities has grow to be unpopular due to larger meals prices, though he blames Khan, who’s now the nation’s opposition chief, for mismanaging the financial system when he was in energy.

Khan was ousted last April in a no-confidence vote in parliament, and since then he has been main rallies in a failed try to power Sharif to comply with an early election, which is scheduled for later this yr.

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