In a major jolt against the Imran Khan-led Pakistan government, the Pakistani rupee became the world’s worst-performing currency under his regime. According to a report by the English daily, Dawn, the value of Pakistani currency has declined nearly 12% since January this year. The report also revealed the value of currency depreciates nearly 17% after having bottomed out to 152.50 to a dollar in mid-May. According to the Pakistan media outlet, if the government does not take appropriate action within a certain time frame, the country has to once again turn to the International Monetary Fund (IMF) to put the economy into stabilisation mode.
Further, the media report claimed that the State Bank of Pakistan has taken countless actions to stabilise the rupee, but none of the steps turned fruitful for the Imran Khan government. Moreover, the report said that the Federal Investigation Agency (FIA) is constantly smashing down on hoarders and smugglers to limit the flow of the American banknotes and ease its demand. Despite taking several steps, the flight of the dollar continues. Since PM Imran Khan took the charge of Islamabad, the Pakistani rupee has depreciated 30.5%— Rs 123 against the USD in August 2018 to Rs 177 against the USD in December 2021. According to The News International, the depreciation of Pakistani currency is one of the highest devaluations of the currency in the country’s history.
‘Pakistan is bankrupt, better to recognise reality’, admits nation’s ex-Revenue Board Head
Revealing the current situation of Pakistan, former chairman of Pakistan’s Federal Board of Revenue Shabbar Zaidi on December 16 acknowledged that the country is bankrupt and asked the countrymen to accept the reality. While addressing a seminar at Hamdard University in Karachi, Zaidi highlighted the current situation of Pakistan and said, “It is better to recognise the reality than living in an illusion.” Zaidi, who made the country and the whole world familiar with the current situation, was chairman of the apex tax authority from May 10, 2019, to January 6, 2020. During his speech, Zaidi said that he had not yet fully understood the China-Pakistan Economic Corridor (CPEC) project and demanded transparency in the most touted project.
“They say we have achieved great success and we brought tabdeeli (change), but this is wrong. In my view, the country is, at the moment, bankrupt and not a going concern, Zaidi said.
“It is better if you decide first that we have reached bankruptcy and we have to move forward compared to saying everything is running well and I will do this and that. These are all things to deceive the people,” added Zaidi.
(With inputs from ANI)