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-Top News Economy PAKISTAN

Imran Seeks IMF Election Audit Before New Loan

Former PM Imran Khan warned that the loan would lead to more poverty and add to the country’s burden.

Pakistan Tehreek-e-Insaf (PTI) founder and former Prime Minister, Imran Khan, confirmed on Friday that he had sent a letter to the International Monetary Fund (IMF) demanding that it hold an audit of the election results before approving any new loan for Islamabad, The News International reported.

“The letter has been written to the IMF and will be dispatched today. If the country gets a loan in such a situation, then who will return it?” PTI leader told media during a hearing of the £190 million reference at Adiala Jail.

The former PM warned that the loan would lead to more poverty and add to the country’s burden.

According to the News International report, Khan’s update about the letter comes a day after PTI senator Ali Zafar announced that the party founder had decided to write to the global lender urging it to call for an audit of the February 8 election before it continues talks with Islamabad for a new loan programme.

However, the IMF, on Saturday, expressed willingness to work with the new Pakistani government, ignoring his demand, the news report stated.

Meanwhile, former Finance Minister Ishaq Dar said the letter holds no significance, adding that if the PTI founder has written against the country’s national interest then it is condemnable.

“Writing anything for personal gain is shameful. PTI founder’s letter will have no significance,” Dar, a senior leader of the Pakistan Muslim League-Nawaz (PML-N), told media outside the Punjab Assembly.

Pakistan’s former Finance Minister Ishaq Dar

Pakistan secured a short-term USD 3 billion programme from the IMF last year which helped to avert a sovereign debt default. It will run out next month and securing a new and much bigger one is widely seen as the priority for the new administration, Geo News reported.

With the Pakistan Muslim League-Nawaz (PML-N), the Pakistan Peoples Party (PPP), and their allies striking a deal to form a coalition government, the PTI and some other political parties have altogether rejected the elections and announced country-wide protests.

The PTI has demanded election results be issued based on Form 45–the results of a single polling station instead of Form 47–the consolidated results of a constituency, as the party claimed the votes were rigged after its Independent candidates won a simple majority in the National Assembly. (ANI)

ALSO READ: SPECIAL: A crown of thorns awaits the incumbent PM of Pakistan

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Business Economy India News

India’s Market Set to Hit $10 Trillion by 2030

With a consistent history of 10-12% USD CAGR over the last 10 & 20 years, India is now the 5th largest equity market & market cap will likely touch $10 trillon by 2030…writes Sanjeev Sharma

India’s market cap is currently the 5th largest globally (US $4.5 trillion) but its weight in global indices is still low at 1.6% (10th rank), foreign brokerage, Jefferies said in a report.

This should change as market free float rises and some weight anomalies get sorted out. Assuming market returns in line with the last 15-20 year history and new listings, India will become nearly a $10 trillion market by 2030 — impossible for large global investors to ignore, the report said.

With a consistent history of 10-12% USD CAGR over the last 10 & 20 years, India is now the 5th largest equity market & market cap will likely touch $10 trillon by 2030. Continued reforms should maintain India’s ‘fastest growing large economy’ status. Strong trend in domestic flows have reduced market volatility and decadal low foreign ownership offers valuation cushion. RoE-focused corporate sector with 167 companies more than $5 billion market cap leave ample choices to investors, Jefferies said.

Rising entrepreneurship/vibrant start-up ecosystem is driving innovation. 10 years of investment downcycle & risk aversion trend has now inverted with housing upcycle and corporate D/E ratio at an all-time low. India is home to 111 unicorns (market value $350 billion) making it the 3rd largest unicorn hub globally after US and China, the report said.

Govt’s focus on developing digital infrastructure, globally the cheapest data rates and the abundant homegrown talent pool have been the key drivers. India is now becoming a services exports hub. Services export (including remittances) now accounts for nearly $450 billion/year. Several large global organisations have 10-20% of their employees based in India including companies like JP Morgan, Intel, NTT etc. Superior digital infra, young & well educated human resources should drive this segment to keep growing, the report said.

RoE-focused corporate sector is a key positive for minority investors. Listed equity market is among the most diversified emerging markets. Strong institutional framework of regulators (SEBI, RBI), intermediaries (responsible asset managers) has helped develop a large domestic investor base. Sustainable investment habits give visibility of $50 billion/year flow into equities from domestic investors which will likely keep the valuations on the expensive side but also reduce market volatility, the report said.

India will be 3rd largest economy by 2027. Over the last 10 years, India’s GDP has grown by 7% CAGR in USD terms to $3.6 trillion – jumping from the 8th largest to the 5th largest economy. Over the next 4 years, India’s GDP will likely touch $5 trillion making it the 3rd largest economy by 2027, overtaking Japan and Germany, being the fastest growing large economy with the tailwinds of demographics (consistent labour supply), improving institutional strength and improvement in Governance.

Business Activity Peaks

The growth rate in India’s business activity accelerated to a 7-month high in February driven by a strong demand for both manufacturing and services, according to a private economic survey released on Thursday.

HSBC’s flash India Composite Purchasing Managers’ Index (PMI), compiled by S&P Global, rose to 61.5 this month from 61.2 in January, which is above the 50-mark that separates expansion from contraction for the 31st consecutive month.

“The pace of acceleration in the output of India’s manufacturers and service providers, combined, was at a 7-month high in February. Encouragingly, new export orders rose sharply, particularly for goods producers,” said Pranjul Bhandari, chief India economist at HSBC.

The manufacturing PMI for February rose to 56.7 from last month’s 56.5, its highest since September, and the preliminary services PMI rose to 62.0 from 61.8 in January to reach its highest level in the last 7 months.

Overall international orders increased at the fastest pace since September.

The survey is in tune with the RBI bulletin released on Tuesday which states that the Indian economy continues to sustain the momentum achieved in the first half of 2023-24 and a fresh round of capital expenditure by the corporate sector is expected to fuel the next leg of growth.

Consumer confidence strengthened further in January 2024, driven especially by optimism about the general economic situation and employment conditions, as per the RBI’s latest survey of households. Various enterprise surveys also point towards strong business optimism, the RBI bulletin points out.

It also states that high frequency indicators point towards sustained strength in demand conditions in the economy during January 2024. E-way bills grew by 13.2 per cent in December 2023. Toll collections expanded by 15.5 per cent year-on-year in January 2024, although they sequentially moderated from a record in the previous month.

Automobile sales had registered an expansion of 23.3 per cent year-on-year in January with two wheeler sales recording double digit growth. Retail tractor sales recorded a seven-month high growth at 21.2 per cent year-on-year in January 2024. Vehicle registrations recorded strong year-on-year growth.

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-Top News Economy India News

India Greenlights Up To 100% FDI In Space Sector

The satellites sub-sector has been divided into three different activities with defined limits for foreign investment in each such sector…reports Asian Lite News

The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved the amendment to Foreign Direct Investment (FDI) policy on the Space sector.

The satellites sub-sector has been divided into three different activities with defined limits for foreign investment in each such sector, an official statement added.

The statement added that the Indian Space Policy 2023 was notified as an overarching, composite and dynamic framework to implement the vision for unlocking India’s potential in the Space sector through enhanced private participation.

“The said policy aims to augment space capabilities; develop a flourishing commercial presence in space; use space as a driver of technology development and derived benefits in allied areas; pursue international relations and create an ecosystem for effective implementation of space applications among all stakeholders,” it said.

“As per the existing FDI policy, FDI is permitted in the establishment and operation of Satellites through the Government approval route only. In line with the vision and strategy under the Indian Space Policy 2023, the Union Cabinet has eased the FDI policy on the Space sector by prescribing liberalized FDI thresholds for various sub-sectors/activities,” the statement added.

Department of Space consulted with internal stakeholders like IN-SPACe, ISRO and NSIL as well as several industrial stakeholders. NGEs have developed capabilities and expertise in the areas of satellites and launch vehicles. With increased investment, they would be able to achieve sophistication of products, global scale of operations and enhanced share of global space economy, it said.

The proposed reforms seek to liberalise the FDI policy provisions in space sector by prescribing liberalised entry route and providing clarity for FDI in Satellites, Launch Vehicles and associated systems or subsystems, creation of Spaceports for launching and receiving Spacecraft and manufacturing of space-related components and systems, it added.

“Under the amended FDI policy, 100 per cent FDI is allowed in space sector. The liberalized entry routes under the amended policy are aimed to attract potential investors to invest in Indian companies in space,” it stated.

This increased private sector participation would help to generate employment, enable modern technology absorption and make the sector self-reliant, the release stated, adding that it is expected to integrate Indian companies into global value chains. With this, companies will be able to set up their manufacturing facilities within the country duly encouraging ‘Make In India (MII)’ and ‘Atmanirbhar Bharat’ initiatives of the Government. (ANI)

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Business Economy India News

India’s ‘Money Mule’ Epidemic

Mule accounts are owned by people who are duped by fraudsters into laundering stolen/illegal money via their bank accounts….reports Asian Lite News

Banks in India need to bolster their fraud defences as the number of mule accounts surge and third-party account takeover fraud (55 per cent of all frauds in the country) represents a bigger threat than social engineering scams, a report showed on Wednesday.

Mule accounts are owned by people who are duped by fraudsters into laundering stolen/illegal money via their bank accounts. When such incidents are reported, the “money mule” becomes the target of investigations due to their involvement.

According to the ‘2024 Digital Banking Fraud Trends in India’ report by BioCatch, a global leader in digital fraud detection, every device found to participate in mule activity in India logged into an average of 35 accounts each.

“Fraudsters are likely accessing Indian mule accounts from outside the country. While 86 per cent of the first session of documented mule account activity came from within India, after a month, that number fell to just 20 per cent and 16 per cent of those sessions used a virtual private network (VPN),” the findings showed.

BioCatch customers saw more mule activity (14 per cent of the total) in Bhubaneswar than anywhere else in the country.

Lucknow and Navi Mumbai accounted for 3.4 per cent of recorded mule activity, two cities in West Bengal – Bhagabatipur and Gobindapur – 1.7 per cent and 2.6 per cent, respectively, Mumbai 2.2 per cent, Bengaluru 1.8 per cent, and Cuttack 1.6 per cent, said the report.

At one partner bank in the country, BioCatch found nine out of every 10 mule accounts went undetected.

“The prevalence of mule accounts potentially represents the most under-the-radar trend in the entire fraud space,” said Tom Peacock, BioCatch’s director of global fraud intelligence.

The findings came on the heels of a recommendation by the Reserve Bank of India (RBI) that financial institutions in that country abandon text-based, one-time passcodes as a method of secure authentication.

According to counter-fraud expert Charanjeet S. Bhatia, “the existing OTP-based authentication doesn’t protect customers against new-age frauds, including customer-initiated fraudulent transactions.”

“With the right technology and implementations, banks can do a lot more than what they are currently doing to protect customers,” said Charanjeet S. Bhatia in response to the RBI recommendation.

UPI, Aadhaar to Boost India’s $8T Economy by 2030

Digital Public Infrastructure (DPIs) like Unified Payments Interface (UPI) and Aadhaar are poised to propel India towards a $8 trillion economy by 2030, helping the country achieve a $1 trillion digital economy target, a Nasscom-led report said on Wednesday.

With successful mass adoption and larger economic impact, DPIs are impacting approximately 1.3 billion citizens, covering 97 per cent of India’s population.

The matured DPIs enabled a value creation of $31.8 billion, equivalent to 0.9 per cent of India’s GDP in 2022.

Aadhaar has enabled an economic value of $15.2 billion, primarily through the elimination of Direct Benefits Transfer leakages. UPI, on the other hand, has replaced cash transactions and electronic transfers across sectors, contributing $16.2 billion, according to the report by Nasscom in collaboration with global consulting firm Arthur D. Little.

“India’s digital transformation, propelled by DPIs, marks a leap towards a digitally-empowered economy, a cornerstone of ‘techade’, driving the ‘India@47’ growth narrative. DPI’s success has positioned India as a global leader in digital innovation,” said Debjani Ghosh, President, Nasscom.

Ecologically, DPI adoption has led to significant paper savings and carbon emissions reduction. The time saved in logistics and transportation sector reduced carbon emissions by 3.2 million tonnes in 2022.

Furthermore, DPIs align with core UN SDG goals by providing citizen-centric solutions, said the report.

India’s interoperable and open-source DPIs are now being adopted or considered by over 30 countries to enhance social and financial inclusion.

“While mature DPIs have witnessed exponential adoption by 2022, the next 7-8 years offer an opportunity for further scalability, reaching even the most remote segments of the population. By 2030, DPIs will significantly enhance citizens’ efficiency and promote social as well as financial inclusion,” said Brajesh Singh, President-India, Arthur D Little.

The transformation of matured and budding DPIs through innovative technology integration such as AI, Web3, Metaverse presents significant opportunities.

To realize the 2030 DPI potential, government agencies need to continue to give proactive policy support, regulatory clarity, and promote existing digital ecosystems by setting up task forces to drive adoption and foster innovation through partnerships with corporates and startups, the findings showed.

“Startups and SMEs should build business models that capitalise on the full-scale adoption of existing digital infrastructure and experiment with new-age technologies. Corporates and Big Tech should anticipate future digital demand, build necessary infrastructure and foster innovation,” it added.

ALSO READ: India’s AI Market to Hit $17B by 2027: Nasscom

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Business Economy Fashion

Amazon Unveils ‘Bazaar’

The e-commerce giant also mentioned that Bazaar will offer sellers access to tens of millions of customers, “hassle-free” delivery and levy zero referral fee….reports Asian Lite News

E-commerce giant Amazon is set to launch a low-priced fashion and lifestyle vertical called ‘Bazaar’ in India.

According to a communication the company has sent to its partners, the new vertical Bazaar is a special store where no “extra charges” will be imposed on vendors supplying unbranded and “trendy” fashion and lifestyle products, reports TechCrunch.

“Your products will be featured in a special store on Amazon, making them easy for customers to find,” the company wrote in the communication.

The items sold via Bazaar will be priced under Rs 600, the report noted.

In the communication, the e-commerce giant also mentioned that Bazaar will offer sellers access to tens of millions of customers, “hassle-free” delivery and levy zero referral fee.

Meanwhile, net sales for Amazon increased 14 per cent to $170 billion in the holiday quarter that ended December 31, 2023, compared with $149.2 billion in the fourth quarter of 2022.

Amazon CEO Andy Jassy said the past holiday season was “record-breaking.”

Net income increased to $10.6 billion in the fourth quarter of 2023, compared with $0.3 billion in the fourth quarter of 2022. Amazon Web Services (AWS) segment sales increased 13 per cent year-over-year to $24.2 billion.

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Business Economy India News

Jungle Ventures to Invest $20M in India’s Walko Food

This is Jungle’s second investment into Walko Food within less than 12 months….reports Asian Lite News

Singapore-based VC firm Jungle Ventures on Wednesday said it will infuse another $20 million in India’s fastest growing ice cream brand Walko Food.

This is Jungle’s second investment into Walko Food within less than 12 months.

Since its last funding round with Jungle in May 2023, Walko Food has introduced Yummo, its latest ice cream brand, tapping into a $3 billion market.

The latest round of capital will further boost Walko’s expansion across its product portfolio and customer reach, and accelerate its penetration into the Indian ice cream market, the company said in a statement.

“This collaboration is a testament to Jungle Ventures’ confidence in Walko’s management team and its vision to nurture and grow our existing brands, including NIC, Grameen Kulfi, and Cream Pot, across various sales channels,” said Sanjiv Shah, Director, Walko Food Company.

Earlier, the company appointed celebrity Rashmika Mandanna as its brand ambassador for its premium ice cream brand NIC.

“Walko is tapping into a multi-billion-dollar opportunity in the Indian ice cream industry. In recent years, ice cream has captivated Indian consumers, causing a structural shift in dessert consumption patterns from traditional Indian sweets to ice cream,” said Arpit Beri, Partner, India Investments at Jungle Ventures.

Jungle Ventures is focused on early to growth-stage companies in Southeast Asia and India.

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Business Economy World News

Bitcoin market cap scales $1 trillion

The year 2022 was marked by the high-profile implosion of crypto exchange FTX…reports Asian Lite News

The value of the world’s most popular cryptocurrency, Bitcoin, has more than tripled to $52,000 since November 2022.

The year 2022 was marked by the high-profile implosion of crypto exchange FTX, which triggered liquidity crises at several smaller crypto firms, CNN reported.

Following bitcoin’s gains in 2023, investors have returned in droves in recent weeks, pushing the asset’s market capitalisation above $1 trillion for the first time since its 2021 heyday, based on data from CoinMarketCap, the report said.

In contrast to traditional currencies, the supply of Bitcoin is limited and is expected to peak in 2140, according to the price-tracking website for cryptocurrencies.

Money flows into Bitcoin have been boosted by the recent launch of exchange-traded funds that invest directly in the cryptocurrency and which have made it easier for retail investors to put money into the asset. The value of bitcoin has risen nearly 13 per cent since January 10, when US regulators gave the green light to investment firms wishing to offer such funds, CNN reported.

Bitcoin remains far from its all-time high of $69,000, reached in November 2021, but industry players expect it to keep climbing this year and that peak may be surpassed, CNN reported.

Part of the bullishness is down to Bitcoin’s upcoming “halving” — a feature of its design that automatically halves the rate of new coins entering circulation, an event taking place roughly every four years.

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-Top News Economy UK News

UK posts record budget surplus in Jan

Public debt was estimated at around 96.5% of annual gross domestic product, up 1.8 percentage points from January 2023 and holding at levels last seen in the early 1960s, the ONS highlighted…reports Asian Lite News

The U.K. logged a record £16.7 billion ($21.1 billion) net budget surplus in January, according to official figures released on Wednesday.

The Office for National Statistics noted that the country’s public finances usually run a surplus in January, unlike during other months, as receipts from self-assessed annual income tax payments come in.

Combined self-assessed income and capital gains tax receipts totaled £33 billion in January, the ONS said, down £1.8 billion from the same period of last year. Total government tax receipts came in at a record £90.8 billion, up £2.9 billion compared to January 2023.

Government borrowing during the financial year spanning to the end of January 2024 was £96.6 billion, £3.1 billion lower than over the same 10-month period a year ago and £9.2 billion lower than the £105.8 billion previously forecast by the independent Office for Budget Responsibility.

Public debt was estimated at around 96.5% of annual gross domestic product, up 1.8 percentage points from January 2023 and holding at levels last seen in the early 1960s, the ONS highlighted.

“We provided hundreds of billions to pay wages, support business and protect lives during Covid, and to pay half of people’s energy bills after Putin’s invasion of Ukraine,” the government’s chief secretary to the Treasury, Laura Trott, said in a statement.

“But we can’t leave future generations to pick up the tab, which is why we have taken tough decisions to help reduce borrowing versus what the OBR expected in March.” The figures on Wednesday mark the final set of public finances data before Finance Minister Jeremy Hunt delivers his Spring Budget, which outlines the government’s fiscal policy for the year, on March 6.

With a general election due before the end of January 2025 and the main opposition Labour Party leading by more than 20 points in the polls, there has been much speculation about whether Hunt will try to find the headroom for tax cuts next month.

“With recent U.K. by-election results suggesting that the Labour party continues to have the advantage as we head towards the general election, Hunt will be under pressure to offer tax cuts,” said Lindsay James, investment strategist at Quilter Investors.

“However, with his hands largely tied by the state of the nation’s finances, investors must be realistic about the prospects for the extent of this, or prepare for more savage cuts to the U.K.’s already under-strain public services.”

Despite the record January surplus, weaker-than-expected self-assessment receipts meant the figure was actually slightly below that forecast by the OBR in November.

However, Hunt will take solace in the downside revision to borrowing figures over the first 10 months of the financial year, according to Martin Mikloš, research economist at the Institute for Fiscal Studies.

“While lower borrowing over the last ten months is welcome news, as the OBR prepares a new set of forecasts for the upcoming March Budget much more important will be the judgement they make on the outlook for growth and inflation,” Mikloš said.

“With public services under strain, pressures to offset some of the record-breaking tax rise seen since 2019, and the need for a credible plan to get debt on a falling path the Chancellor’s forthcoming Budget will not be an easy one to navigate.”

ALSO READ-Budget Session extended by a day  

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Business Economy

Zee Denies Sony Merger Talks

Zee shares were up more than 8 per cent on Tuesday and closed at Rs 193, up Rs 14.35….reports Asian Lite News

Zee Entertainment has denied reports that the company is in talks to revive the merger with Sony.

Zee Entertainment said, “We would like to clarify that the company is not involved in any negotiations, or any other event as stated in an article, and we categorically confirm that the news item is factually incorrect.

“We wish to clarify that the company is not aware of any information that has not been announced to the exchanges, which could explain the aforesaid movement in the trading, and we are not in a position to determine the material impact of the article on the company.”

Zee shares were up more than 8 per cent on Tuesday and closed at Rs 193, up Rs 14.35. The bounce in the stock was attributed to reports that Zee and Sony were in talks again to revive the merger.

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-Top News Asia News Economy

Political instability aggravates Pakistan’s economy crisis

Pakistan is likely to miss the bailout package by the International Monetary Fund (IMF) that is required to protect the cash-strapped country from default….writes Dr Sakariya Kareem

Pakistan stares at a bigger economic crisis as the aggrieved political instability after the inconclusive election results has thrown the country into chaos and hopelessness.

The government formed through a coalition of dissonant political parties will lead to policy paralysis, obstructing crucial economic reforms. All this would be detrimental to the country’s economy, which is already suffering from an array of problems such as hyperinflation, unsustainable external debts, and low levels of foreign reserves. 

Pakistan’s debt profile raises an alarm thanks to unsustainable borrowing and spending patterns. The debt per capita has increased by 36 percent between 2011 and 2023 while the GDP per capita decreased by 6 percent during the same period. 

Pakistani Currency.

The widening financing gap has necessitated further borrowing. Against such a backdrop, the ongoing political instability, which may affect the external financing flows, is going to hurt Pakistan’s economic trajectory in the longer term, cautioned Fitch Ratings, a global credit agency.

This means Pakistan is likely to miss the bailout package by the International Monetary Fund (IMF) that is required to protect the cash-strapped country from default. “Continued political instability could prolong any discussions with the IMF, delay assistance from other multilateral and bilateral partners, or hamper the implementation of reforms,” Fitch Ratings noted.

Pakistan People’s Party (PPP) has announced conditional support to the Pakistan Muslim League-Nawaz (PML-N) to form a new government. However, the rival Imran Khan-led Pakistan Tehreek-e-Insaf (PTI) too is trying to come to power by allying with a few smaller parties. 

Now Pakistan faces high tensions and a political slugfest, the first victim seems to be its economy.

Pakistan had protected itself from a default last year thanks to a USD 3-billion bailout from the IMF. However, it needs to renew the IMF support by March, which seems challenging amid political instability.

Amreen Soorani, head of research at Karachi-based JS Capital, said “Lack of clarity has always been a killer for the market as it leaves existing and prospective investors indecisive on outlook.”  Pakistan is set to see more instability in the near future.         

Islamabad-based think tank Tabadlab called Pakistan’s borrowing and spending habits “unsustainable” as Pakistan USD 49.5 billion in debt maturities in 2024 and its economy’s ability to grow or increase output is constrained. “This is unsustainable. Unless there are sweeping reforms and dramatic changes to the status quo, Pakistan will continue to sink deeper, headed towards an inevitable default, which would be the start of the spiral” reads the latest report by the think tank. 

Pakistan Army is often blamed for dominating national decisions, interfering the civilian government affairs, and even influencing electoral results.  This time however people of Pakistan have defied the army, said Hina Jilani, Chairperson of the Human Rights Commission of Pakistan.  “Things are still very fluid post-election, and that in itself shows how this period is not going to be a very stable one,” she said.  The current political situation does not favour any hope or stability for Pakistan, Jilani added.

People buy peanuts at a shop in northwest Pakistan’s Peshawar on Dec. 9, 2020. (Photo by Umar Qayyum/Xinhua/IANS)

Syed Munir Khasru, chairman of the international think tank IPAG Asia-Pacific, said the next prime minister of Pakistan will have to walk on a tightrope as the government could collapse while making hard decisions for economic recovery. “The next prime minister will have to accommodate the demands of coalition partners while confronting economic crises,” he said.

If Pakistan seeks to get another IMF bailout, it will have to implement more austerity measures, which will translate into reducing subsidies on essential commodities. “Imposing draconian economic measures on an already struggling population will not be easy… We can expect serious social unrest down the road,” said Claude Rakisits, a visiting research fellow at the Brussels-based Centre for Security, Defence and Strategy. 

Around 40 percent of people in Pakistan live below the poverty line.  The IMF conditions are hard to meet as Pakistan has been witnessing unbearable inflation, which hovered around 30 percent in the past year. The elections in Pakistan were supposed to bring stability to the country. However, the inconclusive election results have rather added to the political instability, which can harm Pakistan’s economy in the long term.

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