By Admin 
Economic Strain In Pakistan: The impact of increasing tension in the Middle East is no longer limited to just the war-fighting countries. The ongoing tension between Iran and Israel has started affecting the economies around the world. Its impact is clearly visible on India, but its havoc is clearly visible on the neighboring country Pakistan too. Although Pakistan was already struggling with the economic crisis, inflation and the pressure of foreign debt, now the rising prices of oil and gold have increased the problems of the common people living there. You can know from here how much the situation has worsened in Pakistan and what measures are being taken there to deal with it.
Why is Pakistan worried?
In fact, as war or tension increases, the prices of crude oil and gold go up rapidly in the international market. Investors rush towards gold as a safe investment, while there is fear about oil supply. This has a direct impact on countries like Pakistan, which import a large part of their needs. The prices of petrol and diesel in Pakistan were already at record levels. Now due to oil becoming expensive in the global market, the pressure on the government has increased further. In such a situation, it has become very difficult for the common man to drive on the road.
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What is Pakistan’s strategy?
According to media reports, the Government of Pakistan is continuously holding meetings with oil companies and economic advisors to improve these conditions so that the prices can be prevented from going completely out of control. However, there appears to be little scope for relief, as Pakistan’s foreign exchange reserves are still not in a very strong position. In such a situation, the problems of common people have increased the most. In cities like Karachi, Lahore and Islamabad, people are expressing their displeasure over rising inflation on social media. At many places, people are even saying that now it is becoming difficult to meet daily needs. The effect of petrol becoming expensive is not limited to vehicles only, but transport, vegetables, ration and other essential items also become expensive.
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Are people buying gold in Pakistan?
Talking about gold, a continuous rise in its prices is being seen in Pakistan. Be it wedding season or investment, both have been greatly affected. According to media reports, many jewelers have claimed that now customers in Pakistan are buying less gold and people are coming more to sell old jewellery. It can be said that now gold is gradually becoming a luxury for the middle class in Pakistan.
Saudi and IMF helped
At present, Pakistan’s biggest challenge is how to protect its weak economy from external crises. In view of the Iran war crisis, the Pakistan government is currently working on a rescue strategy. The government is emphasizing on energy saving, import control and international cooperation. Meanwhile, news came that Saudi Arabia and IMF have provided huge financial help to Pakistan to save it from bankruptcy. Saudi Arabia has extended new financial assistance of $3 billion and loan period of $5 billion, while the IMF has approved an tranche of $1.32 billion under the $7 billion program.
What is the consumption of petrol, diesel and gold in Pakistan now?
On Wednesday, May 13, the price of petrol in Pakistan crossed Rs 414, due to which people are very upset. In fact, the combined daily consumption of petrol and high-speed diesel in Pakistan is approximately 58.8 million litres. According to annual reports, the total consumption of crude oil in Pakistan is about 4.5 lakh to 4.8 lakh barrels per day, which comes to only 0.08 gallon per day per capita. Talking about gold, the investment demand for gold biscuits and coins in Pakistan is around 4.5 to 4.8 tonnes per quarter. But now this figure has also fallen considerably.