Pakistan’s economy collapsing but political circus continues
The Pakistan Economy Watch (PEW) on Monday said Russian policies have divided European Union (EU) and many countries of the block have refused to take a unified stance on different issues.
The aplit in the EU has alarmed the United States and its other allies as Russia is successfully using its natural gas as a weapon which has resulted in economic troubles for the continent in which many countries are dependent on Russian gas, it said.
Despite the war, Russia’s economy continues to grow while the rest of the world suffers from problems for which the United States is solely responsible, said Dr. Murtaza Mughal, President PEW.
He said that the European Commission had suggested a 15% cut in gas consumption to reduce the intensity of a crisis in winter but the twenty-seven countries were not on the same page on this matter while twelve have openly voiced against it.
Even before this, European countries have taken different positions on buying oil, grain, fertilizers and chemicals from Russia and supplying arms to Ukraine fracturing this important alliance, he added.
Dr. Mughal said that some EU countries are in favour of sanctions, while some are trying to buy more oil, gas and grain from Russia as the price of one unit of gas in Europe in July last year was 21.8 euros, which has now increased to 166 euros, altering the lifestyle of the people.
He said that Pakistan’s economy is being destroyed due to an appreciation in the value of the dollar and a sharp decline in the value of the rupee.
The devaluation has increased debt by almost Rs6000 billion and it is increasing at a rapid pace.
The economy is going down threatening national security but the circus of politicians continues because politicians are more concerned about power than the country and the economy.
