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Wednesday, March 22, 2023
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Spiraling inflation

About two years ago, Pakistan Tehreek-e-Insaf (PTI) chief Imran Khan had claimed that our economy was out of ICU and only two months ago, he made an assertion that the country’s economy is on the road to recovery. However, now all of a sudden, the ministry of finance has predicted a doomsday by issuing a warning of higher inflation in the country. Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin has blamed a surge in international oil prices, exchange rate depreciation and adjustments in administered prices for the current intensification in the magnitude of prices and transportation cost.

Arguably, the situation is going from bad to worse in almost all sectors. Inflation rate is going up due to persistent devaluation of rupee while our economy is under severe pressure of loans. The government is still searching for ways and means to resolve the financial crisis that it had inherited due to massive loans taken by the previous government. It seems that the PTI leadership’s lack of experience in running the government affairs is making it vulnerable to take U-turns and break its earlier promises. Facts strengthen this argument that it was the PTI chief who had claimed that he would commit suicide, if he had to take loans from the IMF. Second, he had announced ambitious plans to build millions of houses and create jobs for the unemployed. Apparently, the PTI chief has failed to come up to his words after coming into power. His government is still struggling to revive economy. The increasing prices of petroleum oil lubricants (POL) are exacerbating the situation. Almost every commodity and its production relies on the cost of POL. Due to an increase in the prices of utilities like electricity and gas as well as POL, the inflation rate is spiralling high with every passing day.

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Unfortunately, the government is still busy giving the lollipop of promises and taking pride in its unaccomplished tasks. The masses are losing confidence in the PTI government due to its inability to bring economic reforms. Wisdom demands that the PTI leadership should carry out serious introspection about its economic policies for the fulfillment of Naya (new) Pakistan dream; otherwise it would face the masses’ wrath in the next general elections.


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