Pakistan Economic Crisis: Milk Prices Zoom Past PKR 210 per litre, chicken at PKR 780

Milk prices jump to PKR
210, chicken at PKR 780

Inflation has soared in Pakistan with a litre of unpacked milk now costing PKR 210, up from PKR 190 previously. The price of one kg of chicken has risen to PKR 700-780 from PKR 620-650 last week. Boneless meat is costing PKR 1,000-1,100

Pakistan: Petrol price, diesel price

In yet another hike, Pakistan has raised the prices of petrol and diesel. The price of high-speed diesel has spiked to PKR 280 while petrol price rose to PKR 272 per litre from February 16

Fitch cuts Pakistan's
sovereign rating to CCC

The global rating agency Fitch has cut Pakistan's sovereign credit rating by two notches to CCC-, which denotes a very high level of default risk

What Fitch said in its

In a detailed note, the rating agency said the downgrade reflected a further sharp deterioration in Pakistan's external liquidity and funding conditions and the decline of forex reserves to critically low levels

Default an increasingly
real possibility: Fitch

Fitch also said that in its view default or debt restructuring was a real possibility for cash-strapped Pakistan. It said the conditions set out by IMF were difficult amid an economic slowdown and record-high inflation

Why is IMF holding up
$1.1 billion tranche?   

The International Monetary Fund wants Pakistan to carry out some reforms like a reduction in subsidies on fuel and energy and raising taxes to handle revenue shortage. It wants the government to raise PKR 170 billion in extra revenue by July

IMF bailout won't be
enough to save Pakistan

Katrina Ell, a senior economist with Moody’s Analytics, has said that the IMF's bailout alone won't be enough to get the economy back on track. She said Pakistan's economy needs persistent and sound management

Pak set to hike taxes
for IMF fund

Left with no other options, Pakistan has come up with proposals to raise 170 billion rupees in extra revenue through taxes. As per the plan, sales tax will be increased by 1% to 18% while taxes on luxury items will go up to 25%

Massive tax on airfare,
cigarettes, cold drinks

Pakistan is set to increase taxes on first-class and business-class air tickets, locally manufactured cigarettes, and sugary drinks. On air tickets, an excise duty of 20% of the airfare or PKR 50,000, whichever is higher, will be levied

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Story by: Saurabh Sharma 
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