The possibility of a Sri Lanka-like situation in Pakistan is deepening. Economists have advised the government to impose a financial emergency. So now it will be a matter to be seen that who is the current ruling party giving distinction between their political interest and the interest of the country.
There are signs of the economy going on the path of Sri Lanka in Pakistan. In the current financial year, the country’s foreign exchange reserves have declined by 21.72 percent. For this reason now economists have advised to impose financial emergency in the country. He is of the opinion that the tax concession of eight trillion rupees given to the corporate sector of the country should be withdrawn immediately. New taxes should be imposed on land and other properties. The current Shahbaz Sharif government has also been advised to reduce non-essential defense expenditure, levy emergency tax on vehicles with capacity above 1,600 cc, doubling of electricity duty, and taxing residential property above 800 square yards. But it is not easy for the government to accept this advice. Former Prime Minister Imran Khan and his supporters have already launched a big campaign in the country. He has described the current government as a government of looters, which has been formed under the American conspiracy.
Along with this, he also claims that Imran Khan kept a ban on the price of petroleum while in power. Now if the government reverses that policy, it is possible that Imran Khan’s support will increase further. Therefore the ruling Pakistan Muslim League (Nawaz) has a choice between a well and a chasm. If it takes emergency steps to handle the economy, then it may have to bear the brunt in the general election to be held a year later. Therefore, a section of the party is of the opinion that instead of taking this risk, the National and Provincial Assemblies should be dissolved prematurely. This will detract from Imran Khan’s campaign to demand a new election. But economists say that if the country is implicated in the election now, then the chances of the economic crisis taking the form of Sri Lanka will increase. Now it remains to be seen who the current ruling power gives between themselves and the interests of the country.