PESHAWAR
Amun Taraqqi Party (ATP) chairman Muhammad Faiq Shah said Pakistan’s economy is dire straits as Pak rupee against US dollar steeply plunged, while forex reserves are near to dry-up and inflation also touched a new peak.
Shah observed that the US dollar hit a new record high against the Pakistan Rupee (PKR) despite a massive hike in key policy rate.
The yesterday significant for Pakistan’s economy as the rate of the rupee fell sharply both on the interbank and on the open market going back to the same levels it was before Ishaq Dar replaced Miftah Ismail as Finance Minister.
Shah in a statement issued here on Friday slammed that the burgeoning hike in USD rate against PKR has crushed down Dar’s tallest claims about bringing down dollar rate below Rs200.
In the current scenario, he criticized that the incumbent finance minister was nowhere to be found, presumably mopping up the proverbial egg on his face, Pakistan is now placed at a very delicate juncture.
Similarly, he said according to data, the foreign exchange reserves held by the State Bank of Pakistan (SBP) dropped a massive $923 million to a mere $3.7 billion.
Faiq said the incumbent government and its economic team went into deep snooze, regardless of the current state of the country’s economy. He questioned: “Who will fix the economy”?
The ATP chairman criticised the ruling coalition government for lacking any vibrant economic recovery plan.
He said the situation is going from bad to worse with each passing day.
Trade, businesses and exports are sharply declining in the country, he noted.
He asked: “Is anyone available to rescue the sinking country’s economy”?
Faiq asked the government and opposition to shun prioritizing personal interest over Pakistan and take joint initiatives to fix Pakistan’s economy.
Furthermore, he emphasized that serious steps should be taken for industrial and business growth and an emergency should also be imposed in the agriculture sector.
“We have also given a holistic roadmap for economic revival, which should be placed in true sense, so change will come definitely in country,”
Otherwise, he warned that Pakistan has brought an edge to the Sri Lanka like situation because of the stubborn attitude of the incumbent rulers.
