In a concerning development, the city of Lahore, the provincial capital of Punjab in Pakistan, is grappling with exorbitant price hikes in essential commodities. According to a report from ARY News on Sunday, the cost of eggs has surged to an alarming 400 Pakistani Rupees (PKR) per dozen, highlighting a failure in the local administration’s enforcement of government-mandated price lists as the prices of various goods continue to skyrocket.
The report further indicates that onions are being sold at prices ranging from 230 to 250 PKR per kg, a stark deviation from the government-set rate of 175 PKR per kg. In addition, the per-dozen price of eggs has reached an unprecedented 400 PKR in Lahore, while chicken is being retailed at 615 PKR per kg, underscoring the severity of the price inflation issue.
Last month, in response to the escalating economic challenges, the Economic Coordination Committee (ECC) directed the National Price Monitoring Committee (NPMC) to maintain regular coordination with provincial governments. The objective is to implement measures ensuring price stability and combatting hoarding and profiteering. The committee meeting, presided over by Caretaker Federal Minister for Finance, Revenue, and Economic Affairs, Shamshad Akhtar, emphasized the need for concerted efforts to address the prevailing economic challenges.
Simultaneously, the economic landscape of Pakistan reveals a substantial increase in the country’s total debt burden. According to a report by ARY News, as of the end of November in the financial year 2023-24, the total debt burden has surged to an alarming 63.399 trillion PKR. The report breaks down the overall debt burden into domestic loans amounting to 40.956 trillion PKR and international loans totaling 22.434 trillion PKR. This substantial increase in debt occurred during the tenure of both the PDM and the caretaker government, raising concerns about the economic stability of the country.
In a separate development, a World Bank report has raised concerns about the effectiveness of Pakistan’s economic model, noting that the benefits of economic development appear to be concentrated among the elite. The report, cited by Pak Vernacular Media, indicates that Pakistan’s economic model is becoming increasingly ineffective, leading to a resurgence in poverty. World Bank Country Director for Pakistan, Najy Benhassine, highlighted the need for a change in policy, emphasizing that sustainable economic development in Pakistan requires a reevaluation of existing approaches. The report underscores the urgency of addressing economic disparities to ensure a more inclusive and resilient economic future for Pakistan.
(Input by ANI)
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