Pakistan’s economic crisis continues to worsen despite a recent dip in the inflation rate, according to a report on the country’s economy by Bloomberg.
The report says that while inflation has slightly decreased, it remains at the highest level compared to other Asian countries, placing immense pressure on the nation’s struggling population.
It noted that the government was compelled to increase energy prices to fulfil the demands for a new loan programme of the International Monetary Fund. The report also noted that in Pakistan, electricity bills have increase much more than the house rents, creating a new burden for citizens already grappling with inflation.
Bloomberg further stated that people are protesting against the high tariff increase and other economic reforms, while the government is making such reforms to meet IMF conditions.
The report highlights that electricity prices in Pakistan have risen by 155% since 2021, pushing many households to the brink of financial instability. Citizens are now protesting in various parts of the country, expressing their frustration with the government’s economic policies and the IMF’s stringent conditions, which have led to reforms that many deem unsustainable.
The report highlights that half of the population of Pakistan lives on less than $4 a day, making it one of the poorest nations in the region.
