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Finance Ministry blames sit-ins for rupee depreciation, debt increase

Finance Ministry blames sit-ins for rupee depreciation, debt increase

KARACHI: The ongoing political impasse has resulted in depreciation of rupee and the ongoing sit-ins of the Pakistan Tehreek-e-Insaf and Pakistan Awami Tehreek have forced foreign dignitaries to postpone their visits to Pakistan, according to the Finance Ministry.

It is feared that prices of essentials will go up due to destruction of standing crops and increase in imports. This has caused Rs 210 billion increase in the public debt.

According to the Finance Ministry’s documents, foreign dignitaries postposed their visits due to the ongoing sit-ins. Investment worth Rs 34 billion was affected due to the postponement of the Chinese president’s visit. A 20 percent decrease in foreign investment has also been witnessed as investors have adopted a wait and see policy.

According to a report, due to the current sit-ins, imports have increased and exports have decreased. On the other hand, floods have ransacked standing crops and people have become homeless.