Islamabad [Pakistan], May 8 : Pakistan's Punjab government has stopped all types of arrears, and time scale payments to employees and officers due to the severe financial crisis and for the preparation of the new budget, Pakistan-based English language newspaper Pakistan Today reported.
The media recently reported that as Pakistan continues to grapple with economic challenges due to a shortage of foreign exchange reserves, citizens find it tough to buy everyday essentials like flour, oil and gas.
Despite daily necessities such as gas, electricity, petrol and flour getting more and more out of reach or prohibitively expensive for the average person to acquire, the Pakistan Democratic Movement (PDM) government is hardly paying heed to the plight of the people, Pakistan's vernacular media reported.
The World Bank recently estimated a drop in GDP per capita income for Pakistan from USD 1,613.8 in 2021-22 to USD 1,399.1 in 2022-23, Business Recorder reported.
In its report 'Macro Poverty Outlook for Pakistan: April 2023', the bank noted that GDP per capita growth is estimated at -1.5 per cent in 2022-23 in comparison to 4.2 per cent in 2021-22. World Bank has cut Pakistan's GDP forecast to 0.4 per cent.
The unemployment rate in Pakistan is estimated to rise from 10.2 per cent in 2022-23 to 10.1 per cent in 2021-22. Poverty will inevitably rise with pressures from weak labour markets and high inflation, as per the Business Recorder report.
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