Pakistan's debt trap has become "death trap", admits PM Shehbaz Sharif at the World Economic Forum

May 01, 2024

New Delhi May 01 (ANI): PM Shehbaz Sharif attended the two-day WEF Special Meeting on Global Collaboration, Growth, and Energy in Riyadh, Saudi Arabia. He made remarks on the increasing inflation rates in the country during the closing session of the WEF. PM Shehbaz Sharif expressed that the nation's debts have become a pressing concern, which he called a “death trap”. Islamabad is seeking a new, larger long-term Extended Fund Facility agreement with the fund after the current $3 billion standby arrangement expires this month. However, IMF approved $1.1 Billion funding for Pakistan amid talks on new bailout package. PM Modi took a jibe at Pak’s economic crisis and said, the country roaming around the world with a begging bowl. Pakistan is currently facing its highest inflation rate in nearly fifty years. Food inflation has surged to 48 percent. In recent months, inflation has soared to as much as 38 percent, marking the highest rate in South Asia