- Analysts warn that the country is at risk of following nearby Sri Lanka into default. Its foreign reserves have fallen to $4.2bn, not enough to cover one month’s worth of imports, leaving businesses struggling to operate.
- Pakistan’s central bank last week raised its benchmark interest rate by 100 basis points to 21 percent, the highest level in Asia.
- Soaring inflation and falling foreign currency reserves are creating shortages of imported drugs.
- Pakistan’s downward economic spiral is sparking a public health crisis. Rising inflation has driven the price of treatment to unaffordable levels, forcing many families to choose between healthcare and other necessities, while shrinking foreign currency reserves have caused shortages of imported drugs and medical equipment.
- Source: Financial Times