Pakistani poor House pic pexeles
Every section of the country is affected by high inflation, but the middle class and low-income families seem to be suffering the most. Statistics show that the recent surge in inflation has broken the record of the last 70 years. Apart from food items, the prices of electricity, gas, petrol and other necessities of life have skyrocketed. On the other hand, the World Bank has also stated in the statistics regarding inflation that due to the increase in the rate of inflation in Pakistan, in just one year, more than two million people have fallen below the poverty line, while forty percent of the country. Hundreds of people are suffering from food insecurity. In the three years of the present government, many reasons for inflation have come to light, but in this atmosphere, the Prime Minister, Imran Khan’s remarks regarding inflation are related to reading. As a thought provoking statement, “Inflation is due to the fact that the dollar has become more expensive.” On the other hand, the Prime Minister’s Minister, Advisor to the Prime Minister, never tires of saying that “previous governments have artificially controlled the dollar, which (three years later) has created this situation.” The leash has been loosened so that he can go wherever he wants, like an unruly camel. In this context, one of the ministers, Batadbir, remarked that “it is not the responsibility of the federal government but the responsibility of the provinces to control inflation”. do. We were just lamenting the statement of the said Minister that the historic statement of the Governor SBP Raza Baqir turned the whole nation upside down, in which he said that “Overseas Pakistanis have also benefited from the depreciation of the rupee.” That is, there is a good side to the depreciation of the rupee and the appreciation of the dollar. Such an irresponsible statement by a person holding the post of Governor SBP is not only regrettable but also ridiculous in every respect. Governor SBP speaks of overseas Pakistanis benefiting from the appreciation of the dollar, who make up less than 5%. It is not at all difficult to conclude from his aforesaid statement that he has no idea how much crisis the 220 million people and the country’s economy will suffer from the depreciation of the rupee.
We were invited to a training camp in 1972 by the Boy Scouts of America. The Prime Minister of the country at that time was Zulfiqar Ali Bhutto and the process of change was in full swing. At that time the dollar was only five rupees. I had to go to Japan, America. A return ticket from Islamabad to Tokyo cost only three thousand rupees, but I was very disappointed when the dollar was raised from five rupees to ten rupees overnight by a royal decree. That is, the sofa is very expensive. Obviously, the air ticket has also doubled from the same proportion, ie six thousand rupees. It turned out that the then President of Pakistan, Muhammad Ayub Khan, had artificially devalued the dollar on the advice of an economist. Get paid twice as much. The move did not boost exports, but did increase the value of the dollar. And now the world of development is that today the dollar has reached 174 rupees. This is called change and gradual development. Under President Ayub, the “exchange control” version was also tried to control the dollar “artificially”. That is, dollar transactions began to take place only through the SBP. SBP’s permission was made mandatory for buying air tickets and at the same time it was stipulated that the person carrying dollars abroad must state where and why he is carrying so many dollars. After which the record of every passenger and the amount taken abroad began to be recorded. Then the world changed and it was the turn of the dollar to open and Raja Bazar took the place of SBP. Dollar shops opened in small and big cities and at the same time the fate and eyes of the dollar mafia were opened. With the advent of the dollar, the atmosphere has become such that wherever you want, as much as you want, fill the dollar in a suitcase and fly away. From that time until today, a traveler is only allowed to carry ten thousand dollars, but where double standards are common in every sector, artifacts kept in the museums of the country are sent abroad overnight at the behest of the higher authorities. No one dares to know what is being sent in a consignment of trunks. It is common for millions of dollars to be spent there. You will remember the woman who was caught smuggling millions of dollars. For a while, there was a lot of talk about her in the media, but then in the dust of time that incident was also suppressed. Despite the clear evidence, Ms. Azad is still at large. With regard to the transfer of antiquities, I was reminded that to participate in the same “Scout Camp Staff Program” in the United States, we were given only sixty-five dollars by the SBP for two months’ expenses, which of course. There were very few, so we thought we would take some handicrafts with us, so that we could sell them and earn some dollars, but the problem was that in those days we had to get permission from the State Bank to carry handicrafts. He mentioned this work to one of his loved ones. They took us to the station commander in Rawalpindi so that their recommendation might work. He started talking to the station commander, saying, “This rich man wants to take some ‘anti-craft’ to America.” To their surprise we immediately explained, “Sir! Not anti-craft, “handicraft” then a wave of satisfaction ran across his face, then when we stated our case, he solved our problem with a smile. This joke gives an idea of how valuable the dollar was at that time and how carefully governments acted.
Now ask someone what is the point of crying when you yourself are allowing everyone to carry ten thousand dollars. By the way, the importance of the dollar is also shown by the fact that even today at the airport in the United States, if you have more than ten thousand dollars, you have to explain the purpose for which you have brought so many dollars. Some time ago, we had to go to America again with our family. When asked by the customs officer at the airport, we said, “We have a little over ten thousand dollars and the family is with us.” The officer looked at us and began to think. So the officer immediately waved his hand and said, “Keep it, there’s no need to show off, the dollar is very valuable.” We borrowed billions of dollars from the IMF and the World Bank to support our economy Get The State Bank of Pakistan also mentions the reserves of dollars from time to time to show the stability of the country’s economy, but where do the dollars borrowed go? To this day it is not known. Maybe that’s why this begging bowl never fills up. We have sent a special proposal to the present government: “Even today, if you transact dollars through banks and especially set up a record-keeping system for taking out dollars, the situation can be brought under control to a great extent. Yes, and the debt burden abroad can be reduced. ”Unfortunately, no response has been received from the authorities in this regard. Even today, it is easy to deposit dollars in banks in the United States, but in order to withdraw large sums of money and take them abroad, it is necessary to provide the necessary evidence. You, Prime Minister! The dollar has not gone up, the rupee has gone down.
If the rupee continues to depreciate and the dollar continues to fluctuate, then surely the time is not far when the rupee will have to be packed in sacks to bring vegetables and bargains. The depreciation of the rupee can also be gauged from the fact that in 1985, the Thai currency “Bhat” was equal to our fifty paise. One hundred things used to cost fifty rupees, today the price is five and a half rupees. The example of Thailand is given here because at one time it was a very backward country, but today its economic development can be described as unprecedented. One of the reasons for inflation in Pakistan is that all the loans, which are obtained in the form of dollars, are eventually converted into rupees. According to the principles of economics, “if the currency were to double, its value would be halved.” Of course, there are many other reasons for inflation, but the real reason is the constant borrowing, which is dragging the economy like a dragon. One of the special advisers even suggested that “print so many notes that no one in the country remains poor.” Wow wow! When there will be such shrewd ministers, advisers, then why the need for external loans. While the solid fact is that the printing of foreign loans and currency never stabilizes the economy, but the real secret of development of nations lies in the production of the country, ie Take advantage of the blessings. Don’t think of Rekodak as a desert. Use common sense and think that the people of the foreign company who uprooted the mountains of gold were wiser than the grandsons of the beloved homeland who made Pakistan a nuclear power. Take the example of Japan, where due to scarcity of land, vegetables are being grown under bridges and grape vines can be seen in car showrooms, but we have abundant fertile lands given to us by nature. Are lying If they are cultivated or used for raising livestock and tractors and agricultural implements are distributed among the farmers instead of distributing cash, then you can be sure that this soil is very fertile if it is slightly moist. This clay can also be made into gold. Provided we can get out of this political siege, which teaches only destruction instead of construction, where accountability is the day of reckoning. There is no such thing as planning, and the definition of planning is “to accomplish a particular task in a specific time with limited resources.” Consider whether we are using this formula. Surely not. Had that been the case, Peshawar’s metro bus service would have been completed on time and the sky would not have been visible in the shade of billions of trees.
By: Qazi Zahoorul Hassan