Pakistan economy in crisis: Bloomberg report

Pakistan economy in crisis: Bloomberg report

ISLAMABAD - Bloomberg says Pakistan's record imports, widening deficit, dollar reserves, rising financial risk and rate hike are the factors to indicate the struggling economy of Pakistan.

The report noted Pakistan had raised taxes in October of 2017 to curb rising imports, however, the current account and trade deficits hit record high with fall in foreign exchange reserves.

Uzair Younus, a South Asia director at Washington-based consultancy Albright Stonebridge Group LLC, was quoted saying "Pakistan’s external sector indicators signal a crisis and are going from bad to worse.”

“With elections around the corner, the government will simply kick the can down the road.

The next government will face a balance of payments crisis and most likely go to the International Monetary Fund for yet another bailout," he added.