Business Standard

Pakistan's fate at stake as rupee plunges to 250 against the dollar: Report

Pakistani's economy has reached rock bottom as the rupee plummeted to 250 against the US dollar and the value of currency depreciated

Pak rupee's record-breaking downward streak continues for 16th session

ANI Asia
Pakistani's economy has reached rock bottom as the rupee plummeted to 250 against the US dollar and the value of currency depreciated, marking the worst economic crisis since the nation formed, Asian Lite reported.
The Pakistani currency had to forego 12 per cent of its value, leading to the hike in petrol and diesel prices.
Formed in 1947, Pakistan was supposed to be the land that can give its citizen a brighter future but corruption, which has become the system's foundation and the Army has wonderfully replaced the colonial rule.
After more than six decades of Army's rule, the citizen of Pakistan has not seen a single day of living in dignity. The nation has jumped from one aid to another, making friends and foes interchangeably in different timelines, and giving its people false hope of development and stability.
According to Asia Lite, the rulers have changed now and then shifted the blame to their predecessors. And with this, the vicious cycle of people's woes never ends.
Facing one economic blunder after another, in a widely circulated clip Finance Minister Ishaq Dar says that Pakistan is the only country founded in the name of Islam and 'Allah is responsible for its development and prosperity'. Only the devil can mislead people to this extent!
Not only the economy, but the country's health sector is also in the doldrums when such facilities are needed the most for the flood victims. Since December 2022, medicines and medical equipment witnessed a sharp increase of 16 per cent in price, as per the report in Asian Lite.
Local pharmaceutical companies are also dying and the ones keeping their head above water are facing the issue of the high cost of raw materials and non-clearance from the Karachi port. Some are even selling available drugs at opportunistic cost!
Food scarcity is another issue in Pakistan. 60 lakh people are struggling to find a single morsel of bread. 9.4 million acres of cropland are devastated due to floods, affecting Sindh and Balochistan the most.
Industries are closing down due to shortages of energy and raw material. Thousands of containers are stranded at the ports due to insufficient foreign exchange for payments.
As if these meltdowns were not enough, the government is repressing journalists and media from showing the true face of the Pakistani regime in Sindh and Balochistan. Journalists in the cities of Sindh hoisted black flags on the Press Club and House of Journalism to show solidarity with the arrested journalists, reported Asian Lite.
Added to the atrocities of Gilgit-Baltistan, which always scores last on the list of priorities, is the issue of electricity supply and flour.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Jan 31 2023 | 7:41 AM IST

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