Government of pakistan gave a shock to the people..!?

Despite China's approval of nearly $2 billion in financial aid to pakistan, the country's economy remains in dire straits. On the one hand, in order to get an IMF loan, the government of pakistan has drastically increased taxes and has caused great damage to the people. In this situation, the government of pakistan has given an additional burden to the people. It has increased the interest rate to a large extent to reduce inflation in the country and increase the income for the loan. This announcement has created a great impact and impact among the people of Pakistan.
The state bank of pakistan has raised its benchmark interest rate by 300 basis points to 20 percent to counter the unprecedented rise in inflation in the country. With this, Pakistan's benchmark interest rate has risen to a 27-year high. It was widely expected that the Central bank of pakistan would raise inflation by 200 basis points this time around, but it has increased by 300 basis points or 3 percent due to immense inflationary pressure.Pakistan's inflation rose to 31.5 percent in february this year due to higher energy and food prices. This is the highest rate of inflation recorded in pakistan in nearly 50 years. The Central bank of pakistan announced in january that it had raised its benchmark interest rate by 100 basis points to 17 percent. Pakistan's central bank, the state bank of pakistan, has held an off-cycle meeting due to rising inflation, although it does not currently have a monetary policy meeting.It was at this meeting that the Central bank of pakistan increased its key interest rate from 3 percent to 20 percent. It is noteworthy that the state bank of pakistan has raised key interest rates by 1,025 basis points from january 2022. Last week, china extended a $700 million loan to pakistan as it awaits the first tranche of the IMF's mega loan program of $1.1 billion. pakistan Finance minister Ishaq Dar said that the Chinese government has approved a loan of 1.3 billion dollars through the Industrial and Commercial bank of china Ltd (ICBC).

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pakistan government

Sowmiya Sriram

04/03/2023 11:58 PM