Imran Khan to address Pakistan on the country’s current economic crisis, South Asia News

Pakistani Prime Minister Imran Khan will address his nation on Monday on the impact of the Russian-Ukrainian conflict on the ongoing economic crisis in Pakistan.

The development comes amid news of a possible further hike in gasoline prices, local media reported on Sunday. Experts believe that petroleum products could see a further rise between Rs 8 and Rs 12 after the price of crude oil hit above $100 a barrel for the first time since 2014.

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Earlier this month, Imran Khan’s government dropped a “petrol bomb” on the masses by raising the prices of petroleum products to as high as Rs 12.03 per litre.

The Russia-Ukraine crisis has also stoked concerns about the supply of key raw materials, including wheat and metals, in an already struggling economy. On Thursday, the State Bank of Pakistan (SBP) released data showing that Pakistan’s current account deficit (CAD) hit a record high of $2.56 billion in the month of January 2022.

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Meanwhile, Pakistan’s debt and liabilities hit a record high of Rs 51.724 trillion in December 2021, with external debt increasing by 20% in the first half of the current financial year (2021-22). ).

Imran Khan’s government has been criticized by both the opposition and citizens over the record rise in oil prices as well as his government’s reliance on loans and bailouts.

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