Friday March 31, 2023

‘Pakistan’s economy in free fall’

By Our Correspondent
February 05, 2023

KARACHI: The Pakistan Businesses Forum (PBF) on Saturday said the country's economy was in free fall and the ongoing year would be tough for the cash-strapped economy.

The rupee has depreciated in an unprecedented way and a free float policy of the dollar is eating the country’s economy, according to PBF vice president Ahmad Jawad.

“Pakistan needs to find an alternative to International Monetary Fund (IMF),” Jawad said, adding, “Political parties have no roadmap for betterment of the economy.”

Jawad urged the government to divide the burden of the current inflation in a fair manner. The inflation rate could increase to 35 percent in days to come, he envisaged.

“The abrupt devaluation of the rupee has already in less than one month added Rs3.5 trillion to Pakistan’s total debt,” the PBF official said, lamenting that with foreign exchange reserves of just $3.68 billion, the country has barely enough to cover a few weeks of imports.