Tuesday, July 23, 2024
23.4 C

    Political instability detrimental to economy, prices stability in open market: Experts

    Political instability detrimental to economy, prices stability in open market: Experts

    PESHAWAR (APP): The premature dissolution of the Khyber Pakthunkhwa and Punjab assemblies and heavy foreign loans obtained by the PTI during its last four years tenure had made negative effects on the country’s economy and prices stability in the open market.

    Ikhtair Wali Khan, Pakistan Muslim League-N Spokesman told APP on Monday that the poor economic and fiscal policies of the PTI government followed by violent protests in different parts of the country by its workers in the wake of Zaman Park’s skirmishes, premature dissolutions of KP and Punjab assemblies and heavy foreign loans obtained by the PTI had aggravated the economic crisis in the country. Resultantly, the consumers’ inflation has reached a record 35.4 percent during last month, which was highest in 49 years.

    According to APP market survey at Peshawar, the price of live chicken has increased to Rs365 per kilogram and rice by Rs70 per kg, split chickpeas (chana dal) started selling at Rs220 to Rs260 per kg, while the price of beans soared by Rs60 per kg with rates jumping from Rs281 to Rs339 per kg respectively during Ramazan.

    The price of spices has swelled from Rs150 to Rs200 per kg while the cost of oil and ghee surged by Rs62 per kg. The vegetables and fruits remained out of consumers’ purchasing power in the market where garlic was being sold at Rs360 and ginseng at Rs620 per kg.

    The sweet oranges are priced at Rs440 per dozen, oranges at Rs400 per dozen, banana at Rs300 per dozen, pomegranate Rs400, Iranian apple at Rs340 per kg, Kohati guava at Rs350 and strawberry costs Rs280 per kg.

    The skyrocketing price-hike have also impacted the meat market with beef being sold for Rs700 per kg before Ramadan, but is now priced at Rs800 and Rs1,000 per kg, while the rates of mutton were increased from Rs1,400 to Rs1,600 per kg; thereby increasing to Rs1,800 per kg.

    “The major reasons for these high prices of daily used commodities were political and economic instability caused by the PTI’s immature politics,” said Ikhtair Wali, adding had the PTI concentrated on speedy recovery of floods’ related agriculture damages, the price hike and consumer inflation would not become so high today.

    From August 2018 to December 2021, he claimed that the Imran Khan government had taken about $43.4 billion loans including a bilateral loan of $3.22 billion besides $14.5 billion through the commercial banks on high interest rate, thus pushing the nation and coalition governments in the hot waters besides increase in price hike and inflation.

    Sumbul Riaz, senior economics expert said that political instability was casting negative effects on the national economy, agriculture growth and increased inflation. Talking to APP, she said the country where the lower middle-income poverty rate was about USD 3.2 per day and upper middle income poverty rate was around USD 5.5 per day, is likely to push additional 1.9 million households including 12.1 million people into poverty in the wake of last year’s devastating floods devastations.

    She said the national poverty ratio was likely to increase by 2.4 to four percent, thus around 26 percent of the country’s population may face great problems to get balanced food, quality health, water and natal care services in future.

    She said normally, 15 to 20pc increase in prices of daily used items including meat, chicken, vegetables, pulses, dairy products and fruits were being witnessed during the holy month and activation of price-control committees were inevitable to control soaring prices of the food items in the open market during Ramazan.


    Hot Topics

    Related Articles