Pakistan Inflation
IMF sees inflation peaking at 20 pct in Pakistan
Islamabad: The International Monetary Fund (IMF) has observed that Pakistan’s economy is slowing to around 3.5 percent amid weakening economic conditions and the average inflation rate peaking at nearly 20 percent by the end of the current fiscal year on the back of currency depreciation and higher commodity prices, media reports said on Friday.
The sources in the Ministry of Finance told The Express Tribune that during talks for the completion of the 7th review of the bailout package, the global lender significantly revised its projections for the current fiscal year compared with the assessment that it had made at the time of the last review.
The IMF has shaved Pakistan’s previous year's economic growth forecast by 1 percent to 3.5 percent. But a major adjustment is being made in the inflation rate.
The revised projections will be shared with the IMF board that is going to meet on August 29 to consider Pakistan’s request for a $1.2 billion loan tranche and extend the programme till June next year.
After the approval of the board, the IMF will release the medium-term macroeconomic framework projections.
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