Pakistan economic crisis: Prices of basic necessities such as milk, and fuel in economic crisis-hit Pakistan, are now getting out of the reach of the common man.
Waiting for the International Monetary Fund (IMF) bailout for the 9th time, the price of one litre of milk in Pakistan is currently PKR 210, Rs 20 up from 190 per litre last week while broiler chicken now costs PKR 480-500 per kg, up by PKR 30-40.
At the same time, the price of chicken meat is PKR 700-780 per kg, almost 100 up from prices that were last week.
Meanwhile, the cash-strapped country may witness another surge in the prices of fuel in the next two weeks which is already running in shortage.
Islamabad said that it will impose new taxes of 170 billion rupees this month in a bid for a massive bailout.
The first installment of USD 1.1 billion of the 2019 IMF bailout worth USD 6 billion has been kept on hold since December last year as Pakistan is yet to agree on deal terms.
"The imposition of more taxes means tough days are ahead for the majority of the people in Pakistan who are already facing higher food and energy costs, but there is no other way out if Pakistan needs the IMF loans, and Pakistan desperately needs it," said Ehtisham-ul-Haq, a veteran economist.
Haq said, "Pakistan's inflation rate of 26 per cent will jump to 40 per cent after the imposition of new taxes... but life will become more difficult for the common man if Pakistan fails to revive the IMF bailout without any further delay."
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