Pakistan's inflation reached a how many year high as the International Monetary Fund (IMF) visited for emergency talks?

Daily Current Affairs

32 Years

40 Years

48 Years

56 Years

Correct Answer : 48 Years

Inflation has risen to a 48-year high in crisis-hit Pakistan, where the International Monetary Fund (IMF) is visiting for urgent talks, according to data released on Wednesday (1st Feb 2023) by the country's statistics bureau.

* Year-on-year inflation in January 2023 was recorded at 27.55%, the highest since May 1975, with thousands of containers of imports held up at Karachi port.

* Pakistan's economy is in dire straits, stricken by a balance of payments crisis while it attempts to service high amounts of external debt.

Inflation Rate In Pakistan :

* Food prices rose by a staggering 43 percent in January year-on-year. The inflation rate in Pakistan averaged 8.05 per cent from 1957 until 2023, reaching an all-time high of 37.8 per cent in December 1973 and a record low of minus 10.32 per cent in February 1959.

* Pakistan’s finance ministry said in its monthly outlook released that inflation for January was forecast in the range of 24%-28%, citing supply-side factors and economic and political uncertainty.

* The world's fifth-biggest population has less than $3.7 billion in the state bank – enough to cover just three weeks of imports.

IMF Talks :

* On Tuesday (31st Jan 2023), an IMF delegation arrived in Islamabad to revive negotiations over a stalled bailout package with the government, which has so far held out from meeting the global lender's tough conditions.

* But in recent days, with the prospect of national bankruptcy looming and no friendly countries willing to offer less painful bailouts, Islamabad has started to bow to pressure.

* "Inflation is so high that one cannot earn enough."

* Former Prime Minister Imran Khan, who was ousted last year in a no-confidence motion, negotiated a multi-billion-dollar loan package from the IMF in 2019.

* But he reneged on promises to cut subsidies and market interventions that had cushioned the cost-of-living crisis, causing the programme to stall.

* It is a common pattern in Pakistan, where most people live in rural poverty, with more than two dozen IMF deals brokered and then broken over the decades..

Source : The Hindu

Published On : February 2, 2023

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Global Solar Growth Trends :

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Q .

India's Toy Exports Slip to _____ Million in 2023-24

$102.92

$121.19

$139.53

$152.34

Correct Answer : Option (D) - $152.34

India’s toy exports experienced a slight decline to USD 152.34 million in the fiscal year 2023-24, with limited benefits from quality control measures. Despite efforts to bolster the domestic industry and ensure product safety, exports did not see significant improvement.

Declining Export Trends :

Export figures dropped marginally from USD 153.89 million in the previous fiscal year to USD 152.34 million in 2023-24, as outlined by the Global Trade Research Initiative (GTRI). Despite a modest increase in exports from FY’2020 to FY’2022, the subsequent year witnessed a downturn.

Import Trends :

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GTRI’s Recommendations :

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Q .

India Leads Global Remittances, Surpassing _____ Billion Mark.

$50

$100

$200

$250

Correct Answer : Option (B) - $100

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The UN’s World Migration Report 2024 underscored India’s consistent growth in remittances, noting a rise from $53.48 billion in 2010 to $111.22 billion in 2022. This significant increase showcases India’s pivotal role in the global remittance landscape.

Southern Asia’s Significance in Global Remittances :

The IOM emphasized Southern Asia’s importance as a major recipient of global remittances, attributed to its high proportion of migrant workers and emigrants. India, Pakistan, and Bangladesh all ranked among the top ten recipients worldwide, highlighting the sub-region’s reliance on labor migration.

Prominent Migration Corridors and Destination Countries :

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Published On : May 9, 2024