On Thursday, Dr Muhammad Hanif Mughal, Chairman of Pakistan Tehreek-e-Shadbad, said that political disagreements after elections are natural. Still, they shouldn’t grow to unmanageable levels, as the country cannot afford further uncertainty. He said that Pakistan’s worldwide rating will rise if the opposition becomes responsible, which will help the new government steer the country out of some of the most pressing problems. He added that the new government should prioritise the success of the IMF review, after which a new accord with the lender is necessary to save the country.
In a statement issued today, he said it is astonishing that as the rupee weakens, the masses get poorer and the privileged get richer. Dr Hanif Mughal has said that political differences should not escalate to tension because it will further undermine the country’s economy and increase the people’s suffering.
After the election, the political instability in the country slowly decreased, which is good. If the politicians belonging to the opposition show responsibility, Pakistan’s global ranking can improve, thereby getting more loans to save the country. He noted that as the political tension in the country is reduced, the value of Pakistani bonds in the international market has also started to improve.
He said that the new government should keep the success of the last review of the IMF and start a new programme with the IMF at the top of its priorities so that the journey of economic stability continues. He demanded that after the IMF agreement, relief should be given to the people suffering from instability and inflation for many years. With the deal with the IMF, while the concerns about Pakistan will die down and local and international investors will see Pakistan favourably, the ongoing inflation in the country can also be reduced.
Dr Hanif Mughal said we must improve the economy like the neighbouring countries. Until a few decades ago, the condition of Pakistan was better than all the neighbouring countries, but now it is the worst. In 1985, the dollar in Pakistan was four rupees more expensive than in India. The dollar in India is 80 rupees; in Pakistan, it is 280 rupees. The difference has increased from 4 rupees to 200 rupees.
In forty years, the difference between the Pakistani and Indian currencies against the dollar has increased from four rupees to two hundred rupees, which is unacceptable.
As the Pakistani rupee is getting weaker and people are getting poorer, the elites are getting richer, which is amazing. However, this trend cannot continue because the country’s integrity is at stake.