Pakistan is currently witnessing the worst economic crisis and data from Pakistan’s Bureau of Statistics (PBS) has revealed this is in fact the most menacing scene the country has faced in the past 13 years. But this is just the beginning and what comes next for Pakistan is not only alarming but also could lead the country to a possible financial collapse.
Pakistan’s fuel prices too touched new extremes as the country saw the 4th hike in one month taking the price of petrol to PKR 248.74.
But the problems just don’t end there as the telecommunication sector has gone on to issue a warning over shutting down mobile and internet services due to long power outrages nationwide.
In a recent development, the Shehbaz Sharif govt has informed that the energy prices in Pakistan would keep elevating till the year-end and if there is one man to be blamed for all the aforementioned problems, it is former Prime Minister Imran Khan.
‘Imran Khan kept delaying price adjustments’: Pak Energy ministers
Pakistan Energy ministers Khurram Dastgir and Musadik Malik were addressing two separate press briefings where they brought up the recent issue. While lambasting Imran Khan and the PTI govt, the ministers stated that their ‘hands were tied’. They even claimed that Imran Khan deliberately delayed price adjustments for electricity and natural changes and changed specific laws to ensure the next govt was left with no choice but to clear the backlog, further putting the country’s economy into jeopardy.
Power Minister Dastgir while sharing Thursday’s power stats claimed that the country’s power demand had surpassed 30,000 MW against a power supply of 21,842 MW. It is pertinent to mention here that the economically manageable capacity of power in Pakistan is capped at 25,000 MW.
Pakistan’s struggle to procure LNG persists
The Shehbaz Sharif govt has claimed that the PTI govt resisted purchasing LNG, Coal, and furnace oil imports when their prices were at their lowest and World Bank and IMF were facilitating cheaper and unconditional loans to sustain the impact of the pandemic. The Dawn while quoting Pakistan Senate member Musadik Malik stated, “The situation is that we have carried out two rounds of tenders of three to four each, but no one responded to them.”
It is important to mention here that the international market for the related commodities Pakistan is lacking in has been affected due to the political fallout of the Russia-Ukraine war making it even more difficult for the cash-strapped country to procure these necessities. In fact, last week the state-owned LNG Ltd cancelled an expensive offer it had received for four LNG cargoes for July shipments.