All currency to pkr10/31/2023 ![]() The government raised fuel prices by 16%. Pakistani Prime Minister Shehbaz Sharif refused to make such changes for months, fearing popular backlash.īut the prospect of national bankruptcy finally forced him to bend - in late January, Pakistan lifted the artificial cap on its currency, causing the rupee to plunge 20% against the dollar in a few days. Those include allowing a market-determined exchange rate for the country's currency, the rupee, and the reduction of fuel subsidies, which have become more costly amid the global rise in energy prices. Pakistan received a $6 billion bailout from the IMF in 2019, to which another $1 billion was added in August of 2022, in the IMF's 23rd funding program for the country in its 75-year existence.īut the money won't be unlocked so easily this time, as IMF officials want to see Pakistan's government implement fiscal reforms. The goal of the talks? Unlocking desperately-needed funds from a $7 billion bailout package.Īnd it couldn't come at a more critical time: Pakistan only has enough foreign currency reserves to pay for roughly three weeks of imports. ![]() International Monetary Fund officials landed in Islamabad on Tuesday for make-or-break talks with the Pakistani government. "Add to it the political instability and one ends up in a hopeless situation." "Almost every discussion these days amongst friends or family is about how everything is getting more expensive," he said. "What would you like to know? How a bag of flour, essential here as we eat roti or chapati on a daily basis, has more than doubled in price? How fuel prices nearly doubled in less than a year?" Mohammed Usman, a photographer living in Pakistan's capital Islamabad, told CNBC. These are just the latest shocks amid months of crisis as endemic government corruption, depleted foreign reserves and crippling debt have sent Pakistan's economy spiraling. ![]() Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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