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As IMF reforms kick in, inflation in Pak stays high at 27.4 per cent
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Pakistan's inflation rate remained over the target in August at 27.4 per cent as reforms outlined as requirements for an IMF loan make it more difficult to control price pressures, ARY News reported citing the official data released on Friday.
After the avoidance of a sovereign debt default in July thanks to a USD 3 billion loan programme of the International Monetary Fund (IMF), Pakistan is on a difficult road to economic recovery under a caretaker administration.
Reforms related to the bailout, such as loosening import limits and demanding the removal of subsidies, have already fuelled annual inflation, which increased to a record 38.0 per cent in May. In addition, interest rates were increased, and the rupee dropped to record lows.
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