Pakistan Economic Crisis: In Pakistan, which is facing economic crisis, the prices of basic necessities like milk and fuel are now becoming beyond the reach of the common man.
A liter of milk in Pakistan, which is awaiting a relief package from the International Monetary Fund (IMF) for the ninth time, currently costs Rs 210, up Rs 20 from Rs 190 per liter last week, while broiler chicken now costs Rs 480. 500 Pakistani rupees per kilogram. PKR up to 30-40.
Whereas, the price of chicken meat is 700-780 Pakistani rupees per kg, which is about 100 rupees more than the prices of the previous week.
Meanwhile, the cash-strapped country, which is already grappling with fuel shortage, may see another hike in fuel prices in the next two weeks.
Islamabad said it would impose new taxes worth 170 billion rupees this month to fund the massive bailout.
The USD 6 billion first tranche of the 2019 IMF bailout of USD 1.1 billion has been put on hold since December last year as Pakistan is yet to agree on the terms of the deal.
“Taking more taxes means tough days ahead for most people in Pakistan who are already facing high food and energy costs, but if Pakistan needs an IMF loan and Pakistan desperately needs it So there’s no other way.” Senior economist Ehtesham-ul-Haq said.
Haque said, “Pakistan’s inflation rate of 26 per cent will increase to 40 per cent after the new taxes are implemented… But if Pakistan fails to revive the IMF bailout without any further delay then for the common man Life will get more difficult.”
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