Pakistan has announced it will target critical industries with a super tax to boost state coffers. The country is in talks with the International Monetary Fund (IMF) to avoid a default crisis. Pakistan needs at least US$41 billion in the next 12 months to repay debt and import goods.

The super tax will be levied on Pakistan's cement, beverage, chemical, steel, and tobacco industries. In addition, the State Bank of Pakistan (SBP) announced an interest rate hike of 125 basis points (bps) to 15% to control rising inflation. This rate is the highest since 1999, and rates in neighboring countries are around 2-5%, making Pakistan's manufacturing unsustainable. Failure to cut interest rates could lead to factory closures and rising unemployment.