After increasing the tax rate on various goods and services amid the ongoing economic crisis to get an IMF deal, Pakistan Prime Minister Shehbaz Sharif has now asked his ministers and advisers to fly economy class, forgo luxury cars and their salaries as part of an austerity drive that will save the government 200 billion rupees a year.

The world’s fifth most populous country has descended dangerously close to a debt default in recent months. The $350-billion economy, with just $3 billion of foreign-exchange reserves by one estimate, also faces a dollar squeeze that tests its external stability. Supply disruptions caused by flooding, food shortages and steps the government took to meet IMF’s preconditions for the rescue may push inflation above 30% for the first time on record, according to Bloomberg Economics.
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