IMF sounds alarm over rising inflation, widening current account deficit in Pakistan
ISLAMABAD –The International Monetary Fund (IMF) has expressed concern over the soaring inflation and widening current account deficit in Pakistan.
In the recent report, the Washington based financial institution said the South Asian country was on course of falling output.
It projected that inflation will remain at 11.2 percent this year while the current account deficit will hover at 3.5 of GDP.
The report also suggested the economic growth rate is expected to be around 4 percent while the unemployment rate will be 7 percent this year and will slightly fall to 6.7% next year.
Meanwhile, the global body has slashed its global growth forecasts in wake of war in Ukraine, warning that Kremlin invasion could lead to the fragmentation of the world economy into rival blocs.
Prospects had worsened in past three months as it reduced its growth estimate for 2022 from 4.4% to 3.6%, it said.
The report comes at a time when Islamabad has formally resumed talks with the IMF in Washington on the bailout package.
The negotiations with US based financial body will continue until April 24 and the IMF will release $1 billion tranche after successful talks, per reports.
State Bank of Pakistan Governor Reza Baqar is currently in the US for talks with IMF officials. He will also attend the session of the World Bank’s steering committee.
Adviser to Prime Minister on Finance Miftah Ismail will join the talks with IMF virtually.
- Jazz draws public ire for internet service suspension01:56 PM | 3 Jul, 2022
- 19 die as passenger bus plunges into ravine in Balochistan's Shirani ...12:43 PM | 3 Jul, 2022
- Military leadership authorised to hold talks with TTP, says Rana Sana11:20 AM | 3 Jul, 2022
- Nida Yasir teases fans with beach video10:47 AM | 3 Jul, 2022
- Pakistani stars react to recent hike in petrol prices11:14 PM | 2 Jul, 2022
- Pakistan's sports superstar Shoaib Akhtar leaves for Hajj06:15 PM | 2 Jul, 2022
- Noor Zafar Khan reveals her latest celebrity crush07:37 PM | 2 Jul, 2022
- Pakistan’s largest city Karachi still among world’s least ...06:26 PM | 23 Jun, 2022
- 42 Pakistani universities make it to Times Higher Education Asia ...07:52 PM | 1 Jun, 2022
- Four Pakistanis make it to Forbes 30 Under 30 Asia List 202209:53 PM | 28 May, 2022
- Five best Pakistani YouTube channels that would make your Ramadan ...12:24 PM | 15 Apr, 2022