Ex-premier Nawaz Sharif lands in Pakistan amid tanking economy
Business
Former Pakistani PM Nawaz Sharif returns amidst economic challenges
LAHORE (Dunya Investigation Cell) – Former prime minister Nawaz Sharif is set for a long-anticipated return to Pakistan after spending 1,432 days in London due to 'health conditions'.
His arrival comes at a time when the nation faces numerous economic challenges. During Sharif’s absence, Pakistan’s economy has been marred by a significant setback.
The country’s total debts have surged from Rs40.9 trillion to a staggering Rs77.1 trillion, making an 88 per cent increase over the past 47 months.
The internal debts of the government have also ballooned from Rs21.7 trillion to Rs38.8 trillion. Furthermore, the external debts, which stood at $110 billion in November 2019, have risen to $124 billion today.
Inflation has surged, with the rate climbing from 12.7 per cent to 31.4 per cent over the past four years. The average inflation rate during these 47 months was 16.5 per cent, reaching a record 38 per cent in May this year.
Exchange rates have seen a significant shift as well, with the rupee falling from Rs155 per dollar in November 2019 to Rs278 today.
The rise in value of the dollar has also led to soaring petrol prices, with a litre of petrol costing Rs283 today, compared to Rs114 in November 2019.
The interest rate has surged from 13.25 per cent to 22 per cent - an increase by 875 basis points during this period.
Stock Exchange
Notably, the Pakistan Stock Exchange (PSX) has also suffered, with its total volume dropping from $64.42 billion to $26.04 billion.
The number of registered companies in the stock exchange has decreased from 534 to 523.
Unemployment
On the employment front, the number of unemployed individuals in the country has grown from 4. 71 million to 5.6 million during Sharif’s absence.
A significant number of people have sought employment abroad, with 2.6 million people leaving for foreign jobs in the last 42 months.
This included professionals like managers, engineers, accounts, computer engineers, and teachers, as well as medical personnel, including doctors, nurses, and pharmacists.
Nawaz Sharif’s return coincides with these pressing economic challenges, and his presence is expected to fuel political discussions and debates regarding the nation’s financial stability.
