{"id":223914,"date":"2022-04-21T18:47:16","date_gmt":"2022-04-21T18:47:16","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=223914"},"modified":"2022-04-21T18:47:16","modified_gmt":"2022-04-21T18:47:16","slug":"pakistans-economy","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/pakistans-economy\/","title":{"rendered":"Pakistan’s economy in most difficult position in 70 years"},"content":{"rendered":"

Islamabad, (Business News Report)||<\/strong> Pakistan’s economy is going through the most difficult times in 70 years, causing citizens to suffer from a huge shortage of basic commodities and power outages.<\/p>\n

Pakistan’s economy is suffering from a financial collapse, as the country was affected by the high costs of importing fuel and goods following the Russian invasion of Ukraine, at the end of last February.<\/p>\n

Energy costs in Pakistan doubled, and gas and coal prices reached record levels due to the repercussions of the Russian-Ukrainian war.<\/p>\n

Energy costs in the country of 220 million people more than doubled to $15 billion in the nine months to February, compounded by the country’s inability to spend more on additional shipments.<\/p>\n

About 3,500 megawatts of electricity was lost due to a lack of fuel on April 13, according to a tweet on the Twitter site of Miftah Ismail, who was chosen by the new Prime Minister, Shahbaz Sharif, as Minister of Finance.<\/p>\n

The electricity crisis is complicating the already difficult economic challenge for Sharif, who has not yet appointed an energy minister, following the ouster of former leader Imran Khan, by a vote of no confidence in him earlier this April.<\/p>\n

Besides record-high energy prices, Pakistan’s long-term LNG suppliers have canceled many scheduled shipments over the past few months, further slashing supplies.<\/p>\n

The country issued a tender, last Sunday, to buy six shipments of liquefied natural gas from the spot market, but its full award could cost the government hundreds of millions of dollars.<\/p>\n

In addition to external factors, the new Pakistani government fears a violent reaction from the citizens in the event of an increase in energy prices, and a further deterioration of the Pakistani economy, but this step, in turn, portends a stumble in negotiations to obtain a loan from the International Monetary Fund<\/a> worth $6 billion.<\/p>\n

Former Prime Minister Imran Khan announced a cut in fuel and electricity prices in February, despite rising global prices, in a bid to restore popular support. So the new government kept fuel prices unchanged.<\/p>\n

The Ministry of Finance said in a statement, early this week, that the Sherif administration kept gasoline prices at 149.86 rupees per liter ($0.8), and diesel at 144.15 rupees per liter ($0.78).<\/p>\n","protected":false},"excerpt":{"rendered":"

Islamabad, (Business News Report)|| Pakistan’s economy is going through the most difficult times in 70 years, causing citizens to suffer from a huge shortage of basic commodities and power outages. Pakistan’s economy is suffering from a financial collapse, as the country was affected by the high costs of importing fuel and goods following the Russian […]<\/p>\n","protected":false},"author":4,"featured_media":223915,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[207],"tags":[278,8183],"class_list":["post-223914","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world","tag-featured","tag-pakistan"],"yoast_head":"\nPakistan's economy in most difficult position in 70 years| BNReport<\/title>\n<meta name=\"description\" content=\"BNReport| Pakistan's economy is going through the most difficult times in 70 years, causing citizens to suffer\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/pakistans-economy\/\" \/>\n<meta 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