Govt makes decision owing to very low foreign currency reserves

Minister says PM instructed him not go to Washington to attend WB-IMF meetings

Average per month increase during Jul-Feb FY22-23 was Rs52.4 billion

Cites deepening political uncertainty, developing judicial crisis in country as reasons

Also sought extension of 5-year government facility, ending on June 30, to pay interest costs

Cost saw an increase of Rs302 billion against original price due to rupee devaluation

WB says despite fiscal crunch huge spending contributing to higher public debt

Hopes to qualify for $450 million loan to bridge financing gap of $6 billion

Forecasts highest inflation, 2nd lowest GDP growth in 46 Asian nations

World Bank says economic shocks pushed 3.9 million into poverty in FY2023