Political exits and comebacks, economic and security crises: What Pakistan witnessed through 2023

News Snapshot:

Economy in doldrums despite sizeable aid Cash-strapped Pakistan saw a year of defaults and aids as unchecked inflation continued to trouble the masses, prompting widespread immigration out of the country. The year’s beginning saw dwindling foreign reserves, as inflation caused the state bank to raise its monetary policy rate to 17 percent, Pakistan’s highest key policy rate since 1997. Year-on-year inflation in January was recorded at 27.55 percent, the highest since May 1975, with thousands of containers of imports held up at Karachi port. Another dim historic in February when Pakistan rupee underwent its biggest ever devaluation of 15 percent....