Prime Minister (PM) Shehbaz Sharif convoked an emergency meeting over the retrogressing economic affairs of the country.
Prime Minister Shehbaz Sharif:
As per details, the meeting is attended by the highest officers associated with the economy to debate the explanations for the recent increase in the worth of the dollar and also the measures to handle it.
The Prime Minister’s economic team can transient on the facts associated with the economic affairs of the country.
On the opposite hand, a gathering of the Economic Coordination Committee of the cabinet has been commanded under the spot of Finance Minister Miftah Ismail.
In the meeting, directions were issued to the Ministry of Petroleum to re-evaluate the levy rate on LPG, whereas an outline of tariff rationalization for K-Electric was given by the facility division.
Meanwhile, the allies have demanded the coalition government announce immediate relief for the folks against the skyrocketing inflation or to go for the final elections.
A meeting was commanded during this regard in Lahore that was attended by MQM, ANP, Jamhoori Wattan Party, and others.
It was discussed within the meeting that the rising inflation in the country has been golf stroke a dent in the quality of the allied political parties adding that the government ought to move towards elections if unable to announce relief for the folks.
Pakistani rupee slumps to the lowest of Rs226 against the US Dollar
The Pakistani rupee on Wed dropped to a different incomparable of Rs226 against the US dollar when a global credit rating agency downgraded the outlook of the South Asian countries to negative from stable.
Fitch Ratings, in its statement, said that the Revision of the outlook to negative reflects an important deterioration in Pakistan’s external liquidity position and funding conditions since early 2022.
The Pakistani currency has lost its worth by Rs4.01 against the dollar within the interbank market throughout today’s current session to achieve Rs226. it’s the highest single-day depreciation in over 3 years.
The native currency has witnessed a decrease of Rs49.25 in its worth since January and specialists are of the view that the greenback may gain additional till the end of today’s session.