The price of the US Dollar gained a further eight paisas against the Pakistani Rupee in interbank trading on Thursday. The new price of the Greenback is Rs278 in interbank market, according to currency dealers. On Wednesday, the mighty American currency had gained six paisas against the Pakistani Rupee in the interbank market. The foreign currency had closed trading in the interbank market at Rs277.84 the previous day. Recently, the World Bank had raised concerns over Pakistan's current economic stability, deeming it unsustainable and urging for difficult reforms in various government sectors, particularly the energy sector.

According to the World Bank, Pakistan's economic growth rate for the current year is forecast to be 1.8%, significantly lower than the target of 3.5%. Additionally, inflation is expected to remain high at 26%, exceeding the targeted rate of 21%. The World Bank emphasized the importance of implementing reforms in the energy sector, as well as in pension and civil service systems. It highlighted that in the next financial year, the growth rate will rise to 2.3% and inflation will come down to 15%, adding that a reduction in inflation and interest rate depends on sustainable financial stability. "The debt ratio is likely to decrease from 73.1% to 72.3% next year," the report observed.

Credit: Independent News Pakistan