ISLAMABAD: Lenders above all, IMF, have trapped Pakistani currency into a constant devaluation crisis and economy managers seem to be helpless to arrest free fall of the Pak Rupee.
According to Pakistan Economy Watch, an independent forum, the present decline in the value of the rupee against foreign currencies with the dollar on top of them was mainly due to the Pakistan’s agreement with the International Monetary Fund (IMF) for the latest $6.7 conditions.
Head of the PEW Mr Murtaza Mughal has claimed that downward adjustment in the currency value was the pre-condition of the IMF negotiations with the government of Pakistan, though the Finance Minister Ishaq Dar has repeatedly denied of any conditionalities about devaluation of rupee in the IMF deal.
The PEW has raised alarm bells stating that local currency was being destroyed deliberately on command of IMF. The negotiating team of the international lender trapped Pakistani officials during face to face negotiations which pushed country into a sever currency crisis, it added.
The situation will hurt forex reserves, augment loans, trigger unemployment and deteriorate law and order situation which will push millions of unemployed to indulge in terrorism, crimes or suicides.
Dr. Murtaza Mughal said that Pakistan imports fossil fuel and edible oil worth 18 billion dollars which will be enough to make life of dejected masses more miserable.