Tuesday, December 5, 2023

Worrying poverty: Pakistan 92nd out of 116 nations

The poverty rate of Pakistan has risen by 35.7 per cent and the prices of edibles have increased by 20 to 31 per cent, reported Pak vernacular media, Intekhab Daily. 

Pakistan ranks 92nd out of 116 countries on the list of the International Poverty Index. According to a report, Pakistan is advised to develop a system to control inflation because it’s been badly affecting food security for the last few years, added Intekhab Daily. 

Pakistan’s food security was already affected by terrorist activities, conflicts with Afghanistan and weather changes. The rising inflation has worsened it. 

The rapid and continuous rising inflation has deprived people of their food and basic facilities, reported Intekhab Daily. 

Pakistan’s economic conditions are in very bad shape as evident from the following instances — the business community people are pleading before Import Consignment Clearance authorities for getting their goods out of Karachi airport, reported Pak vernacular media Kawish. 

The situation has arisen because of a dollar shortage in banks. The dollar scenario has reached a most unenviable position in the country, the report added. 

The business community is worried about how to get their goods out of Karachi port. The finance minister and his team have miserably failed in bringing conditions under control, reported Kawish. 

The foreign reserves have reached their lowest level. The government exchange rate is Rs 224-225 but banks say they are running short of dollars and hence they say they cannot give dollars and hence dollars are costing Rs 240 or more in grey/black market. 

The lack of dollar availability in the open market is affecting imports of medicines, vegetables, oil and raw material required by several industries. 

“What will be the future of the country’s economy in such conditions? What had led to the state of default in Sri Lanka? Conditions are deteriorating on similar lines also in our country,” reported Kawish. 

Indications are coming from all sides that Pakistan’s economy is on ventilator. PM Shehbaz Sharif said action would be taken against those hoarding dollars, but will he be able to take action against those who are from his own party and also from allies’ parties? questioned Kawish. 

Most often political mafias are found involved in supporting irregularities in wheat, dollar and urea in grey markets/black markets. 

So far, finance minister Ishaq Dar seems to be failing in his missions to restore the economy and do something that can help Pakistan Muslim League-Nawaz (PML-N) win people’s soft corner. In such a situation PTI continues to be the common man’s choice as a party for their future. 

PML(N) has failed to retain its image in Punjab. Chaudhary brothers and PTI are confident of giving tough times to PML-N in the next polls, reported Kawish. 

(This news report is published from a syndicated feed. Except for the headline, the content has not been written or edited by OpIndia staff)

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