ISLAMABAD: The Asian Development Bank (ADB) has released an economic outlook report on Pakistan’s economy, emphasizing the necessity of implementing an Economic Adjustment Program by April 2024.
According to an ADB report, inflation in Pakistan is projected to decrease from 29 percent to 25 percent in the ongoing fiscal year, driven by increasing economic confidence due to the general elections in 2023-24.
However, the report anticipates persistent high inflationary pressure due to increasing energy prices and a depreciating rupee. It forecasts Pakistan’s GDP to reach 1.9 percent in 2024.
The ADB report emphasizes the need to implement an Economic Adjustment Program for macroeconomic stability and gradual economic recovery. Additionally, it suggests that relaxing controls on imports could stimulate investment.
The ADB Country Director highlighted the threats to the Pakistani economy, including increasing global prices and sluggish economic growth, emphasizing the importance of sustained policy reforms.
The Asian Development Bank (ADB) calls for stringent fiscal discipline, advocates for a market-based exchange rate, and underscores the urgency of reforms in the energy sector and other government institutions.
Shehroze Kashif Becomes Youngest Pakistani To Climb âTrue Summitâ Of Manaslu
Meanwhile, on Wednesday morning, the 21-year-old mountaineer from Lahore, Shehroze Kashif, reached the highest point of Manaslu at 5:01 am PKT, as confirmed by his father Kashif Salman.
With this accomplishment, he has become the youngest Pakistani to successfully summit the âtrue summitâ of Manaslu.
Notably, this marks Shehrozeâs second ascent of the mountain in the Nepalese Himalayas. Nepalese mountaineering authorities had initially endorsed his climb in September 2021, but later discovered that it fell just short of the actual summit point.
