The condition of Pakistan has become such that the people here are not even getting basic facilities and even if they are getting it, the expenditure is more than normal. In some places, the cost of an LPG cylinder is close to Rs 10,000. Naubat has come to such an extent that in the last few days many marriage halls, markets and some other businesses of Pakistan had to be closed.
Prime Minister Shahbaz Sharif’s government has also taken several steps in a hurry to lighten the ever-increasing burden on the exchequer and get rid of this problem.
There has been a decline of US $ 6.7 billion in the currency reserves here. Meanwhile, China has also reduced its investment in Pakistan, due to which cooperation has also reduced. The politics of the country is also faltering, which has affected the country’s economy.
The Government of Pakistan has taken several steps to save electricity. One of which has ordered the markets to be closed till 8.30 pm. At the same time, the time limit for closing the marriage hall and mall has been limited to 10 o’clock.
Apart from this, the production of electric fans and bulbs has been stopped by July 2023. Under this scheme, the production of low energy bulbs and fans has also been banned from February and July. To save electricity, it has been said by the ministry that all government meetings will be held during the day. Street lights have been turned off.
The International Poverty Index has recorded an increase of 35.7 percent in the poverty rate in the year 2022 as compared to the previous year. Pakistan has reached the 92nd position out of 116 countries in the list of the world’s poorest countries.
The worst condition is of the railway sector. Railway has not been able to give gratuity to the retired employees, which is around 25 billion rupees. Not only this, there is no money even to pay salary. Salary and pension of these employees are also not being received on time. Food inflation rose 35.5 percent year-on-year, while transport prices in Pakistan rose 41.2 percent in December.
Pakistan’s currency fell to Rs 49.31 against the US dollar and interest rates soared to at least 16 per cent, the highest since 1998-1999.
The inflation rate is around 30 to 40 percent while the Consumer Price Index (CPI) is currently around 25 percent. Further, the Sensitive Price Index (SPI) is expected to be 28 per cent during the first five months of the current financial year, FY2023. The business community has termed the year 2022 as the worst performing year for Pakistan’s economy.