Washington: IMF Managing Director Kristalina Georgieva has warned that theIsrael-Palestine conflict is adversely affecting global oil markets,leading to rising prices.
According to details, IMF Managing Director Kristalina Georgieva, whileaddressing the annual meetings of the IMF and the World Bank in Morocco,discussed the situation of Israel-Hamas conflict.
She stated that Israel is darkening the economic landscape of thePalestinian conflict, preventing the situation from deteriorating further.
Kristalina Georgieva stated that the global economic system is alreadyfacing challenges, and the conflict is causing damage to the global oilmarkets, resulting in increased inflation.
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Pakistan which heavily dependant on the oil imports will have severenegative impacts on its economy. Pakistan Oil imports are over $10 billionand an increase of $10 to $20 in the international oil market will give aloss of billions of dollars.
Simultaneously the Pakistani Rupee will also come under severe pressurefrom US Dollar and with this development there is going to be furtherinflation in Pakistan.