Ever since Imran Khan assumed the office as Prime Minsiter of Pakistan, things have gone from bad to worse on the economic front for the country, notorious for breeding terror groups. The currency has shed more than a quarter of its value, inflation is near double-digits, economic growth is at a decade low; the private, as well as public investment, has fallen; foreign debt is all-time high and almost equal to the country’s GDP; exports have fallen and the imports have risen to unsustainable levels.
As a sign of resentment and protest, thousands of protesters have already marched into Islamabad, Pakistan’s capital city, demanding the incompetent prime minister’s immediate resignation amid a worsening economic situation.
Troops were seen deployed on the streets of Islamabad with major roads being sealed and shipping container barricades propping here and there. The march by members of one of Pakistan’s largest Islamist parties is led by its chief, Maulana Fazlur Rehman. The hard-line cleric Maulana on Friday while addressing a massive protest rally, dubbed ‘Azadi March’ gave Prime Minister Imran Khan a two-day ultimatum to resign, saying the “Gorbachev of Pakistan” must step down without testing the patience of peaceful protestors. Gorbachev was the eighth and final leader of Soviet Union and it was under his regime that the Soviet Union broke apart. Rehman further said that only people of Pakistan and not any “institution” had the right to govern the country.
Along with Rehman, leaders of the PML-N, PPP and ANP participated in the march held to overthrow the Pakistan Tehreek-e-Insaf (PTI) government led by Prime Minister Khan. He said Khan’s Pakistan’s PTI government has destroyed the economy while endangering the very existence of the country.
Rehman also called a multi-party conference at his residence to decide the future strategy against the government which was attended by Pakistan People’s Party chairman Bilawal Bhutto-Zardari; Pakhtunkhwa Milli Awami Party chairman Mehmood Khan Achakzai; Pakistan Muslim League – Nawaz (PML-N) leaders Ahsan Iqbal and Khawaja Asif and Awami National Party (ANP) general secretary Mian Iftikhar Hussain
As per forecast by the annual Economic and Social Survey of Asia and the Pacific 2019, Pakistan’s GDP growth is going to remain lowest in the region. Its GDP will grow at a rate of 4.2 percent. Pakistan’s GDP growth rate has now fallen much behind the GDP growth rate of countries like Maldives and Nepal, which in itself should be a warning sign.
Pakistan has so far received billions in financial aid packages from countries like China, Saudi Arabia, and the UAE during the disastrous current fiscal year, and is reeling in tremendous debt that could jeopardise its very existence. In short, the Pakistan economy is in a free fall, while inflation is sky high, and Imran Khan has not been able to revive it and ultimately this has led to the series of protests in the country.
They say life comes a full circle for everyone and it seems to be happening with Khan too who himself used similar protest tactics to undermine the previous government as he campaigned against Nawaz Sharif’s government, and made promises he has been unable to keep while turning into the military’s puppet.