Non-perishable foods and transport costs climbed more than 50 percent over May 2022, while average inflation for the past 12 months was 29.16 percent, the latest Pakistan Bureau of Statistics data showed.
The agreement was ratified three days after Recep Tayyip Erdogan was re-elected as President of Turkey.
Government data released Tuesday showed month-on-month inflation was 2.41 percent, while average inflation for the past 12 months stood at 28.23 percent.
The country readily describes itself as a "start-up nation", and its per capita GDP is higher than that of Germany, France or Britain.
Treasurer Jim Chalmers has spent weeks using "restraint" and "responsible" to describe his second budget since coming to power in May last year.
The country's already vulnerable economy was shaken further by Russia's invasion of Ukraine last year, which rocked tourism, raised commodity prices and prompted foreign investors to pull about $20 billion out of its financial markets.
Oil prices slipped on Monday as concerns about rising interest rates, the global economy and the outlook for fuel demand outweighed support from the prospect of tighter supplies on OPEC+ supply cuts.
While the expected expansion would be faster than other major economies, it will be below the long-term average.
Some central banks in the region, such as Australia, have begun pausing interest rate hikes as they saw their economies and job growth moderate from the impact of global headwinds and past monetary tightening.
The IMF's report warned that risks were high, and reducing debt vulnerabilities should be an "overriding priority," especially in low-income developing countries where 39 countries were already in or near debt distress.
The city-state's economy expanded 2.1% year-on-year in the fourth quarter of 2022.
India's central bank is widely expected to raise its benchmark rate on Thursday for the seventh consecutive meeting and leave the door open for more increases to bring inflation back within its target range, economists said.
Pakistan's central bank raised its key interest rate by 100 basis points to its highest-ever level on Tuesday, as the cash-strapped country steped up its fight against soaring consumer prices.
Egypt has sharply devalued the currency three times since Russia's invasion of Ukraine in February 2022 exposed vulnerabilities in the country's finances.
The Southeast Asian country's economy has bounced back strongly from a pandemic slump, expanding at a 22-year high of 8.7% in 2022, but its outlook for this year has been clouded by cooling global demand.
India's monetary policy committee is likely to deliver the expected 25-basis point (bps) rate hike in April, even as global markets lowered rate hike bets from the U.S.
India's industrial output rose a bigger than expected 5.2% in January compared with the same month last year as strong domestic urban demand boosted electricity generation and manufacturing, despite weakening exports.
The UAE aims to double the size of its economy by 2031 and diversify away from hydrocarbons.
Pakistan's central bank is widely expected to raise its key policy rate by 200 basis points in an off-cycle meeting on Thursday as it struggles to unlock critical funding from the IMF, a Reuters poll showed.
The South Asian country is deeply in debt, and needs to introduce tough tax and utility price increases to unlock another tranche of a $6.5 billion International Monetary Fund bailout and avoid defaulting.
India's economic growth likely slowed further in the October-December quarter amid weakening demand and is set to lose more momentum as a series of interest rate hikes weigh on activity, according to a Reuters poll of economists.
"The consultations with the IMF are in the final stages. We expect to conclude the consultations soon, even within the week," Hamed Yaqoob Sheikh, the top official in the finance ministry, told Reuters.
The Reserve Bank of India will increase its main interest rate by 25 basis points to 6.75% in April and then pause until the end of 2023, according to a Reuters poll of economists who also said risks were for the terminal rate to go even higher.
During the first seven months of the current fiscal year, the country's current account deficit decreased by 67% to $3.8 billion, compared with a deficit of $11.6 billion during the same period last year.
"We have a number of tensions in those countries," including debt levels and high inflation, Ferid Belhaj told Reuters on the sidelines of the World Government Summit in Dubai.
The central bank said that its policy stance remains focused on the withdrawal of accommodation, with four out of six members voting in favour of that position.
Inflation is expected to be below 5% in February on lower oil prices, senior commerce ministry official Wichanun Niwatjinda told a news conference.
Sharif made the comments in a meeting of civil and military leaders in the northwestern city of Peshawar he chaired to prepare a response to Monday's mosque bombing that killed more than 100 people.
The reading delivers a welcome boost for Erdogan heading into a close presidential and parliamentary election in which he will seek to extend his mercurial rule until 2028.
On Wednesday, the government in its 2023/24 budget set a fiscal deficit target of 5.9% of gross domestic product for the coming financial year, down from the current year's target of 6.4% of GDP. India's fiscal year starts on April 1.
