ISLAMABAD: Millions of the lowest paid workers in the Third World have been hit hard by inflation because their minimum wages did not keep pace with soaring prices, according to an ILO study covering 29 countries of the Third World. Between 1963 and 1974, the sharpest declines in the purchasing power of minimum wages was registered in Ghana where it fell by 59 per cent, followed by Zaire 53.5 per cent, Pakistan 47.9 per cent, Liberia 44 per cent, Burundi 36.6 per cent... . However, there were several countries where minimum wages have paralleled prices, notably Libya and Mexico, both oil-producing countries. Some non-oil-producing countries also succeeded in raising legal minimum wage, among them are Pakistan, Morocco, Congo and Peru. — News agencies

[Meanwhile, as reported by news agencies from London], Britain today [Sept 29] asked the [IMF] for a standby credit of 2,300 million pounds … to help restore confidence in the sterling which yesterday [dived] to the unprecedented low of 1.63 dollars to the pound. Chancellor of the Exchequer Denis Healey said the requested loan will be applied against funds already earmarked by the IMF. Because of the sterling crisis Mr Healey … postponed his departure for … Hong Kong... .

Published in Dawn, September 30th, 2026