Millions of Pakistanis nationwide have been forced to settle for less as the celebrate the blessed Eid al-Fitr due to deteriorating economy. Top retailers have confirmed to reporters that sales witness sharp decline in comparison to previous years in the run up to Eid al-Fitr.
Pakistan, bordering biggest world economies namely China and India, is said to have less than a month’s worth of foreign exchange reserves as it faces an unprecedented economic collapse in the recent history.
A $ 1.1 billion bailout package is on hold since November of the last year due to Islamabad’s lack of seriousness dealing with its fiscal policy adjustments required as a prerequisite by the International Monetary Fund (IMF) for the bailout to be released.
Reuters quoted Tariq Mehboob, chairman of the Chain Store Association Pakistan (CAP), as saying that, “”There has been a 20 per cent reduction in sales across all categories except women’s clothing.”
According to statistics, consumer price inflation in Pakistan has risen to a record 35.37 per cent in March from a year before.
Amid this humanitarian crisis already worsened by last summer’s devastating floods, at least 16 people have been killed in stampedes for food aid during Ramadan.
