Pakistan is facing the worst ever financial crisis right now. It is suffering the highest devaluation of rupee against USD and highest inflation rate of the last two decades that are leading to killing price-hike and increased poverty. External loans are another factor which is devastating Pakistan’s economy.
Pakistan has signed an agreement for a 6.5-billion-dollar bailout package with International Monetary Fund (IMF) which is equal to walking a tightrope. The conditions for the package are likely to increase price-hike and poverty. PTI Government’s economic doctors are trying hard to anchor the wavering ship of Pakistan’s economy but failing.
Economic indicators speak of the political stability of any state. The current indicators are clear signs that Pakistan is passing through a politically instable period. The government’s own performance is not satisfactory. Resignations and change of portfolios of some ministers strengthen the impression that Khan is not happy with his cabinet.
Opposition parties, mainly Pakistan Peoples Party and Pakistan Muslim League-Nawaz kept silence or raised the economic issues dimly in past, saying that they want the PTI Government to take its time and resolve the masses’ financial problems. On the other hand, the top leaders of the two parties are facing multiple cases on corruption charges and their silence and weak gestures against the government left an impression as if they want concession from the government.
Intellectuals and sages of Pakistan expect the opposition to play its role for the peoples’ economic and civic rights but initially the opposition had no solid ground. Now, it has. The opposition knows this that it is the right time to strike as the iron is hot.
People are sick and tired of screwing economic policies of the PTI Government. PM Khan is assuring the nation that his bitter decisions will bear sweet fruit in future but masses can’t wait to see immediate relief.
PPP and PML-N have announced street protests after the Eid. Interestingly, the two parties announced the protests almost simultaneously, Jamiat Ulema e islam of Fazlur Rehman and Awami National Party will also join them. PPP will takeover the front in Sindh, and will support PML-N on the roads in Punjab. JUI and ANP will support PML-N and PPP in KP and Balochistan.
The situation may lead Pakistan to any direction. There might be an in-house change, or mid-term elections or suspension of the parliament by powerful quarters.
However, PM Khan can thwart the opposition’s bids by mustering support of the people. The only way to get it is to give some economic relief to them; they won’t let him fall. Otherwise the future is ambiguous.