PTI-govt's IMF agreement behind hyperinflation: PM Shehbaz

ISLAMABAD: The Prime Minister (PM) Shehbaz Sharif said that Pakistan Tehreek-e-Insaf (PTI) government’s IMF agreement behind hyperinflation in the country, ARY News reported on Monday.

While addressing the PML-N parliamentary party meeting Prime Minister Shehbaz Sharif said that the government have met the IMF demands and consultations are in progress on the last IMF condition.

PM Shehbaz Sharif lambasted PTI chief Imran Khan over his IMF deal on strict conditions. He said that the current inflation is because of the previous government’s deal with the IMF. Imran Khan then violated the agreement and suspended the deal with IMF, he added.

Prime Minister Shehbaz Sharif applauded the friendly countries’ support but criticized Imran Khan for ruining the country’s economy. He blamed the PTI chief used bad words for the foreign premiers, and accused China of corruption, China has invested $30 billion in Pakistan. he added.

Furthermore, he refuted rumours regarding resuming trade relations with Israel and condemned those who spread this fake news.

Pakistan’s monthly inflation, as measured by the Consumer Price Index (CPI), reached an all-time high of 35.37 per cent year-on-year (YoY) in March, Pakistan Bureau of Statistics (PBS) data showed.

According to data released by PBS, prices in urban and rural areas increased 32.97pc and 38.88pc year-on-year, respectively.

There was a huge increase in the food inflation rate, mostly because of the disruption of supply chains and weak checks.