PM Shehbaz Admits Inflation in Pakistan is at its Peak

Prime Minister Shehbaz Sharif on Wednesday admitted that inflation in the country is at its peak.

The prime minister, who was addressing the Lawyers Convention in Islamabad, said that when the collation government came into power, Pakistan was on the verge of default.

Sharif said that due to the efforts of the coalition government, the risk of default has now been averted but admitted that inflation in the country is at its peak.

The prime minister told the gathering that the previous government had violated the agreement with the International Monetary Fund (IMF). He added that IMF has now imposed strict conditions on Pakistan and has warned that the program would be discontinued if the conditions are not met.

The premier said that the government has been trying to secure liquefied natural gas (LNG) supplies for the upcoming winter season and has received a positive response.

However, he added that LNG cargoes are only available at exorbitant prices and blamed the previous government for not securing LNG on cheap long-term contracts.