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Pakistan's economy soon to bite the dust

Wednesday - June 5, 2019 12:04 pm , Category : WTN SPECIAL
Inflation reaches at the record level in Pakistan
Inflation reaches at the record level in Pakistan

Wildly rising inflation affected the celebration of Eid in Pakistan

JUNE 05 (WTN) - Due to interference of Army in the governance and directionless economic policies, the condition of Pakistan's economy has become so miserable that citizens of the country are grudgingly celebrating Eid. There was a time when on the occasion of Eid, it used to be crowed in the markets and there was crores of trade there. But now there was no cheerfulness for the Eid in the markets of many cities in Pakistan, because the condition of Pakistan's debt has forced to do so, while shopping malls have also been waiting for the customers.

Inflation has broken all records in Pakistan. The prices of items have gone up to several times. Inflation in Pakistan has made the condition that items of common need have become too expensive, which has affected the lives of lower middle class people of Pakistan. Inflation in Pakistan has become so horrific that only the rich people are able to buy jewelry and clothing. New cloths are far from the purchasing reach to the poor people even on Eid.

Purchasing of good clothes and jewelry are far away, shoes in Pakistan have become so expensive that a common man can’t afford to buy. In Pakistan, the prices of Mehndi and bangles have increased so much that women are getting upset. This year there was despair on the face of poor people on the occasion of Eid due to the poor financial condition of Pakistan. Indeed, there is no nodal agency to control prices in Pakistan, which can control the prices of commodities in view of rising inflation.

Due to rising inflation, Pakistani businessmen are also very upset. Due to the massive increase in the prices of commodities, the customers are coming down at the stores, which is why traders are facing losses. Merchants say that the promises of Imran Khan Government are not looking to be fulfilled. In many cities of Pakistan, the condition of the laborers is very bad, because the construction work is stalled due to inflation and the laborers are unable to find work. In many cities, the laborers are unable to get the food of two times.

It is the result of the shoddy economic policies of the Imran Khan Government that in the last one month, Pakistan's currency has become the weakest in all over the world against the US dollar. Weak Pakistan currency has badly affected the common Pakistani, because the inflation has reached at historic levels. For your information, let you know that the inflation in Pakistan has increased from 8.82 per cent to 9.11 per cent. With the dollar being costlier, petrol and diesel prices have reached at record levels in Pakistan. At the same time fuel costlier, all goods and services in Pakistan have become expensive too. 

To get out of this pitiful financial condition, the Imran Khan Government of Pakistan is taking a bailout package of $ 6 billion from the International Monetary Fund. But it is being said that term and condition of the IMF are so tight that the adoption will increase inflation in Pakistan. If Pakistan implemented the terms of the IMF, Pakistan's middle class would be completely devastated within a few months.

By the time since Imran Khan became the Prime Minister of Pakistan, the financial condition of Pakistan has become even worse. It is said that Imran Khan is acting as a puppet of Pakistani Army. After Imran Khan became the Prime Minister, the Pakistan Army has paid more attention to promoting terror and procurement of arms. Due to Pakistan's miss leaded economic policies; the loan has reached at the record label.

International economics analysts believe that reform of economic condition of Pakistan is not possible in the near future. The bailout package found on the stringent terms of the IMF will let face a lot of problems to the general public of Pakistan. In the next financial year, the rate of inflation in Pakistan is estimated to be 12 per cent. Pakistan's share market has also been devastated. That is in total, Pakistan's economy may collapse on any day, and if it happens then Pakistan would be responsible for this.