26.6 C
Accra
Sunday, October 6, 2024
WorldPakistan economic crisis: Government orders early closure of shopping malls and markets

Date:

Pakistan economic crisis: Government orders early closure of shopping malls and markets

As the nation is experiencing an economic crisis, the Pakistani government has ordered that markets and shopping centers close at early times each day.

The South Asian country will save, according to defence minister Khawaja Asif, about 62 billion Pakistani rupees ($274.3 million; £228.9 million).

The majority of Pakistan’s electricity is produced using imported fossil fuels.

The world’s energy prices increased last year, further straining the nation’s already precarious finances.

To pay for those energy imports the country needs foreign currency, especially US dollars.

The Pakistan government had $11.7bn of foreign currencies available last month after its reserves fell by about 50% last year.

That is only enough to cover around one month’s worth of all the country’s imports, most of which is energy.

Mr Asif told reporters on Tuesday that shopping malls and markets would have to close by 20:30 local time and government departments had been ordered to reduce their electricity consumption by 30%.

Meanwhile, the production of inefficient electric fans will be banned from the start of July.

“The federal cabinet has immediately approved the Energy Conservation Plan’s enforcement,” the ruling Pakistan Muslim League-N (PML-N) party said on Twitter.

The BBC is not responsible for the content of external sites.View original tweet on Twitter

The nation of 220 million people has been struggling for years to stabilise its economy.

In 2019 Pakistan secured a $6bn bailout from the International Monetary Fund, while in August last year it received a further $1.1bn.

The government is also negotiating with the IMF over the delayed release of another $1.1bn of bailout money.

Pakistan’s finances were also impacted last year by devastating floods that hit the country.

In October the World Bank estimated that the flooding had caused $40bn of damage to the country.

[forminator_poll id="710479"]
[forminator_poll id="710479"]

Latest stories

Fuseina Fuseini crowned Ghana’s Most Outstanding Teacher for 2024

Fuseina Fuseini, a teacher at Madina SDA Basic School...

CODEO deploys 100 observers nationwide to ensure transparent elections ahead of Dec 7 polls

The Coalition of Domestic Election Observers (CODEO) has deployed...

2024 polls: Manage your emotions – Chief Imam urges politicians

Deputy Bono Regional Chief Imam, Alhaji Baba Seidu, has...

Obuasi West Independent Candidate pledges to turn abandoned mining sites to tourist attraction

Independent Parliamentary Candidate for the Obuasi West Constituency, Kofi...

Ghana must stick to reform agenda – IMF cautions as elections approach

The International Monetary Fund (IMF) has urged the Ghanaian...

GNAT to go ahead with nationwide strike despite Akufo-Addo’s plea

Thomas Musah, the General Secretary of the Ghana National...

Related stories

New launch: The partnership for Global inclusivity on AI

A new venture - the Partnership for Global Inclusivity...

United States and Sierra Leone sign compact to transform energy sector

The United States and the Sierra Leone government have...

Please be patient – Tinubu pleads with Nigerians amid tough economy

Nigerian President Bola Tinubu has urged citizens to exercise...

Rwanda: Funeral sizes slashed to manage spread of Marburg virus outbreak

Rwanda has limited the size of funerals for Marburg...

Marine Le Pen faces trial over alleged misappropriation EU funds

Leader of France's far-right National Rally and a prospective...

About 30 decomposing bodies found in a boat off Senegal coast

At least 30 decomposing bodies have been found on...

We won’t stay away – US envoy replies Tanzania president over abduction probes

The United States Ambassador to Tanzania, on Thursday,...