Page 8 - The Indian EYE 072922

NATION JULY 29, 2022 | The Indian Eye 8

Pakistani business leaders fear Sri Lanka-like

situation as an inflation storm rises

Former Pakistan envoy to the US downplayed the importance of the recent bypoll win of

Imran Khan’s Pakistan Tehreek-e-Insaf (PTI)

OUR BUREAU seats. Most of the PTI turncoats who
voted for PML-N’s Hamza Sheh-
Colombo/Singapore
baz Sharif for chief minister lost the
s the dollar touched an all- polls. Former Pakistan Prime Minis-
time high of 224.92 against ter claimed that PTI won the by-polls
Athe Pakistani rupee, the busi- despite the use of state machinery in
ness community gathered at the PML-N’s favor. The PTI chief also
Federation of Pakistan Chambers of insisted that free and fair elections
Commerce and Industry (FPCCI) to were the only solution to Pakistan’s
analyze the looming threat of a Sri woes.
Lanka-like economic emergency. Haqqani, who is now Director
FPCCI President, Irfan Iqbal for South and Central Asia at Hud-
Sheikh has called out the free-float- son Institute in the US, said that
ing exchange rate of the State Bank PTI’s bypoll win should not be seen
of Pakistan (SBP) as the petroleum as a big shift and this victory does not
imports were being opened at a much reflect how people might vote in a
higher rate than the interbank rate general election.
and have emphasized applying reg- “Conventional wisdom is that
ulatory tools to minimize economic the recent by-poll win reflects a ma-
uncertainty, Dawn reported. “We are jor win for Imran Khan’s PTI. But the
not far from a Sri Lanka-like scenar- 20 seats that were contested were all
io and radical decisions are needed previously held by PTI so the party
to reverse the situation,” he warned, winning them should not be seen as a
adding that the country does not Imran Khan at a rally of his supporters in Lahore big shift. Compared to 2018 General
even have enough foreign exchange elections, PTI got 400,000 votes more
reserves to cover two months of im- on these seats while PML-N also in-
ports. creased its vote total by 300,000. A
According to an FPCCI’s press low turnout by-election does not re-
release, leading businessman Aqeel flect how people might vote in a gen-
Karim Dhedhi blamed the Shehbaz eral election,” the former envoy said.
Sharif government for the country’s On the possible impact of the
faltering economy and said that the win in the upcoming federal election,
government has failed to look into the former Pakistani diplomat said
growing inflation. “Despite a foreign things can change by the time of the
exchange bloodbath, the government next general election. He said Paki-
has failed to appoint a governor for stan’s “establishment” has upset ma-
the SBP, which reflects poorly on the jor political party’s supporters and
government’s seriousness in dealing that might impact its actions between
with the situation,” he said. now and the next election.
In another statement, Patron “Right now, Imran Khan is in the
Karachi Wholesalers Grocers Group news and his followers are emotion-
(KWGA) Anis Majeed said the land- ally charged. Things can change by
ing cost of imported pulses had in- the time of the next general election.
creased by Rs 7-8 per kg in the last One thing is certain. Pakistan’s estab-
10 days due to continuous rupee lishment has upset supporters of al-
deprecation against the dollar and As inflation rises with a fuel price hike, there have been protests across the country most every major political party and
its impact had not been passed to the that, more than anything else, might
wholesale rates by the traders due to The Russia-Ukraine war has also (PTI), which is being described as a impact its actions between now and
uncertain future exchange rates. fuelled inflation at the global level, “game-changer” for the country’s the next election,” he said.
Since the Shehbaz Sharif govern- leaving the people of Pakistan in mis- politics. Answering how the Pakistani
ment has come to power in Pakistan, ery. PTI won 15 out of 20 provincial establishment views the win secured
the daily essentials are getting costly Meanwhile, former Pakistan en- seats that were up for grabs in Paki- by Imran Khan, Haqqani contended
and have become out of reach of the voy to the US, Husain Haqqani on stan’s most populous province, Pun- that if Imran Khan is fighting the es-
common man due to recent hikes in Wednesday downplayed the impor- jab. Its main rival in the province, tablishment, that should mean that
petrol prices and power tariffs, a lo- tance of the recent bypoll win of Im- Prime Minister Shehbaz Sharif’s the state apparatus should be work-
cal media report stated. ran Khan’s Pakistan Tehreek-e-Insaf PML-N, managed to win just four ing against him.

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