The cost of living is spiraling out of control with every single passing day. Even the higher-income class is now feeling the crunch and finding it increasingly difficult to make ends meet. There is no light at the end of the tunnel for the chronic economic crisis inflicting our nation.
The caretaker government is oblivious to the needs of the masses. It has been dropping petrol bombs and worsening the situation. In the past month, the interim government has increased the price of petrol by a staggering Rs58 per litre. The price of diesel has also been hiked by Rs55 per litre. Since diesel concerns the transport sector, the price of essential commodities such as food and groceries increases and the inflation rate rises.
To add further misery, the cost of electricity has already reached unprecedented levels. There has been no respite from the inflated electricity bills and consumers have no choice but to pay their dues or risk disconnection. The political parties have stepped back from siding with the people until the election season begins. The people vented their anger on power utilities but now face criminal charges. The movement regarding the power crisis is fizzling out as people remain embroiled in their issues.
The government is unable to provide any relief as it needs to fulfill the IMF’s obligations. The global financial institution is expected a release a new tranche of funds in November and needs to maintain monetary tightening policies. The interest rate is already at its record level of 22 percent and inflation rate remains around 29 percent. The government says there has been a slight economic recovery but the effect needs to be seen.
With no solution in sight, the people have to fend for themselves as wages remain stagnant and the risk of unemployment remains high. The fuel and electricity costs have reached the level of house rents for most people. It has become increasingly difficult for them to commute to work. While people are making short-term solutions, the nation needs an economic recovery plan. This can only be delivered by a democratically elected government but this also seems a distant dream.
