Pakistan’s rupee crashes to an all time low of over 200 to a US dollar amid deepening economic crisis

<p>
<strong>Amid deepening economic crisis and delay in rollout of bailout packages, Pakistan’s rupee on Thursday crashed to an all-time low of over 200 to a US dollar.</strong></p>
<p>
Pakistan has resumed talks with the International Monetary Fund (IMF) for a bailout package but the stringent riders attached may be difficult for the Shehbaz Sharif government to implement.</p>
<p>
The multilateral lender wants Pakistan to roll back fuel and electricity subsidies but Finance Minister Miftah Ismail is hoping to find a “middle ground".</p>
<p>
The cash strapped nation has also decided to impose a ban on imports of several non-essential and luxury items.</p>
<p>
<strong>Also read: <a href="https://www.indianarrative.com/economy-news/pakistan-headed-for-bankruptcy-as-bailout-packages-get-delayed-170936.html">Pakistan headed for bankruptcy as bailout packages get delayed</a></strong></p>
<p>
Quoting sources, Geo News said that Prime Minister Shehbaz Sharif has imposed a ban on the import of non-essential items that are not used by the common man. “The decision is said to be important to control the dollar flight,” the newspaper said.</p>
<p>
Pakistan’s former Prime Minister Imran Khan just before being voted out of power, slashed prices of petrol and other commodities till the Budget Session in June. The subsidies would cost about $2.1 billion to the exchequer. Though the move, which violated the IMF conditions, came under severe criticism, the Sharif government has not rolled it back yet.</p>
<p>
Former finance minister and a senior Pakistan Muslim League member Ishaq Dar who described the current economic crisis as pandemic II, said that the crisis needs to be taken head-on.</p>
<p>
Dar also said that PML-N supremo Nawaz Sharif does not want the people of Pakistan to be further burdened by inflation.</p>
<p>
Besides high inflation, devaluing currency, rising debt coupled with a surge in import bill and depleting foreign exchange reserves have hit Pakistan which is inching towards bankruptcy.</p>