KARACHI (11th Dec. 2022) Johar Ali Qandhari, the country’s leading economic analyst and former chairman of Korangi Association of Trade and Industry (KATI), has said that the country’s economic situation is not ideal at the moment because of the foreign exchange held by the State Bank of Pakistan. Reserves decreased by 784 million dollars to 6 billion 72 million dollars, which is the lowest level in almost 4 years. will and will bring the dollar to the level of 200 rupees, but they have not been able to fulfill their promise. There has been a decrease of about 4 billion dollars, which was 10 billion 90 million dollars at that time. Depletion of reserves may make it more difficult for Pakistan to repay its foreign debts as the current reserves are sufficient for imports for less than a month. Governor State Bank is saying that the debt repayment situation is completely under control and all external payments will be made on time and they also claim that Pakistan will not go bankrupt, but apparently this appears to be rhetorical. I Johar Ali Qandahari said that concerns about the country’s ability to repay the huge foreign debt are clearly being expressed, continued concerns have also created pessimism in the market and the exchange rate has remained volatile during the current fiscal year. It is believed that the government will have to earn an additional revenue of about 8 trillion rupees to get the next installment of the IMF, the government will have to pay a heavy political price for putting the burden of this additional revenue on the pockets of the people. This is the biggest obstacle in this effort. He added that the current situation is that the dollar is up to 225 rupees in the interbank market, but the banks are providing black dollars to the importers, while the dollar has reached 232 rupees in the open market. No matter where importers and exporters go, electricity, gas and water are not available in fixed quantities to industries So how will the export happen and if there is no export then how will the dollars come into the country? Now, perhaps the Pakistanis living abroad are also tired of sending dollars, perhaps that is why remittances are decreasing. Johar Ali Qandahari said that it is unfortunate for our country that those who are in power are with the opposition. They do not prefer to talk while the opposition usually seems to be busy trying to destabilize the government and it is very rare that the ruler and the opposition are on the same page. The situation is.
ADVERTISEMENT
