Pakistan is in financial crisis. The value of US dollar againt Pakistani rupee is constantly increasing and it is feared that it will touch new heights in the coming days. Oil prices have declied worldwide and the benefit should have been passed on to the consumers but strangely the government has done nothing to improve the situation. The finance minister has categorically denied any decrease in the oil prices in the country in the coming days. It is said that the government wants to bridge budget deficit in this way becasue it does not have any other available option.
There is acute power shortage in the country which has badly affected industry. Big industrial cities like Karachi have to go without electricity for ten to fifteen hours and nobody seems to care. Despite this situaiton the prices of electricity are increased every few months without justification.
The current account deficit has also increased and it has crossed more than $ 1.7bn. The foreign reserves of the country are also on the decline and it has gone below $9.3bn dollars which is alarming. Out of the present $9.3bn, the share of government is nearly $ 5.8bn only and the rest is being held by private banks.
The situation is compounded by the law and order situation in the country which has resulted in the flight of capital. Foreign investors are also not coming as they were during Pervez Musharraf administration when there was a conducive atmosphere for investment in the country. The relations with the United States have also deteriorated over operations in the tribal areas of the country.
Despite all this, the political leadership of the country is busy in making political alliances for petty gains and there is a wrangling over distribution of ministries. May God help Pakistan
Pakistan is in financial crisis. The value of US dollar againt Pakistani rupee is constantly increasing and it is feared that it will touch new heights in the coming days. Oil prices have declied worldwide and the benefit should have been passed on to the consumers but strangely the government has done nothing to improve the situation. The finance minister has categorically denied any decrease in the oil prices in the country in the coming days. It is said that the government wants to bridge budget deficit in this way becasue it does not have any other available option.
There is acute power shortage in the country which has badly affected industry. Big industrial cities like Karachi have to go without electricity for ten to fifteen hours and nobody seems to care. Despite this situaiton the prices of electricity are increased every few months without justification.
The current account deficit has also increased and it has crossed more than $ 1.7bn. The foreign reserves of the country are also on the decline and it has gone below $9.3bn dollars which is alarming. Out of the present $9.3bn, the share of government is nearly $ 5.8bn only and the rest is being held by private banks.
The situation is compounded by the law and order situation in the country which has resulted in the flight of capital. Foreign investors are also not coming as they were during Pervez Musharraf administration when there was a conducive atmosphere for investment in the country. The relations with the United States have also deteriorated over operations in the tribal areas of the country.
Despite all this, the political leadership of the country is busy in making political alliances for petty gains and there is a wrangling over distribution of ministries. May God help Pakistan