Claims PTI left the government with financial restraints
Pakistan Democratic Movement’s (PDM) spokesperson Hafiz Hamdullah, on Sunday, warned the Pakistan Tehreek-e-Insaf (PTI) that the general polls, expected to be held in October 2023, can be postponed if the country’s economy does not recover.
The Jamiat Ulma-e-Islam’s (JUI-F) leader said that the country was financially restrained when the “forcefully imposed” PTI was ousted.
Pakistan is striving to strengthen its plunging foreign exchange reserves, currently at $4.601 billion, just enough to pay for only four weeks of imports.
After a decline of 22.11% in the week ending on January 6, the State Bank of Pakistan’s (SBP) reserves have dropped to the lowest level since February 2014. The country is in severe need of foreign aid to shrink its current account deficit as well as have adequate reserves to pay its debt obligations for the ongoing financial year. The central bank’s reserves until January 6, fell $1.233 billion, or 22.12% to $4.343 billion, down from last week’s $5.576 million.
The political uncertainty in the country has had severe adverse effects on the economy, with the local currency plunging and inflation at decades-high levels. Devastating floods and a global energy crisis have added to the existing crisis.