#PTI #ImranKhan #NayaPakistan
When it came to power in August 2018, the Pakistan Tehreek-e-Insaf (PTI) government and Prime Minister Imran Khan promised to build a Naya Pakistan (new Pakistan) by improving the state of the economy, providing jobs and affordable housing, and fighting corruption.
However, at the end of one year in office, the PTI government is far from fulfilling the major promises that it campaigned on and which catapulted it into power. In fact, the country’s gross domestic product (GDP) is down, fiscal deficit is at a three-decade-high, tax revenues have declined, key industries like manufacturing and agriculture have slowed, and inflation is in double digits.
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Economic crises are not new to Pakistan. In fact, the PTI government inherited a high current account deficit from the previous Pakistan Muslim League-Nawaz (PML-N) government. Couple that with a balance of payments crisis and the Imran Khan government was forced to knock on the doors of the International Monetary Fund (IMF) in its first few months for a USD $6 billion loan. However, this loan came with strict demands to enact austerity measures and higher taxes, a tighter monetary policy, a depreciated rupee, and more, adding to the PTI’s woes and restricting its ability to achieve the economic goals it had set for its first year. If this past year is any indication, the PTI government has a long way to go to fix Pakistan’s economic problems.
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