 "Representational Image- FP")
A staggering 74 per cent of the urban population in Pakistan is struggling to meet their monthly expenses with their current income, a significant increase from May 2023, when 60% of households reported financial difficulties.
According to a recent study by Pulse Consultant, among those 60 per cent facing financial hardship, have been forced to reduce spending on essentials like groceries, while 40 percent have turned to borrowing money from relatives and friends. While 10 percent of them have taken on part-time jobs to supplement their income, as reported by ARY News.
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The survey, which covered over 1,110 respondents from Pakistan’s 11 largest cities between July and August, found that more than half (56 percent) of those barely managing to meet their expenses were unable to save any money.
To tackle the ongoing economic challenges, the Shehbaz Sharif-led Pakistani government recently unveiled a three-year economic plan to increase the provinces’ share of the federal budget from 39.4 percent to 48.7 percent by 2027.
The plan also addresses 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.