Not all that

This refers to the editorial ‘Deteriorating finances’ (October 1) and the article ‘The falling rupee’ (October 3) by Dr Farrukh Saleem. Both hit the nail in the head by highlighting the worsening economic situation and its impact on the people. The easiest way to ruin a country’s economy is by weakening its currency. A decline in the value of a currency, through managed devaluation, causes an increase in the costs of energy, imported food items, investment capital and raw materials/ingredients needed by domestic industries All this then fuels inflation and increases the debt burden.

Unfortunately, government policies are causing the rupee to plunge and no one knows where it will stop. The nation’s resources are being squandered to oil the industries of foreign countries and needless imports. Clearly, the nation is living beyond its means as the economy has become hostage to the elite class while the people suffer. Independent economists and intelligentsia are demanding the reversal of the detrimental policies that serve the rich at the expense of the ordinary people. An intervention of the prime minister is imperative. Cosmetic measures are not going to help. Ruthless austerity in the current expenditure of the government and the ballooning imports are indispensable. Every Pakistani must share the pain and suffering and contribute to mitigate it.

Arif Majeed

Karachi