KARACHI: The Government’s decision to devalue the Pakistani Rupee evoked cautious optimism in business circles, who insisted that a follow-up of corrective measures was a must to offset the possibly adverse impact on the national economy, particularly on the cost of production. NAP leaders here were, however, strongly critical of the devaluation in so far as they say it is a clear case of bowing to foreign pressure. Besides, the Government was slated for having taken such a vital decision without taking the National Assembly into confidence.

The student community felt uneasy at the prospect of foreign studies becoming more expensive. For instance, parents who formerly used to incur Rs 714/- per mensem for their wards studying abroad, will now have to deposit Rs 1,750/-… . For intending Hajis it was a matter of great satisfaction that restrictions on Haj travel had been lifted. At the same time … they considered it “too heavy a price” for ordinary deck class pilgrims to deposit over Rs 3,200 instead of Rs 1,600… .

… The PICIC and IDBP loans will become hard to secure as the borrower will have to pay Rs 1,100 instead of … Rs 476 for every 100 US dollars. The loan amount together with interest and other charges … for … embarking on any industrial venture will be simply prohibitive… .

Published in Dawn, May 13th, 2022