KARACHI:
The prices of fuel and food have skyrocketed in recent days while the value of rupees has continuously deteriorated. So far talks with the International Monetary Fund (IMF) have remained unsuccessful and Pakistan has not been able to secure an arrangement.
Despite the public outcry, the government seems to be oblivious to the woes of the people. We have regularly heard the statement that the “prices are among the lowest in the world”. Although this might be true, it is about time that the government reviews its performance and takes accountability for the poor economic situation in the country. Pakistan ranks fourth in terms of the highest inflation rates in the world, which nullifies the ruling party’s claim.
One waited with bated breath to see if the high-ups in the corridors of power would finally accept their failure and find a way forward. Regrettably, the ruling coalition, in an attempt to maintain a facade of stability, has clung to its deceptive rhetoric of mentioning countries like Germany and Turkey that are also facing acute inflation. Much to their dismay, the public is not buying into their claims. The populace is aware that, unlike Pakistan, other factors like income levels, accessibility to sources of finance, progressive taxation systems, state provision of basic needs, low unemployment rates, and low poverty levels in those countries more than make up for the hike in prices. All said and done, instead of trying to camouflage what is already obvious, the government should formulate a roadmap to do away with the menace of inflation. If they fail to stifle inflation in due time, it is unlikely for the ruling party to be re-elected.
Ashraf Ahmed
Hyderabad
Published in The Express Tribune, November 13th, 2021.
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