Shaukat Tarin, a former finance minister, said on Friday that although the nation was not in danger of default, the people would experience hardships as a result of the economy’s decline, as shown by a recent State Bank of Pakistan report (SBP).
At a news conference, he pledged to refrain from making any “irresponsible statements” should they worsen the situation for the populace. He continued, though, by saying he didn’t see how the government would be able to lower the dollar’s value below Rs200.
“The deposits with the banks were drained,” Tareen told reporters, referring to a report the State Bank released a few days earlier on the state of the economy. After all of this, I fail to see how these folks will allow the dollar to fall below Rs 200,” he continued.
“Even if the nation is not on the verge of default, citizens may encounter challenging circumstances as a result of the economy. I won’t make any careless statements in the middle of the instability in the nation, Tarin, who served as finance minister in the government of the late prime minister Imran, declared.
According to Tarin, the dollar’s worth is currently skyrocketing, driving up costs for everything in its wake. He continued by saying that despite their best efforts, government ministers were unable to open letters of credit (LCs).
He said that although it was anticipated that the price of gasoline will drop this month, the government did not make that choice. The people did not receive any respite despite the global petroleum market’s ongoing fall. “Now I’ve heard that Russia isn’t providing us with cheap oil. The administration must communicate with Russia once more.