Imran Khan’s government suffered a major setback when the Pakistani rupee became the world’s worst-performing currency.
Imran Khan’s government suffered a major setback when the Pakistani rupee became the world’s worst-performing currency. According to a report in the English newspaper Dawn, the value of Pakistani money has decreased by around 12% since January. The currency’s value has declined approximately 17% since peaking at 152.50 to the dollar in mid-May, according to the research. According to a Pakistani news site, if the government does not take the necessary steps within a certain time frame, the country will be forced to rely on the International Monetary Fund (IMF) for assistance in stabilising the economy.
Furthermore, the State Bank of Pakistan has undertaken a number of steps to stabilise the currency, according to the media source, but none of them have achieved results for the Imran Khan administration. According to the storey, the Federal Investigation Agency (FIA) is constantly cracking down on hoarders and smugglers in order to limit the flow of American banknotes and lower demand. Despite numerous efforts, the dollar’s decline continues. Since Prime Minister Imran Khan took office in Islamabad in August 2018, the Pakistani currency has fallen 30.5 percent, from Rs 123 in August 2018 to Rs 177 in December 2021. The depreciation of the Pakistani currency, according to The News International, is one of the most significant in the country’s history.
Pakistan is bankrupt; it is preferable to accept reality,’ says the former Chairman of Pakistan’s Revenue Board.
On December 16, Shabbar Zaidi, the former chairman of Pakistan’s Federal Board of Revenue, acknowledged the country’s current status, acknowledging that the country is insolvent and encouraging Pakistanis to accept reality. “It is preferable to recognise the reality than to live in a delusion,” Zaidi said of Pakistan’s current situation at a seminar at Hamdard University in Karachi. Zaidi served as the chairman of the apex tax authority from May 10, 2019 to January 6, 2020, making the country and the rest of the world aware of the current situation. Zaidi claimed during his speech that he does not fully understand the China-Pakistan Economic Corridor (CPEC) programme and sought transparency in the much-publicized project.
“They say we’ve had a lot of success and that we’ve brought about tabdeeli (change), but that’s not the case. The country is currently bankrupt, according to Zaidi, and is not a going concern.
“Rather than declaring that everything is OK and that I will do this and that, it is preferable if you first determine that we have reached bankruptcy and that we must go on,” Zaidi continued, “it is preferable if you first declare that we have reached bankruptcy and that we must move on.”