Pakistan’s Economic Meltdown

| SamvadaWorld Staff

Amid serious economic meltdown, Pakistanis have suffered enormous hikes in fuel prices and power tariffs by the Imran Khan government. Pakistan is seeing record inflation as the price of commodities skyrocket, leading to a spike across the country.

Imran Khan who promised an improved economy and creation of 10 million jobs is clinging to the post as the country slides deeper into an economic crisis. In a major U-turn, Imran Khan who had strongly opposed IMF loans has negotiated a $6 billion bailout package to stave off the balance of payments crisis. The latest tariff hikes were issued to meet conditions set by the IMF prior to disbursement of a $500 million tranche in April.

In the 38 months since Imran Khan took over the reins of the country, the cost of living in Pakistan has gone up by 35 percent. From August 2018 to October 2021, the health and transport costs have increased by 32 percent while food prices are up by 48 percent.

Particularly, meat is expensive by 118 percent while eggs and milk prices are higher by 71 percent and 33 percent respectively. Vegetable costs have doubled, pulses and wheat prices have shot up 83 percent and 59 percent respectively and cooking oil is 89 percent more expensive.

Instead of laying out concrete measures to improve the economy, Imran Khan has been blaming previous governments’ policies and corruption. The unprecedented misery of Pakistani citizens is aggravated by the lack of sympathy offered by Khans’s government as it refuses to accept its own role in the economic meltdown.

Reeling under an unbearable mass of inflation and taxes, most Pakistanis feel betrayed by the government’s attempt to gaslight their distress.

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