Pakistan was not on the verge of defaulting
On Thursday, the nation’s economic administrators reiterated their promises that Pakistan was not on the verge of defaulting, the currency had stabilised (despite falling 0.83%), and the nation had enough gasoline to last for more than a month.
Local currency’s record depreciation against the dollar
While the prime minister, on the other hand, expressed concern over the local currency’s record depreciation against the dollar during a cabinet meeting, Defence Minister Khawaja Asif called for an immediate end to the “executive allowance” recently given to top government officials in a press conference alongside Finance Minister Miftah Ismail.
Separately, Khurram Dastgir, the energy minister, said that the nation’s petroleum product stocks were at a “historic level.”
Defence Minister Khawaja Asif called on Thursday for a complete end to the “executive allowance” recently given to top government employees and other similar extravagant lifestyles supported by tax dollars, acknowledging that ongoing policy measures by the government along with outside factors would cause many middle-class people to fall below the poverty line.
According to Mr. Asif, “the permanent government, by which I mean the bureaucracy and others, would have to share the load collectively to ensure that the common man feels that they are not paying the price alone but shared by the entire nation.”
He claimed that the dollar had reached a 20-year high and that this was the main reason for the rupee’s decline, which saw it drop to 227 to the dollar from 204.85 on June 30.
Despite stating that Pakistan’s government should be scaled back as much as feasible in light of the situation, he added that it was still too big and remained in charge of many tasks that the private sector ought to be performing. He also emphasized the necessity for habitual changes and insisted that only daytime hours should be used for business.