Sheikh Rasheed Ahmad, president of Awami Muslim League (AML) and former interior minister, on Sunday warned of a “thrashing march instead of an inflation protest”, lamenting the government had no control over the markets as the price of basics such as eggs, dairy products and wheat shot up.
In a tweet, he said the people were either starving or will face starvation this year, claiming that 2023’s first death from hunger had been reported in Mirpur Khas city of Sindh.
“The first martyrdom [sic] for seeking two meals a day has taken place in Mirpur Khas. Now, instead of inflation, there may be a thrashing march [against the government]. The foreign exchange reserves have fallen to $4.5 billion, less than three weeks’ worth of imports,” he said.
Pakistan’s foreign exchange reserves barely cover a month’s worth of imports, most of which are accounted for by energy purchases from abroad, with funds expected under an International Monetary Fund (IMF) programme having been delayed.
“We need a map to avoid nine months of destruction and default,” the former minister said.
Taking a jibe at the federal government, Ahmad said the 76-strong cabinet had failed to provide even a sack of flour to the public.
He also warned of destruction if the election schedule was not announced in 100 days.
Vegetable and fruit prices have soared across Pakistan as devastating rains ruin crops and disrupt supplies, a sign of how the worst floods in decades are creating food shortages at a time of financial crisis.
Members of the public were already facing rampant inflation before the flooding and the economy is in turmoil, with fast-depleting foreign reserves and a record fall of the rupee against the dollar.
Pakistan is also struggling to quell default fears in domestic and international markets, with a $1.1 billion IMF bailout tranche stuck due to differences over the ninth programme review, which should have been completed in November.
Other critical multilateral and bilateral financing avenues are also linked to the IMF programme, which means the nation is hard-pressed to meet external financing needs of over $30 billion up until June 2023, including debt repayments and energy imports.
