Amid the severe economic crisis, Pakistan’s government has decided to raise the policy rate to 19 per cent or 200 basis points, which will be an increase of 2 per cent. Currently, it stands at 17 per cent.
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The increase is based on rates the government set in the auction to raise domestic debt. This will push the interest rate to 19%, just below the previous record of 19.5% set in October 1996.
Sources said that discussion on some issues of the power sector was in the final stage after which the staff-level agreement with the IMF would be reached.
Also the power tariff was to be increased and new taxes imposed to pave the way for the deal. However, because of a severity of the economic crisis, every agreed measure would be tough on an overwhelming majority of the Pakistani people.
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