The Champions Trophy is being played in Pakistan. The host team has been released from the Pakistan tournament after a crushing defeat against New Zealand and India. On the one hand, the country is disappointed with cricket. On the other hand, bad news has come up for Pakistan on the economic front. The news is related to the country’s tax deficit. Pakistan suffered a loss of Rs 606 billion in the last eight months.
Inflation is constantly rising in the country
Pakistan is in trouble because of its economy. Inflation is steadily rising in the country. Meanwhile, there has been a tax deficit news for Pakistan. According to media reports, Pakistan’s tax deficit has increased to Rs 606 billion in the first 8 months of this financial year. This is increasing pressure on officials to violate commitments to the International Financial Fund (IMF).
Faced a large deficit of Rs 606 billion
The IMF offered a US $ 7 billion loan to bring the country’s economic status to the tracks, but many conditions were set to recover the loan. Pakistan’s Federal Board of Revenue (FBR) faces a huge deficit of ₹ 606 billion against the target of ₹ 7.95 trillion in July-February. However, FBR has recovered ₹ 1.65 trillion more than last year, which is a significant achievement in the economy that grows less than 1 percent in the first quarter.
Pakistan’s economy will take some time on the brink
The World Bank has announced that economic stability is increasing in Pakistan. According to a monthly outlook report of the Ministry of Finance, Pakistan’s consumer inflation is expected to remain stable in February and decline continuously compared to the previous year. Inflation has dropped by 2.4 percent in January. This clearly means that the situation in Pakistan has improved a bit. But still the status of the country is not completely okay. It will take time for the economy to get on the tracks.
