Islamabad [Pakistan], August 10 (ANI): Amid economic distress, the financial difficulties faced by urban Pakistani households have soared by 14 per cent over the past year. As a result, a staggering 74 per cent of the urban population in the country being unable to meet their monthly expenses with their current income, ARY News reported.
This represents a significant increase from May 2023, when 60 per cent of households reported financial struggles, according to the latest study by Pulse Consultant.
Of those currently struggling to make ends meet, 60 per cent have had to cut back on essential expenses, including groceries, while 40 per cent have resorted to borrowing money from their acquaintances.
Furthermore, 10 per cent of people have taken on part-time jobs to supplement their income, as per ARY News.
The survey of Pakistan, a country with roughly 240 million population, also highlighted that more than half, 56 per cent, of those who are just managing to cover their expenses, are unable to save any money after meeting their basic needs.
The findings are based on a telephonic poll conducted by Pulse Consultant from July to August, involving over 1,110 respondents from the 11 largest cities in Pakistan, as reported by ARY News.
Pakistan continues to face economic challenges Pulse Consultant plans to launch a second round of detailed urban-based studies later this month.
This upcoming survey will gauge the impact of inflation on purchasing and consumption habits, highlighted the CEO, with a larger sample of over 1,800 respondents across 17 major cities in Pakistan.
Last month, the Shehbaz Sharif-led Pakistan government unveiled a three-year economic plan, which aims to increase the share of provinces in the federal budget from 39.4 per cent to 48.7 per cent by 2027, ARY News reported.
The plan also highlights the country’s debt burden, with total debts expected to reach PKR 79,731 billion by the end of the current fiscal year. Local loans are expected to increase by approximately PKR 7,671 billion, while foreign loans will rise by PKR 818 billion.
The Pakistani government has claimed it is working to reduce the debt burden, including re-financing and interest rate risk management.
Earlier, Pakistan and the International Monetary Fund reached a three-year, USD 7 billion aid package deal.
A report, last month revealed that the Pakistani government’s borrowings in the first 11 months of the outgoing fiscal year have exceeded the combined figure of the two preceding fiscal years, Dawn reported. (ANI)
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