Islamabad: The International Monetary Fund (IMF) has sounded alarm bells for the Pakistani public, indicating that inflation in Pakistan will remain at a high rate of 18.5%, while there is a possibility that inflation in rural areas may go up to 25.9%.
According to the report by the International Monetary Fund, the pressure of external payments on Pakistan will not end abruptly but will gradually subside. The current account deficit will be 1.6% of the GDP. The IMF has forecasted that delays in funding from financial institutions will adversely impact the economy, and the stock exchange rate may experience pressure.
The report raises concerns about the already vulnerable Pakistani population being severely affected by inflation before the global market witnesses a rise in food prices. The IMF has suggested that by June, there will be no increase in the salaries and pensions of government employees, and a cut of PKR 61 billion will be made in the development budget.
The report also urges Pakistani authorities to issue timely notifications for increasing the prices of electricity and gas, while the condition of maintaining a six-month freeze on gas rates will remain intact.
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