ISLAMABAD – Predicting difficult times ahead, the World Bank revised Pakistan’s growth projections from 2 percent to 0.4 percent for the current fiscal year, citing tighter financial conditions and limited fiscal space among the primary reasons.
The bank, in its report Pakistan Development Update, warned the South Asian nation about serious dangers to its economic and debt viability projecting unexciting economic growth, with an average inflation rate of 29.5pc for the current fiscal year.
The global financial institution maintained that poverty is likely to increase to 37.2pc in the current fiscal year, pushing around 4 million people into poverty. WB linked soaring food prices to greater food insecurity in Pakistan, which spends a larger share of income on food.
It maintained that implementing macroeconomic and structural reforms agreed upon under the IMF programme is critical to restoring macro-stability, confidence, and averting a public debt crisis.
World Bank Director for Pakistan Najy Benhassine said the IMF programme is an anchor to staying on course for reforms, and added that this was not an easy time to write the Pakistan Development Update report.
The crisis hit the nation has lost access to global capital markets, which is now making it difficult to arrange even additional loans to revive the IMF bailout funds. The country of over 220 million is facing its worst economic crisis for months with an acute balance of payments crisis as negotiations with global lender remained uncertain since last year.
On other hand, the World Bank also lowered its 2023 regional growth forecast to 5.6 percent from 6.1 percent. It lowered its forecast for India’s economic growth.
Pakistani rupee remains largely stable against the US dollar, and other currencies in the open market on Sunday.
On Sunday, the US dollar was being quoted at 283.4 for buying and 285.95 for selling.
Euro comes down to 307 for buying and 310 for selling. British Pound rate remains unchanged at 358.5 for buying, and 362 for selling.
UAE Dirham AED witnessed slight drop and new rate stands at 77.2 whereas the Saudi Riyal remained stable at 76.
Source: Forex Association of Pakistan. (last update 09:00 AM)
|UK Pound Sterling||GBP||358.5||362|
|Hong Kong Dollar||HKD||36.37||36.72|
|New Zealand Dollar||NZD||175.33||177.33|
Gold prices decreased in local markets in line with the trend in the international market.
On Sunday, the price of a single tola of 24-karat gold stands at Rs216,300, and 10 grams of 24k gold costs Rs185,450.
Single tola of 22 Karat Gold price costs Rs198,274, 21 karat rate per tola costs Rs189,263 and 18k gold rate is Rs162,225 for each tola.
In the global market, gold prices hovers around $2,004 per ounce, after drop of $23.35 on Sunday.
|Lahore||PKR 216,300||PKR 2,486|
|Karachi||PKR 216,300||PKR 2,486|
|Islamabad||PKR 216,300||PKR 2,486|
|Peshawar||PKR 216,300||PKR 2,486|
|Quetta||PKR 216,300||PKR 2,486|
|Sialkot||PKR 216,300||PKR 2,486|
|Attock||PKR 216,300||PKR 2,486|
|Gujranwala||PKR 216,300||PKR 2,486|
|Jehlum||PKR 216,300||PKR 2,486|
|Multan||PKR 216,300||PKR 2,486|
|Bahawalpur||PKR 216,300||PKR 2,486|
|Gujrat||PKR 216,300||PKR 2,486|
|Nawabshah||PKR 216,300||PKR 2,486|
|Chakwal||PKR 216,300||PKR 2,486|
|Hyderabad||PKR 216,300||PKR 2,486|
|Nowshehra||PKR 216,300||PKR 2,486|
|Sargodha||PKR 216,300||PKR 2,486|
|Faisalabad||PKR 216,300||PKR 2,486|
|Mirpur||PKR 216,300||PKR 2,486|