Pakistan’s desire to get rid of IMF will not be fulfilled, Pakistan will have to go into another IMF program, a report by intelligence unit of leading economic journal Economist has raised alarm bells.
291 to dollar in 2023, 302 in 2025. Pakistan will have to take a new IMF program to avoid default, interest rate in Pakistan is likely to increase from 2% rise going upto 23%.
Economist Intelligence Unit released the Pakistan Country Report, threats looming everywhere. According to report, IMF program is essential to avoid default.
According to Pakistan Country Report of Economist Intelligence Unit, political instability, security, economic weaknesses have been declared as major problems of Pakistan.
report said that current government has lost popularity due to increase in inflation and tax burden, dollar is predicted to rise to 291 rupees in 2023 and 302 rupees in 2025, and the interest rate is also likely to increase by 2 percent to 23 percent.
According to report, rupee will remain weak during year 2024 to 2027. According to report, Pakistan has to pay back 77.5 billion dollars in foreign debt in four years, economic growth rate is expected to be 1.5 percent this year and negative 0.2 percent next year.
Report added that inflation is expected to drop to 30.3 percent this year, to 20.8 percent next year. Unemployment will rise to 9.6 percent this year, rising to 9.9 percent next year.
Report said government was likely to serve out its term, with The Economist predicting a general election in October 2023.
The release of the report has created a wave of concern among the Pakistani people, who are already fed up with IMF conditions, and the new loan program will make their lives even more miserable.