KARACHI:
Having completed three years in government a few months ago, the PTI is now faced with significant challenges from main opposition parties, religious groups, and political allies. Many have suspected that the government will not be able to complete its five-year term in office because of the surging crises.
A recent report has revealed that inflation in Pakistan has broken a 70-year record during the PTI regime. Prices of basic commodities have almost doubled in the last three years while the currency has continuously depreciated against all major currencies. At present, the biggest threat facing the PTI is its inability to improve and stabilise the economy. In response to this, the government has tried to negotiate a $6 billion loan package with the International Monetary Fund. Although the loan package may bring some stability to the economy, economists have expressed concern over the new wave of inflation that could potentially emerge. A large proportion of the population will not be able to withstand another hike in prices.
Prime Minister Imran Khan’s popularity has already deteriorated since the elections because of the persistent poor economic conditions. If the PTI fails to restore stability in the last two years of its term, it will most likely not return to power. The upcoming days will bring greater challenges for the government as the opposition has continuously targeted it for rising inflation, depreciating currency, and declining purchasing power. This has increased the sense of alienation among the pandemic-hit masses, which the government will be required to address along with several other challenges.
Saineen Panhyar
Jacobabad
Published in The Express Tribune, November 7th, 2021.
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