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Imran Khan Vows 'Biggest Welfare Package in Pakistan's History' to Ward-off Economic Woes
Imran Khan Vows 'Biggest Welfare Package in Pakistan's History' to Ward-off Economic Woes
Sputnik International
The PKR 120 billion ($705 million) relief package was announced as the Imran Khan-led government faces severe criticism from the opposition over record-high... 03.11.2021, Sputnik International
2021-11-03T21:48+0000
2021-11-03T21:48+0000
2022-08-06T13:54+0000
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On Wednesday, Pakistan's Prime Minister Imran Khan said that the PKR 120 billion relief package would save 130 million people from the negative effects of inflation. Under the subsidy program, these vulnerable people will purchase flour and pulses at 30 percent lower prices for the next six months. Addressing the nation, Khan blamed previous governments for the economic crisis and thanked Saudi Arabia, the UAE, and China for providing the help to save Pakistan from default."When you say petrol is expensive, it is the cheapest in Pakistan, but we will have to increase the price because otherwise our deficit will increase, and we will be further burdened by debt," he said. Pakistan has witnessed several protests in the past year as people complain to the government about costly fuel and flour."I request the two big families to bring half of the money they looted and took outside [to Pakistan]. Even if they bring half [the money], I promise you and the nation that I will slash the prices of all food items by half," Khan said, in a verbal plea to the families of PML-N supremo Nawaz Sharif and PPP leader Asif Ali Zardari.A World Bank report said that despite slowing to 8.9% in 2021 from 10.7% in 2020, consumer price inflation remained elevated – primarily because of high food prices. The World Bank detailed how inflation disproportionately impacts poorer households that must spend a larger share of their income on food items. Last week, Saudi Arabia announced $3 billion in financial support and $1.2bn to $1.5bn worth of oil supplies on deferred payments.
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pakistan, debt, imran khan, economic crisis, poor, financial crisis
Imran Khan Vows 'Biggest Welfare Package in Pakistan's History' to Ward-off Economic Woes
21:48 GMT 03.11.2021 (Updated: 13:54 GMT 06.08.2022) The PKR 120 billion ($705 million) relief package was announced as the Imran Khan-led government faces severe criticism from the opposition over record-high fuel and food prices. The Pakistan Muslim League (N) and the Pakistan Peoples Party (PPP) have held countrywide protests over what they call "unprecedented inflation."
On Wednesday, Pakistan's Prime Minister Imran Khan said that the PKR 120 billion relief package would save
130 million people from the negative effects of inflation. Under the subsidy program, these vulnerable people will purchase flour and pulses at 30 percent lower prices for the next six months.
Addressing the nation, Khan blamed previous governments for the economic crisis and thanked Saudi Arabia, the UAE, and China for providing the help to save Pakistan from default.
The prime minister has urged the media to provide a balanced view about inflation, noting that international oil prices rose by 100% in the last four months, while it has risen only 33% in Pakistan.
"When you say petrol is expensive, it is the cheapest in Pakistan, but we will have to increase the price because otherwise our deficit will increase, and we will be further burdened by debt," he said.
Pakistan has witnessed several protests in the past year as people complain to the government about costly fuel and flour.
"I request the two big families to bring half of the money they looted and took outside [to Pakistan]. Even if they bring half [the money], I promise you and the nation that I will slash the prices of all food items by half," Khan said, in a verbal plea to the families of PML-N supremo Nawaz Sharif and PPP leader Asif Ali Zardari.
A World Bank report said that despite slowing to 8.9% in 2021 from 10.7% in 2020, consumer price inflation remained elevated – primarily because of high food prices.
The World Bank detailed how inflation disproportionately impacts poorer households that must spend a larger share of their income on food items. Last week,
Saudi Arabia announced $3 billion in financial support and $1.2bn to $1.5bn worth of oil supplies on deferred payments.
