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Monetary conditions in Pakistan and Sri Lanka are already the tightest in decades to rein in Asia’s fastest inflation rates stoked by debt crises and funding woes

Pak, Sri Lanka economic crisis: Pak hikes interest rate, SL maintains the level

Monetary conditions in Pakistan and Sri Lanka are already the tightest in decades to rein in Asia’s fastest inflation rates stoked by debt crises and funding woes


Monetary conditions in Pakistan and Sri Lanka are already the tightest in decades to rein in Asia&rsquo;s fastest inflation rates stoked by debt crises and funding woes

Pakistan's and Sri Lanka's rate hike moves are in focus as both the countries continue to be in an economic turmoil. Both the countries' borrowing cost are at a decade high even as elevated inflation and debt troubles linger.&nbsp;
Both the economies' monetary conditions are at their tightest in the decade. As per a Bloomberg survey, 34 out of 37 economists expected a hike ranging from 100-300 basis points for Pakistan. The Pakistan Central Bank has raised the rate by 100bps to 21%. Earlier in March, Pakistan raised its interest rate by 300 bps to 20%. The last time the interest rates touched 20% was in October 1996.&nbsp;
The Central Bank of Sri Lanka keeps the standing lending facility rate at 16.5% and maintains the interest rate at the current level. IMF's $3 billion loan might have given some relief to the drowing Lankan economy. However, the debt issues would make turning the economy to better a Herculean task. The IMF, while approving the loan has said that it would want to see headline inflation slow to the 4%-6% band by early 2025 and that the central bank must be ready to adjust its policy stance as needed.
Meanwhile, Pakistan is teetering on a debt default as the IMF bailout is in limbo. Pakistan has raised its taxes and energy prices and allowed the currency to depreciate to acquire the loan from IMF. Pakistan is waiting on IMF aid to avoid default. Pakistan's inflation quickened by a record last month, beating the median estimate and setting the stage for another big rate hike.

Has Pakistan already gone bankrupt? This is what Defence Minister Asif said

Addressing a ceremony in his home town of Sialkot, he said that standing on its own feet was crucial for Pakistan to stabilise itself.

Defence minister Khawaja Asif has said that Pakistan has already defaulted amid looming fears that the cash-starved country may go bankrupt and blamed the establishment, bureaucracy and politicians for the prevailing economic crisis.
Addressing a ceremony in his home town of Sialkot, he said that standing on its own feet was crucial for Pakistan to stabilise itself.
"You must have heard that Pakistan is going bankrupt or that a default or meltdown is taking place. It (default) has already taken place. We are living in a bankrupt country," he was quoted as saying by The Express Tribune newspaper.
"The solution to our problems lies within the country. The IMF does not have the solution to Pakistan's problems," he said.
He said that everyone &mdash; including the establishment, bureaucracy and politicians &mdash; are to blame for the current economic mess as the law and Constitution are not followed in Pakistan.
The minister said that most of his time had been spent in the opposition camp and that he has witnessed politics being disgraced for the past 32 years.
Also Watch: <a href="https://www.editorji.com/business-news/pakistan-economy-fitch-downgrades-rating-warns-default-a-real-possibility-1676466474869">Pakistan economy: Fitch downgrades rating; warns default a 'real possibility'</a>
Lashing out at the former government, Asif said that terrorists were brought to Pakistan two and a half years ago which eventually resulted in the current wave of terrorism.
Speaking about the attack on the police office in Karachi on Friday, he said that the security agencies bravely fought the attackers.
The remarks come as the country faces a crippling economic crisis, with decades-high inflation and critically low foreign exchange reserves depleted by continued debt repayment obligations, the report said.
Pakistan&rsquo;s foreign exchange reserves are slightly above USD 3 billion which is hardly enough for 10-15 days of imports.&nbsp;

The downgrade reflected a sharp deterioration in external liquidity and funding conditions, along with decline of foreign exchange (FX) reserves to “critically low levels," Fitch

Pakistan economy: Fitch downgrades rating; warns default a 'real possibility' 

The downgrade reflected a sharp deterioration in external liquidity and funding conditions, along with decline of foreign exchange (FX) reserves to &ldquo;critically low levels," Fitch

The beleaguered Pakistani economy faces substantial credit risks with "critically low levels&rdquo; of foreign exchange reserves, New York-based global ratings agency Fitch said warning that a default is a "real possibility."
The downgrade reflected a sharp deterioration in external liquidity and funding conditions, along with decline of foreign exchange (FX) reserves to &ldquo;critically low levels," Fitch said.
&ldquo;Falling reserves reflect large, albeit declining, current account deficits (CADs), external debt servicing and earlier FX intervention by the central bank, particularly in 4Q22, when an informal exchange-rate cap appears to have been in place.
&ldquo;We expect reserves to remain at low levels, though we do forecast a modest recovery during the remainder of FY23, due to anticipated inflows and the recent removal of the exchange rate cap,&rdquo; the agency said.
Fitch said it expects Pakistan to successfully conclude the ninth review of the International Monetary Fund (IMF) programme, and the downgrade is a reflection of the large risks to continued programme preformance and funding, in the run-up to this year's elections.

Pakistan is reeling under a massive economic crisis with the country's rupee recording a historic low of 275 to the US dollar.

Pakistan must set its house in order: experts on its economic crisis

Pakistan is reeling under a massive economic crisis with the country's rupee recording a historic low of 275 to the US dollar.

Amid Pakistan's unprecedented diplomatic and economic crisis, the experts in the subject matter are now recognising that the country has to set its house in order and not support radical Islamic groups to operate from its territory.
Husain Haqqani, a former Pakistan ambassador to the US, said terrorism has blocked foreign direct investment into Pakistan and its "unrealistic dependence" on China has resulted in a huge external debt.
Pakistan is reeling under a massive economic crisis with the country's rupee recording a historic low of 275 to the US dollar.
Also watch: <a href="https://www.editorji.com/india-news/adani-hindenburg-row-aap-protesters-dispersed-in-chandigarh-1676203781288">Adani-Hindenburg row: AAP protesters dispersed in Chandigarh&nbsp;</a>

pakistan economic crisis

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