• Download the Constitution of Pakistan
  • Advertise
Wednesday, August 6, 2025
  • Login
NEWSLETTER
ECONOMY
  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology
No Result
View All Result
  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology
No Result
View All Result
ECONOMY
No Result
View All Result
Home Economy

Pakistan was headed to Sri Lanka’s ‘default-like situation’ but crisis averted — finance minister

by News Publishing
August 10, 2022
in Economy, World
Reading Time: 1 min read
0
Pakistan was headed to Sri Lanka’s ‘default-like situation’ but crisis averted — finance minister
Share on FacebookShare on TwitterLinkedinWhatsapp

Pakistani finance minister Miftah Ismail said on Tuesday “serious worries” that Pakistan would end up like Sri Lanka, grappling with its worst economic crisis in decades, had been averted due to “significant” policy changes and austerity measures.

According to Miftah Ismail in an interview with CNBC, Pakistan was recently on the brink of a balance of payments crisis due to the high cost of energy imports.

He insisted that this year saw the Pakistani rupee fall to historic lows against the US dollar, causing the country’s foreign exchange reserves to drop as low as $9.8 billion, which was just enough for five weeks’ worth of imports.

When asked about the country’s high inflation rate, the minister stated that the major causes were the rising prices of commodities such as oil and other raw materials on a global scale.

He, however, said the country is now heading in the right direction.

The finance minister maintained that the coalition government took tough measures to steer the country out of the economic crisis. Miftah Ismail said that the rupee has come back about 7% against the US dollar in the last week.

The measures also, however, increased inflation, with Pakistan’s consumer price index (CPI) rising 21.3 percent in June from a year earlier, the South Asian nation’s highest inflation in 13 years. In May, the CPI was up 13.8 percent on the year.

Tags: default-like situationfinance ministerlatestPakistanSri LAnka
News Publishing

News Publishing

Related Posts

Pakistan Textile 2025

Pakistan’s Textile Exports Rise 7.39% to $17.88B in FY25

by Anum Arif
August 6, 2025
0

Pakistan’s textile sector posted robust growth in the fiscal year 2024-25, with exports surging by 7.39% to reach $17.88 billion,...

Pak and China

Pakistan, China Sign Economic Research Pact

by Anum Arif
August 4, 2025
0

ISLAMABAD (Web Desk) – Pakistan and China have strengthened their strategic partnership with a new agreement focused on joint research,...

Ferry Service

Pakistan Approves Ferry Service to Iran, Gulf

by Anum Arif
August 4, 2025
0

In a landmark move to enhance regional maritime connectivity, Pakistan’s Ministry of Maritime Affairs has granted in-principle approval for a...

PSX soars to new high of over 133,000 points in intraday trade

PSX soars to new high of over 133,000 points in intraday trade

by News Publishing
July 7, 2025
0

July 8, 2025: The Pakistan Stock Exchange (PSX) continued its remarkable upward trend on Monday, as the KSE-100 index surged...

Pakistan, Azerbaijan sign $2billion investment agreement

Pakistan, Azerbaijan sign $2billion investment agreement

by News Publishing
July 5, 2025
0

Pakistan and Azerbaijan have signed an agreement for investment worth two billion dollars in diverse sectors of Pakistan's economy. The...

Electricity Rate cut 2025

NEPRA Slashes Power Tariff by Rs1.16 Per Unit

by Anum Arif
July 2, 2025
0

In a major relief to power consumers across Pakistan, the National Electric Power Regulatory Authority (NEPRA) has approved a reduction...

Next Post
Asad Raza Fruit-seller’s son, Graduates from GIK

Asad Raza Fruit-seller’s son, Graduates from GIKI

About Us

Economy.pk is a source of economic, political, business, finance, health and sports updates.

Important Categories

  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology

Social Media

  • Facebook
  • Instagram
  • Twitter
  • Linkedin
  • YouTube
  • Linkedin
  • TikTok
  • WhatsApp
  • About
  • Advertise
  • Careers
  • Contact

© 2024 Economy.pk - Web Development by Digital Otters

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology

© 2024 Economy.pk - Web Development by Digital Otters