SUMMARY of Life on the brink, Rafia Zakaria, Dawn, October 4th, 2023
Pakistan is facing severe economic challenges with rising inflation, a devaluing currency, and a lack of foreign exchange. The government’s attempts to purchase LNG (liquefied natural gas) on the international market have been unsuccessful, indicating the country’s risk profile. However, in July, commodities trader Trafigura submitted a bid, offering a glimmer of hope. The government has recently issued new tenders for LNG and expects better results due to improvements following an IMF agreement. High inflation remains a concern, reaching an all-time high of 31.4%. Still, a reduction in petrol and diesel prices provides some relief, suggesting a slightly less grim future. However, economic challenges persist, impacting housing prices, » Read More…