Pakistan economic crisis worsened, as currency saw highest 1-day crash in 20 years. The rupee’s value further declined in the interbank market, trading at Rs266.6 per dollar. It had depreciated by Rs24.54 to a record low of Rs255.43 just yesterday, the largest single-day depreciation in both absolute and percentage terms since the new exchange rate system was introduced in 1999.
The IMF had asked the Pak government to end its control and let market forces determine the currency rate, a condition that was readily accepted. Pakistan has been looking to win the global body’s approval to get $6.5 billion in funding which is currently stalled. While Pakistan won an IMF bailout last year, the release of funds has been stalled this year
The low forex reserve in Pakistan has led to massive food inflation and the country has also plunged into darkness owing to frequent blackouts. The present government continues to blame the previous government for that the country and its economy is suffering.
Prime Minister Shehbaz Sharif, told the nation that many development projects had been adversely affected by the PTI government’s incompetence. Even Finance Minister Ishaq Dar, who spoke before the premier at a ceremony in Islamabad, could only offer platitudes, saying: “Allah Almighty is responsible for the prosperity and development of Pakistan.”
I hope we just stop playing blame games and take actions in order to save the country from dooming any further.
