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Prices of food items skyrocket amid Ramadan

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PESHAWAR: With the beginning of Ramadan, prices of food items have also started skyrocketing without any check from the authorities concerned.

During a visit to markets in the capital city of Khyber Pakhtunkhwa (KP) to check and compare rates of edibles with those issued by the district administration, it was found that the prices of food items have continued to increase with each passing day in the holy month.

The price of live chicken has increased to Rs350 per kg and the price of rice increased by Rs70 per kg, said a vendor, adding that the price of rice has gone up to Rs335 per kg.

He also said that split chickpeas (chana dal) started selling at Rs220 to Rs260 per kg, while the price of beans increased by Rs60 per kg with rates jumping from Rs281 to Rs339 per kg.

The price of spices increased from Rs150 to Rs200 per kg, a shopkeeper told APP during a visit.

He shared that the price of spices in the city has reached Rs600 per kg and the cost of oil and ghee also seen a surge by Rs62 per kg, while other vegetables and fruits also now remain out of consumers’ purchasing power. Garlic is being sold at Rs360 and ginseng at Rs620 per kg. On the other hand, peas cost Rs200, Arvi Rs180, Zucchini Rs170, green capsicum Rs150 rupees and tomato Rs120 per kg.

The rates of fruits have also seen a hike. Sweet oranges are priced at Rs440 per dozen, oranges at Rs400 per dozen, banana at Rs300 per dozen, pomegranate Rs400, Iranian apple at Rs340 per kg, Kohati guava at Rs350 and strawberry costs Rs280 per kg.

The skyrocketing price hike also impacted the meat market with beef being sold for Rs700 per kg before Ramadan, but is now priced at Rs800 and Rs1,000 per kg, while the rates of mutton were increased from Rs1,400 to Rs1,600 per kg; thereby increasing to Rs1,800 per kg.

“The rates issued by the district administration do not suit us,” a butcher in the local market said.

When asked about the imposition of fines and raids from the district administration officials, he replied that most officials did not come inside the market to check rates during the recent rain due to heavy mud-stranded water; therefore, the shopkeepers began charging rates of their own choice.

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Moody’s says the IMF programme will increase Pakistan’s foreign financing.

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Moody’s, a reputable international rating agency, has stated that Pakistan’s chances of acquiring funding will increase as a result of the recent agreement with the International Monetary Fund (IMF), which offers dependable sources for that purpose from both friendly countries and international financial institutions.

According to a recent Moody’s analysis on Pakistan’s economy, social unrest and tensions could result from Pakistan’s ongoing inflation. The country’s economic reforms may be hampered by increased taxes and potential changes to the energy tariff, it continued.

Moody’s, on the other hand, agrees that the coalition government headed by Shehbaz Sharif of the PML-N is in danger of failing to secure an election mandate, which may potentially undermine the successful and long-lasting execution of economic reforms.

The government’s capacity to proceed with economic changes may be hampered by societal unrest and poor governance, according to Moody’s.

In order to appease the IMF by fulfilling a prerequisite for authorising a rescue package, the government raised the basic tariff on electricity, which coincided with the most recent increase in fuel prices announced on Monday. This report was released by Moody’s.

Food costs have increased in the nation, where the vast majority is experiencing an unprecedented crisis due to the high cost of living, following the government’s earlier presentation of a budget that included a large increase in income tax for the salaried classes and the implementation of GST on commodities like milk.

The most recent comments were made following Islamabad’s achievement of a staff-level agreement for a $7 billion contract that spans 37 months and is contingent upon final approval by the IMF Executive Board.

It states that Pakistan will need foreign financing totaling about $21 billion in 2024–2025 and $23 billion in 2025–2026, meaning that the country’s present $9.4 billion in reserves won’t be sufficient to cover its needs.

Therefore, according to Moody’s, Pakistan is in an alarming position with regard to its external debt, and the next three to five years will be extremely difficult for the formulation and implementation of policies.

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Base Of bilateral relations: China And Pakistan Reiterate Their Support For CPEC

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China-Pakistan economic corridor is a major project of the Belt and Road Initiative, and both countries have reiterated their commitment to it. It remains a fundamental aspect of their bilateral relations.

Vice Chairman Zhao Chenxin of the National Development and Reform Commission of China and Minister Ahsan Iqbal of Planning and Development met in Beijing, where Ahsan Iqbal made this assurance.

The summit made clear how committed China and Pakistan are to advancing their strategic cooperative partnership in all weather conditions.

The focus of the discussion was on how the CPEC was going, with both parties reviewing project development and discussing how the agreement made at the leadership level will lead to the launch of an enhanced version of the CPEC.

In order to improve trade, connectivity, and socioeconomic growth in the area, they emphasised the need of CPEC projects.

The Ml-I Project, the KKH realignment, and the Sukkur-Hyderabad motorway—the last remaining segment of the Karachi-Peshawar motorway network—were all to be expedited.

Expanding the partnership’s horizons to include technology, innovation, education, connectivity, and renewable energy sources was another topic of discussion.

Specifically in the special economic zones being built under the Comprehensive Economic Cooperation (CPEX), Vice Chairman NDRC emphasised the possibility of China investing more in Pakistan.

In addition to expressing confidence in the ongoing success of the two nations’ collaboration, Zhao Chenxin reiterated China’s support for Pakistan’s development aspirations.

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Pakistani government raises petrol prices

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A recent announcement states that the price of petrol has increased by Rs 9.99 per litre, to Rs 275.60 per litre.

The cost of high-speed diesel has also increased significantly, rising by Rs 6.18 a litre. Diesel is now priced at Rs 283.63 a litre.

Furthermore, kerosene now costs Rs 0.83 more per gallon.

The cost of products and services is predicted to rise in response to the increase in petroleum prices, further taxing household budgets and jeopardizing the stability of the economy.

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