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Falling dollar, rising inflation

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Wisdom on the streets says that when the dollar soars high, inflation rises too, while a fall in the value of the greenback leads to a reduction in prices of necessities.

Tahir Malik Profile Tahir Malik

Perhaps for the very first time, the dollar has fallen by almost Rs. 15 against the Pakistani rupee, however, commodity prices have remained constant. Per unit cost of petroleum products, electricity and gas have not reduced either.

So why did the people not get any relief? A question being asked by everyone yet answered by none.

The truth is that the economy is suffering from a triple lack of planning, teamwork and expertise. Day by day, troubles faced by the country increase with alarming speed. All hopes by common folks to be able to earn and for inflation to fall have been dashed.

The government itself appears baffled and confused. The Finance Minister says GDP will grow by 4% this year. The International Monetary Fund  (IMF) and World Bank have put the figure at 1.5% and 1.3% respectively. Our population will continue to expand by 2.5% per annum. Thus, one way or the other, our GDP will go into negative growth. Experts say Pakistan needs to grow by at least 6% this year, otherwise, more than 3 million people will become unemployed.

The theory about dollar rates affecting inflation appears weak here. The government’s plans and its willingness to execute them is all that matters. Till now neither has the federal government shown us its vision, nor the direction it wishes to take the economy on. As for homework, well, the less said the better.

This sordid tale started with our own local Aristotle, Asad Umar, whose appointment was trumpeted as the gateway to Pakistan’s prosperity. Then we were informed that the IMF-sanctioned Hafeez Sheikh and Raza Baqir (Governor State Bank of Pakistan), have magic wands which will restore us to glory. Now, this responsibility lies with Hammad Azhar while Shaukat Tareen is also on the way to take up some charge or the other. How seriously the PTI-led government planned for the economy is evident from the current game of musical chairs.

Pakistan’s economy was heavily reliant on cotton and textile. Cotton is a boon, a crop that takes minimal water to grow while bringing in precious foreign exchange. Thanks to the untiring negligence of our rulers, we have had the lowest production of cotton in 30 years. Out of 212 total government organizations, 197 are running in loss. The steel mill is Rs. 480 billion in debt while for PIA this figure is close to Rs. 430 billion. The government’s bright idea about generating money is through increasing the price of basic utilities. It is now a real possibility that subsidy worth Rs. 140 billion will be abolished, transferring this amount over to the heavy ones the government is already shouldering.

Meanwhile, imports of sugar, wheat and cotton have increased too. The agriculture sector, once our economy’s mainstay, is now in tatters. In 2018, a bag of DAP fertilizer was retailing for Rs. 2200. By 2020 its price tag had soared to Rs. 3467 and today, it stands at a truly mind-numbing Rs. 5137. With such a rapid rise, how will the prices of food commodities not rise?

The desperate ruling coalition is focused only on procuring more and more loans.

We can now term the dollar-inflation theory an old wives’ tale. Unless the price of utilities and commodities goes down, nothing else will. For the immediate future, inflation remains our fate.

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Entertainment

Honey Singh bonds with Pakistani Artist Faris Shafi

The Indian rapper takes to Instagram to share the moments of the company with Pakistani artist, saying that “Welcome my brother from LAHORE the hip-hop Icon one and only @farishafi,”.

Published by Hussnain Bhutta

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Mumbai: The recent friendly interaction between Indian rapper Honey Singh and Pakistani artist Faris Shafi has sparked excitement among fans on both sides of the border.

Taking to Instagram,  Honey Singh shared a glimpse of their meeting at a recording studio, capturing the essence of their friendship with a supportive comment.

He wrote, “Welcome my brother from LAHORE the hip-hop Icon one and only @farishafi,”

 
 
 
 
 
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A post shared by Yo Yo Honey Singh (@yoyohoneysingh)

Honey Singh had previously praised Faris in an interview, hailing him as an exceptional artist.

In the snapshot, Honey Singh is dressed in all-black attire while Faris sports a stylish grey kurta and pants ensemble.

 

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Sports

United clinch third PSL title by beating Sultans in season 9 Final

Islamabad United successfully chased down the target of 160 runs set by Multan Sultans in the final over at National Bank Stadium in Karachi on Monday night.

Published by Hussnain Bhutta

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Karachi: In the final match of the HBL PSL Season 9, Islamabad United secured their third championship title by defeating Multan Sultans by 2 wickets on Monday night. 

The match, held at Karachi's National Bank Stadium, witnessed Multan Sultans' Skipper Mohammad Rizwan, winning the toss and opting to bat first.

The Sultans made 159 runs at the loss of 9 wickets in the allotted 20 overs. 

Islamabad United successfully chased down the target in the final over.

For Islamabad United, the chase was initiated by Martin Guptill and Colin Munro, but both couldn't stay long at the crease, with Munro departing after scoring 26 runs. 

Following Munro's dismissal, Salman Butt joined Guptill, but he too couldn't contribute much and was out after scoring only 10 runs off 11 balls. Asad Shafiq, coming in at number five, provided some resistance along with Guptill, but Guptill's departure for 50 runs off 32 balls halted their progress.

Soon after Guptill's dismissal, Asad Khan also fell victim to Usama Mir's delivery, followed by quick dismissals of Haider Ali and Faheem Ashraf. After Faheem Ashraf's departure, Imad Wasim and Nasim Shah responsibly played and managed to cross the target with one ball to spare, with Imad scoring 18 runs and Nasim contributing 17 runs.

 From Multan Sultans' side, Usman Khan remained the top scorer with 57 runs, while Mohammad Rizwan scored 26 and Shadab Khan scored 11 runs. Yasir Khan and David Willey contributed 6 runs each, with Imad Wasim taking 5 wickets and Shadab Khan dismissing 3 players for Islamabad United.

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Regional

LHC issues written decree on plea of Pervaiz Elahi

It is said in the written verdict that Chief Election Commissioner issue an appropriate order by listening to the point of view.

Published by Qurrat Tul Ain

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Lahore: The Lahore High Court (LHC) has issued written decree on the plea to stop the submission of nomination papers of five candidates including former chief minister Punjab Parvez Elahi.

According to the details, justice Tariq Saleem Sheikh issued the written decree on the request of Qaisera Elahi and disposed of the pleas of five candidates including the former chief minister Punjab.

Court stated that the applications of five candidates including Parvez Elahi are sent to the Chief Election Commissioner Sikandar Sultan Raja.

It is said in the written verdict that Chief Election Commissioner issue an appropriate order by listening to the point of view.

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