IMF lowers Pakistan’s inflation forecast to 9.5%
Wire desk byline Sourced from Xinhua, Dawn, Arab News, Anadolu and Minute Mirror. Translated and abridged by the GSRRA Desk.
Finance minister says revised projection brings it closer to Pakistan’s own projections
The International Monetary Fund has lowered its inflation forecast for Pakistan for the current year by 3.2% points to 9.5%, the country’s finance minister said on Thursday. The IMF’s revised projection brings it closer to Pakistan’s own projections, Finance Minister Muhammad Aurangzeb said.
He said there was no need to introduce a mid-year budget, responding to local media reports saying the government needed to revise its budget to stay on track with an ongoing $7 billion, 37-month program with the IMF.
Aurangzeb said the IMF also revised its import projections for Pakistan in the current fiscal year, which ends in June 2025.
Pakistan has been struggling with boom-and-bust economic cycles for decades, leading to 22 IMF bailouts since 1958. Currently, the country is the IMF’s fifth-largest debtor, owing the Fund $6.28 billion as of July 11, according to the lender’s data.
The latest economic crisis has been the most prolonged and has seen Pakistan facing its highest-ever inflation rate, pushing the country to the brink of a sovereign default last year before an IMF bailout. Inflation has since eased.
Reference Link:- https://tribune.com.pk/story/2506570/imf-lowers-pakistans-inflation-forecast-to-95
Zamir Ahmed Awan is the founder and Chair of the Global Silk Route Research Alliance, a think tank in Islamabad. He studied engineering at Shanghai University in the 1980s, and years later he went back to China as Pakistan's science counsellor in Beijing, from 2010 until 2016, working on science and higher education cooperation between the two countries.…
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