The government of Pakistan has mandated that all marketplaces and malls close by 8:30 p.m. as part of a new energy saving plan, the defence minister announced on Tuesday aiming to ease the tense economic situation of the country.
With payments anticipated under an International Monetary Fund (IMF) program having been delayed, Pakistan’s foreign exchange reserves hardly cover a month’s worth of imports, the majority of which are energy purchases from overseas.
The government expects these measures to save energy and curtail the costs of imported oil, for which Pakistan spends $3 billion yearly. Khawaja Asif told journalists the cabinet-approved measures to shut markets, including restaurants, aimed to save the cash-strapped country about 62 billion Pakistani rupees ($273 million).
So far there have been mixed reactions from the business community and the people who believe that this decision will have a negative impact on their economic situation as they still haven’t recovered from the loss during the covid 19 pandemic.
Have A Look At What Pakistanis Think
“Closing shops at 8:30 will not work and have no impact on the current account. Money saved in one place will be spent elsewhere. We have a high MPC. If the govt wants people to spend less (dollars) they have to increase taxes or raise rates or inflate prices (deval). Econ 101”
“The bankruptcy and default drive of Pakistan is irreversible now, no matter what plan they bring on now! The crises are so deep and wide, but I recommend them 1 thing, and that’s ” they must cut their Army personnel and the 80% Pakistan’s GDP their chicken and useless Army eat up”
“In Pakistan seems “all want to go to heaven, but nobody wants to die”. Why can’t we start early & sleep early. This is how nature wants us work, how it is done around the world. Why such big fuss about 8pm closure? Used to happen before till v drifted to current stupid nonsense”
“The new policy of shutting down markets by 8:30 will have multiplier effect on unemployment. Businesses had hardly recovered from Covid & now this , Allah hi Hafiz ho is mulk ka !!”
“Yes agreed this NEEDS to happen irrespective of Economics involved. The problem is do it completely not like this, office closing at 6 pm me getting home at 7 or 7:15 pm expecting me to reach Market, shop & comeback before 8:30 pm, seriously? Adjust office timings too”
“We need to make it a norm, no exceptions across the country we cant afford any thing less.”
We need to make it a norm, no exceptions across the country we cant afford any thing less.— Sheheryar Ansari (@A1Sheheryar) January 3, 2023
“Quick fix temporary measures are never the answer. revamp the whole system to have a meaningful long-lasting effect on the self-sustainability of the economy”
Quick fix temporary measures are never the answer. revamp the whole system to have a meaningful long-lasting effect on the self-sustainability of the economy— Mothilal (@livemothilal) January 3, 2023
“I’m not an economist but even I know this is a really really stupid and pointless idea this Govt has destroyed the economy and continues to dig a deeper grave for Pakistan !”
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