The price of 'flour' reached the sky in Pakistan, the Central Bank scolded the Sharif government
The data of Pakistan Bureau of Statistics shows that the prices of flour in Karachi have reached a new high of Rs 2,500 per 20 kg as against Rs 2,400 per bag last week.
Due to rising inflation and collapsing economy, serious economic conditions are being created in Pakistan (Economic Crisis in Pakistan) like Sri Lanka. Pakistan's central bank, grappling with a severe cash crunch, has criticized the Shehbaz Sharif government for prioritizing growth at the expense of price and financial stability. At the same time, due to inflation in Pakistan, the prices of food items have also increased rapidly.
According to the report of Pakistani newspaper 'The Dawn', the data of Pakistan Bureau of Statistics shows that the prices of flour in Karachi have reached a new high of Rs 2,500 per 20 kg as against Rs 2,400 per bag last week.
Slamming the Shehbaz Sharif government for its failure on the economic front, the State Bank of Pakistan (SBP) in its recently released annual report said that international experience has time and again shown that countries which Prioritizing growth at the expense of financial stability, they cannot sustain growth.
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According to a report published in 'Dawn News', the central bank has said that in such a situation countries face economic crisis after repeated economic growth. Significantly, Pakistan is currently facing a deep cash crunch.
In the worst economic phase, the current government led by Pakistan Prime Minister Shehbaz Sharif has refrained from focusing on growth for the fiscal year 2023. Despite this, it has failed to bring financial and price stability. SBP estimates that the growth rate in FY2023 will be lower than the target. In this way the growth rate can be less than 3-4 percent.
The sharp decline in growth has already led to huge layoffs in the business and industrial sectors and it is believed that another major round of layoffs will begin soon. Textile mills, exporters and importers have raised serious concerns over non-opening of letters of credit, which has crippled the business cycle. Despite the government's focus on prices, inflation hovers around 25 per cent for the past five months, deteriorating stability and growth prospects