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"Don't panic!"

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As soon I woke up in the morning, the news dropped like a bomb that the government has increased the prices of petroleum products by Rs12 per liter. Petrol price rose by Rs10.49 to Rs137.79 and diesel by Rs 12.44.

Imran Yaqub Khan Profile Imran Yaqub Khan

In the last one month, the price of petrol has gone up by a total of Rs20, which has really made the people scream. Earlier on Friday, Prime Minister Imran Khan, addressing the inaugural function of Kisan Portal, was saying that imported goods import inflation, the pressure on the rupee is temporary, we have imported wheat, sugar, ghee, we are trying that everything be produced in the country.

During the reporting of this (PM's) speech, I was looking for a phrase, "Don't panic", but despite searching all the newspapers, I couldn't find these words of consolation from the Prime Minister. I was searching for these words because I was nervous. The reason for the panic was the announcement of the Federal Minister of Energy, the announcement of the Utility Stores Corporation and the ticking of the petrol bomb.

Electricity has been increased by Rs39 paise per unit but there is no need to panic. The slab of cheap electricity for the poor has been reduced from 300 units to 200 units, but there is no need to panic. The price of essentials at utility stores has gone up by Rs15-45 but there is no need to panic. Edible oil prices of 5 companies have been increased from Rs14 to Rs110 at utility stores but there is no need to panic. The price of a two kilogram  pack of washing powder has been increased from Rs10 to Rs21 but there is no need to panic. Repeated instructions about hand wash to avoid coronavirus and an increase of up to Rs15 in the price of bath soup and an increase of Rs9 in the price of a 228 ml pack of handwash but do not panic. The poor used to eat bread with pickles and the price of pickles has been increased by more than 200 per cent. The price of three grams of pickles has been increased from Rs20 to Rs44 but there is no need to worry.

The government's own statistics agency says the overall inflation rate has reached 12.66 per cent. Inflation for low-income earners has reached 14.12%. Prices of 22 essential commodities rose in one week. The price of tomato increased by Rs11 per kg, LPG cylinder for domestic use has gone up by more than Rs43, 2.5kg ghee price jumped Rs6.9, while prices of rice, garlic, potato, mutton and Gurr also went up.     

Despite the words "don't panic", there is no moment of relief and it seems that the captain's famous slogan "I will make them cry" was not for political rivals but for the people. The average income of the salaried class in the country is 20,000 to 25,000. What was left of this revenue after paying electricity, gas and water bills, which the government is now bent on squeezing further.

The word squeezing was used because Federal Minister for Energy Hamad Azhar, while announcing the increase in electricity rates, had admitted that the burden of revolving loans is currently being borne by the people mainly due to capacity payments, which are now Rs700 to Rs800 billion. Thus, the confession of the federal minister proved that arrangements are being made to squeeze Rs800 billion from the people.

The working class and a sslaried class were interested in the captain's slogans. Addressing the Kisan Card Portal function, the captain pointed this out, saying the PTI has launched a movement for justice, Allah Almighty especially listens to the voice of the weak and working class. A man in the street is seen seeking justice. Captain sahib what to talk about your slogan of 'Insaaf' you have forced even poor class to beg for food. The rulers should come ourt on the streets without protocols to see the poor queuing up at traffic signals for begging. Poverty and unemployment could be seen among youth standing alongthe banks of the city canal and injecting drugs into their bodies, while young girls could be seen wearing burqas with their hands outstretched.

Rising electricity, oil and gas prices, continouous depriciation of Pak rupee, the collapse of economy sinks, the world's laughter at a "sensitive deployment" are the outcome of change (of government) that came in 2018. Though the Opposition still insist the change didn;t come, but was brought. Whatever the case, the loss is happening to Pakistan and the millions of people living in it. The scourge of inflation has grappled the country so badly that there is not a single household whose expenditure and income have not "changed". People are now fed up with hollow claims of accountability.

While blowing the horn on inflation, mismanagement and unnecessary issues from institutions, is the government realizing that there will be no response? The patience of the people is running out. The opposition is gearing up for the last battle. The government has reached the abyss of its popularity.

Finance Minister Shaukat Tareen also made it clear during a press conference in Washington that inflation wouldn't come down. In such a situation, whatever the government does to entertain the people cannot be stopped in the face of public outrage. The billions of rupees of subsidies and amnesty schemes if were directed towards modernizing the industry, there would be economic activity in the country today and jobs would be created.

If it is to be accepted that the previous governments haven't paid attention to these problems, but question is what have you (PTI) done in these three years? How long will the rulers and governments of the past continue to cover up their incompetence and worthlessness? The time for elections-- the day of reckoning for any government-- is also coming and of course the people are watching and testing everything. You will have to run a knife on your development budget due to the IMF conditions. Are you ready for that too? Treat inflation immediately or the "Tsunami of change" will knock you to the brink of public outrage!

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Business

Pakistan’s economy on recovery path amid global tides: Governor SBP

Jameel Ahmad says that inflation had reached 38 per cent, the FX reserves were fast depleting, the exchange rate was under a lot of pressure and uncertainty was quite high.

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Karachi: Governor State Bank of Pakistan (SBP) Jameel Ahmad said that the firm commitment of the government and the SBP to respond to the macroeconomic challenges has resulted in significant improvement and Pakistan’s economy is on the path to recovery amid global challenges.

The SBP governor, while delivering a keynote address to the Members Convocation of ICMA Pakistan late Saturday night, elaborated on the recent improvement in Pakistan’s economy and shared that it is worth taking a step back and analysing where our economy is standing and where it is headed.

Referring to the challenging macroeconomic environment Pakistan was facing a year ago, he said that inflation had reached 38 per cent, the FX reserves were fast depleting, the exchange rate was under a lot of pressure and uncertainty was quite high.

However, today, inflation is coming down sharply, our reserves have risen to around US$8 billion despite heavy debt repayments and will so cross the $ 9 billion mark, the current account deficit has narrowed quite significantly, and as a result, the PKR is stable while the stock market is reaching new highs, Jameel Ahmed stated adding that uncertainty has also reduced and Pakistan’s bilateral and multilateral partners are continuing their support.

The governor, while citing Pakistan’s economic improvements, shared that progress was made possible because of a firm commitment of the government and the State Bank of Pakistan to effectively respond to the macroeconomic challenges.

“Unpopular yet necessary measures had to be taken as the State Bank raised the policy rate to 22 per cent, in order to reduce pressure on inflation and the current account,” the SBP governor said and added that the government also undertook fiscal consolidation by constraining non-essential current expenditures and the coordinated policy response was now yielding the desired results.

Governor SBP stressed the need for fresh perspectives and innovative solutions to address the longstanding issues facing our economy and said that fresh perspectives and innovative thinking have become more necessary, as the global shocks facing our economy are getting increasingly complex. He shared that climate change, technological advancements, cyber security threats, and financial innovations are adding new dimensions to the risks to economic and financial stability.

Governor Jameel Ahmad congratulated the graduating accounting professionals and encouraged them to make a mark for themselves and proactively respond to the emerging challenges as our country needs professionals with in-depth knowledge of economics, finance and accounting to find workable solutions.

He said that leadership skills are also paramount to designing and implementing the policy and regulatory decisions with courage and fortitude. In conclusion, the Governor encouraged the graduates to work with dedication, hard work, and unwavering commitment to excellence to help in shaping the economic landscape of Pakistan.

Earlier, President ICMA Pakistan Shehzad Ahmed Malik extended a warm welcome to Governor SBP Jameel Ahmed, Deputy Governor Dr. Inayat Hussain and Deputy Governor Saleem Ullah for attending the Convocation. He congratulated the SBP team on their efforts for stabilizing the economy.

In the end, Governor SBP bestowed degrees upon the graduating CMAs.

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Pakistan

NA session today, six-point agenda released

A notice calling attention to the condition of Chakdara Upper Dir road will also be presented in the House.

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Islamabad: The meeting of National Assembly will be held today at 4:00pm in the afternoon. The Assembly Secretariat has issued a six-point agenda for the meeting.

In the session of the National Assembly presided over by Speaker Ayaz Sadiq, Federal Minister for Food Rana Tanveer Hussain will present the Seed Amendment Ordinance 2024 in the House. A notice will be served to draw attention to the over-billing of gas and additional collections in the form of sales tax in Balochistan.

The President will address the joint session of the Parliament and under Rule-18, other than points of order, the points raised will be discussed. A notice calling attention to the condition of Chakdara Upper Dir road will also be presented in the House.

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Sports

Follow live: Thunder seeking commanding 3-0 lead as they visit the Pelicans

Live coverage of the Oklahoma City Thunder vs. New Orleans Pelicans NBA game on ESPN, including live score, highlights and updated stats.

Published by Web Desk

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Suns coach Frank Vogel says he has 'full support' of owner Facing playoff elimination after a season in which the Suns have underperformed, coach Frank Vogel said he has "full support" of owner Mat Ishbia. Embiid upset seeing so many Knicks fans in Philly 76ers star Joel Embiid discusses the amount of Knicks fans at both Games 3 and 4 in Philadelphia. Bucks' Portis ejected after scuffle with Pacers' Nembhard Bobby Portis received a double technical foul for what officials called two hostile acts following a play in which he got tangled with Andrew Nembhard trying to gain positioning for a rebound with 5:01 remaining in the first quarter.
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