PTI to hold protests against inflation in Pakistan
The Pakistan Tehreek-e-Insaf (PTI) party, led by former Prime Minister Imran Khan will hold anti-inflation protests today in Islamabad.
Similar demonstrations were held last week in major cities throughout the country. Since his ouster, Khan has been critical of the Pakistan Muslim League government’s failure to rectify rampant inflation. Pakistan is facing an overall inflation rate of almost 14%, the highest rate in two years due to rising prices of food and fuel, and a weakened currency.
Expect the protests to focus on the government’s decision last month to raise fuel prices to qualify for IMF aid conditions. Khan is likely to drum up PTI support by emphasizing the comparatively better economic performance under his rule, which saw 6% growth over two years. However, the cost of inflation is likely to continue being passed on to Pakistan’s citizens as the country will likely continue to seek a $3 billion loan from the IMF. Given the benchmark of $36 billion needed for the next fiscal year, expect Pakistan’s economic woes to continue in the short-term. Long-term, poor economic performance could lead to a resurgence in PTI support, potentially opening the door for Khan to land the PM position next year.
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