Nauraiz Rana, an economist affiliated with the World Bank, delves into the economic landscape of Pakistan in 2023, particularly focusing on the unfolding reforms and the anticipated developments for the year ahead.
In today's discussion, he is joined by Dr. Aqdas Afzal, a distinguished economist and professor at Habib University, known for his advisory roles with governments worldwide.
During the fifth consecutive review, Pakistan's central bank opted to maintain its interest rate at a staggering 22%, while also revising its initial inflation projections upwards, signaling challenges ahead.
The nation grappled with securing various forms of financing, both on the international and domestic fronts. Skyrocketing energy prices compounded the economic strain, pushing an additional 12.5 million people into poverty.
With Pakistan's economy precariously balanced on the edge of default, the recent IMF agreement mandated specific policy implementations, adding pressure to the already complex situation.