ISLAMABAD: In the backdrop of prevailing financial crisis and flight of US dollar against the rupee, President Arif Alvi on Sunday urged the nation to buy local products and avoid using imported goods.

“Considering pressure on Pakistani rupee, I urge Pakistanis to buy ‘Made in Pakistan’ products,” the president appealed to the nation in a message posted on his Twitter account.

The appeal was made two days after Pakistani rupee plunged to the lowest level against US dollar. The US dollar opened at Rs142 in interbank trading and devalued further by Rs2 to Rs144 on Friday. At the close of trade, the exchange rate was Rs140 a dollar for interbank trading according to the State Bank of Pakistan (SBP). The same day Prime Minister Imran Khan assured the nation that it should not be worried due to the highest ever flight of dollar against Pakistani rupee. “The government will overcome the situation through its sagacious economic policies — increase in exports and investments,” he claimed.

However, President Alvi urged the nation to take a collective decision to avoid use of imported items in their daily life. “In this time of crisis, we must try to avoid luxury goods and avoidable imported purchases. If you put your mind to it, there is a long list of daily use imported products,” he tweeted.

“This is what we must do together,” the president said.

Media reports said the country came under additional burden of foreign debts equivalent to over Rs700 billion due to the further depreciation of local currency against US dollar.

The Pakistan Muslim League-Nawaz has held Pakistan Tehreek-i-Insaf-led government responsible for the “worst economic” crisis in the country. The opposition party said it was because of “immature” remarks of PM Khan regarding eggs, chicken and calves that shattered the confidence of investors and the rupee devalued to Rs142 against US dollar.

It has been observed that the price of almost all imported products, especially eatables and daily use items, have surged by five to 10 per cent in the local market due to US dollar’s flight.

Published in Dawn, December 3rd, 2018