Vehari: Pakistan Peoples Party (PPP) Co-chairman Asif Ali Zardari made a bold prediction amidst the historic economic crunch the country is currently facing. During an address to a gathering in the Vehari, Zardari stated that Pakistan’s foreign exchange reserves would increase to $100bn. Pakistan’s economy would only develop when exports reach a range of $80-$100 billion. It is possible bt not by relying on funds from other nations, said Zardari.
Zardari’s prediction comes at a time when the country is grappling with a severe balance of payment increase and a surge in external liabilities. The coalition partners are actively seeking the IMF’s (IMF) support in unlocking a crucial $1.1 billion tranche. Which would allow Pakistan to access further funding from bilateral and multilateral sources. Currently, the country’s foreign exchange reserves stand at $3.8 billion with an import cover of less than a month.
Zardari acknowledged the economic challenges faced by the people of Pakistan. He criticized the PTI Chairman Imran Khan, who has blamed the incumbent rulers for the economic crisis and rising inflation, and noted that the country was in a better position when the PPP left power in 2013.
Despite the daunting economic challenges, Zardari highlighted that the ministries under PPP’s purview had “fewer issues”. He promised to address them soon. “We will also advise others to try and resolve your [masses] issues,” he added.
According to reports, weekly inflation increased by 41.07% year-on-year during the week ending March 2, with concerns that the rise in food prices could lead to food insecurity. Zardari’s prediction of Pakistan’s foreign exchange reserves hitting $100 billion offers a glimmer of hope for a nation struggling to overcome its economic woes.
