Pakistan gets another economic booster dose from Uzbekistan after China & Iran
Pakistan and Uzbekistan have signed an agreement to encourage the exchange of goods and services.
Pakistan is struggling with its economic crisis in decades with its foreign exchange reserves, at their lowest in 10 years. A total of three countries have come forward to help the crisis-hit country. After China and Iran, Uzbekistan has also inked a $1 billion deal to increase bilateral trade with Pakistan.
The deal was signed at the 8th meeting of the Pakistan-Uzbekistan Inter-governmental Commission on Trade-Economic and Scientific-Technical Cooperation (IGC) held in Tashkent on Friday. Pakistan's Ministry of Economic Affairs provided the information on its official Twitter handle.
Both countries have signed the agreement to encourage the exchange of goods and services, the department said in an official statement.
In the meeting, bilateral economic cooperation in various sectors, including commerce and trade, banking, industries and production, investment, textile industry, energy, oil and natural resources, transportation and communication, agriculture and tourism, and culture development were discussed, according to Dawn reports.
Any investment opportunity will come as a lifeline to Pakistan's economy which is struggling with its worst financial crisis. The country has been modifying its policies according to the conditions laid down by IMF, in an effort to get funding.
It has raised the sales tax to 25% on luxury goods, while also directing the ministers and advisers to cut down their perks and expenses. The country has also raised the prices of fuel, and essential commodities, making it difficult for common people to fulfill their basic needs.
Inflation in Pakistan recorded a new high as it went o 41.54% on a year-on-year basis for the week ended on February 23, following a continued hike in prices of essential commodities.
The central bank of Pakistan is all set to raise interest rates as early as this week in an off-cycle review, investors said, as the South Asian nation faces pressure to mend its finances while seeking a $1 billion loan from IMF.
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Business NewsNewsWorldPakistan gets another economic booster dose from Uzbekistan after China & Iran
First Published:25 Feb 2023, 11:08 AM IST
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