After the Ukraine-Russia conflict, Pakistan is facing a shortage of petroleum products due to the increase in the price of oil in the international market and it has only five days of diesel reserves left. This was said in a media report on Monday. According to the Express Tribune newspaper report, Pakistani banks have also placed oil companies in high-risk categories and refused to give loans.
Russia may face ‘deep recession’: IMF chief
International Monetary Fund (IMF) chief Kristalina Georgieva has said that the unprecedented sanctions from Western countries will have a severe impact on Russia’s economy and Moscow could face a “deep recession”. Significantly, due to military aggression against Ukraine, many countries including the US and Europe have imposed economic sanctions on Russia.
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IMF Managing Director Georgieva also said that Russia’s “sovereign default” is no longer an impossible event, as economic sanctions imposed on Russia would reduce its access to foreign exchange reserves and make it difficult to pay outstanding debts. Will be
Russian Finance Minister Anton Siluanov said on Sunday that half of the Bank of Russia’s gold and foreign exchange reserves had been “freezing” due to sanctions. The IMF chief told CBS News on Sunday in Washington that the sanctions were “unprecedented” because a disastrous war in Ukraine was unimaginable.
Georgieva said the impact of the sanctions “is very serious for the Russian economy”. We predict that there will be a deep recession in Russia.” According to CBS News, Georgieva said, “The ruble has fallen significantly. what does this mean? Real income has declined. The purchasing power of the Russian population has dropped significantly.