New Delhi: Even as Pakistan is battling a serious economic crisis, prices of all utilities have gone through the roof in the neighboring country. As per reports in the media, the prices of kitchen and other essential commodities have reached unexpected heights in the last few days.
As per a report in the Dawn Newspaper, prices of loose milk have gone up to Pakistani Rupees 210 per litre from 190 per litre, while that of live broiler chicken has shot up to Rs 500 per kilogram. Chicken meat costs PKR 780 per kg while that of boneless meat has shot upto PKR 1,100 per kg.
Debt-ridden Pakistan will impose new taxes totaling 170 billion rupees this month in an effort to get a significant bailout, officials and analysts indicated. They have however expressed concern that the additional taxes might speed up the nation’s spiralling inflation.
The International Monetary Fund postponed the disbursement of a vital USD 1.1 billion tranche of a 2019 deal worth USD 6 billion, on hold since December due to Pakistan’s failure to meet the criteria. This led to the pessimistic prognosis from economists and political observers. The IMF recommended measures, including the imposition of new taxes, at the conclusion of the most recent round of negotiations between Pakistan and the fund on Friday.
The impasse in negotiations between the IMF and cash-strapped Pakistan was viewed as a blow to Prime Minister Shahbaz Sharif, who is struggling to avoid a default amid a worsening economic crisis and a surge in militant violence. Pakistan already is struggling with the recovery from record-breaking floods, which killed 1,739 people in summer 2022 and destroyed 2 million homes.
Bureau Report
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