The recent devaluation of Pak Rupee has caused inflation to increase by leaps & bounds. The economic debt crises had sapped the foundations of the economy. The 32 % decrease in rupee value has eventually increased all foreign debts by the same ratio. Foreign donor agencies have already tightened the noose, and a very little breathing space has been left. Targets set for the financial year 2018-19 could not be achieved. The annual target for inflation was 6%. However, the average inflation during 2018-19 surged up to 7.34%, as quoted by PBS. This has beaten record of the past five years. In 2013-14, inflation was 8.6%. The rate of inflation was almost two times the annual economic growth that has been recorded at 3.3% during the year 2018-19.

Practically speaking, inflation is more than 10%, and it has crushed the purchasing power of the middle class and lower middle class. They have no place to hide and no course of action to follow to escape from financial conundrums. If this situation persists, we will have a more negative impact on our economy.

It depicts the gloomy picture of the economy, and the tightened shackles of IMF will put more burden on the ordinary consumer of utilities and petrol. Having no way out, the only measure one can adapt at this point of time is going for austerity. If we simplify our lives, curtail all extra and unnecessary expenses, the monster of inflation can be controlled to some extent. Government must go for more and more jobs for youth as the unemployment factor adds vehemently to inflation. Exercising checks on spending money can only bring some good to this tottering economy.

IFTIKHAR MIRZA,

Islamabad.