Islamabad, October 25, 2022 (PPI-OT):The Pakistan Economy Watch (PEW) on Tuesday said people and the business community are tired of the continued inflation and economic crisis hurting them for years. Concerns of the business community are not going away but now masses and businessmen may get some relief as they have pinned high hopes on Finance Minister Ishaq Dar, it said. The problems of the people and business community are not ending, but now there is hope that the situation will improve, said Dr. Murtaza Mughal, President of PEW.
He said that the previous government had set new records of economic mismanagement and waste of resources which almost bankrupted the country and also damaged the local currency. Dr. Murtaza Mughal said that dozens of disappointed industrialists moved businesses to other countries and many invested in Dubai’s property market which further weakened the rupee.
He said that the first crisis came in 2018-2019 because the previous government delayed a deal with the IMF by several months causing irreparable damage to the economy. However, after that, an agreement was reached and there was some stability in the foreign exchange reserves and the rupee, after which the coronavirus epidemic started, during which, like other countries, a lot of money was pumped into the market causing inflation.
After this pandemic, the previous government initiated measures to please the voters, which were objected to by local experts and international organizations, but the ruling elite did not listen to anyone and emptied the treasury. After the departure of this government, political tension started which is still hurting the economy. Currently, international credit rating agencies are continuously downgrading Pakistan’s rating, which needs to be noted as it affects investment which is already at a low level, he said.
For more information, contact:
President,
Pakistan Economy Watch (PEW)
402, 4th Floor, Gulistan Khan House, Fazal-e-Haq Road,
82-East, Blue Area, Islamabad
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Email: president@pakistaneconomywatch.com
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