Worse off now

The economic condition of the country has become worse after the assumption of office by the present government although the incumbents accuse the previous rulers for present economic mess. The facts and figures, though, speak for themselves. All you need to do is to look at the economics of Pakistan before January 2008. The foreign reserves of the country, let me remind you, were more than $16 billions. The stock markets were doing record business with KSE touching the limit of 16000 points. The currency exchange rate was Rs. 60 per dollar. Yes, the crises like shortage of electricity, spiral of inflation, high prices of oil in the international market and uncertain situation in the country due to war on terror had begun already but they were much less fierce. After the formation of new government, though, every crisis escalated. The stock market crashed to 10, 000 points and still is in a free fall. Foreign reserves diminished to $10 billions and are falling; the exchange rate rose to Rs80 per dollar and is rising. All crises that we had in the tenure of previous government are still present, with increased intensity while some new ones have also been created by the new government. The new rulers are taking no interest in resolving the real issues of the poor people of this country. -MUHAMMAD IBTESAM MAZAHIR, Karachi, via e-mail, October 25.

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