Name: Sampang, Larra Joyce V.

Course and Section: AB Political Science PSC31

Subject: Political Economy
Professor: Sir Jumel G. Estrañero
University: De La Salle University - Dasmariñas

The Sharif-Khan Conflict and the Proliferating Threat on the Economic Crisis in Pakistan

I. Introduction

Background of the Study

By the time Pakistan gained its independence in 1947, the country had already undergone a
series of transformations. Throughout the decades, the economy of the nation has risen and
fallen, creating the impression of economic uncertainty. Over the last three decades, the economy
of Pakistan has grown three times faster than that of other South Asian countries (Mudasar,
2021). The annual growth rates reached 20%, and the agricultural and industrial sectors were
constantly growing.

However, Pakistan has not always experienced economic growth in its vicinity; financial and
economic crises have also recurrently challenged the country. In 2018, Pakistan was in distress as
the economic crisis of the country threatened its stability. Its government is confronted with
catastrophic issues, such as the depletion of foreign currency reserves, the massive devaluation
of the Pakistani rupee, rising fuel and energy costs, escalating inflation, and food shortages. Due
to these impediments, Pakistan was forced to pursue loans and debt to resolve its current crisis.
However, it precipitated a debt crisis that poses an even greater threat to the Pakistani economy.
According to Aljazeera (2022), Pakistan is currently replete in debt, owing nearly $7 billion to
the International Monetary Fund in the upcoming fiscal year and nearly $30 billion to its close
country ally, China.

In 2018, when Imran Khan was elected prime minister, the economic crisis accelerated
dramatically. At first, Khan was portrayed as a national hero whose policies would usher in a
new Pakistan. Nonetheless, this was not the reality in Pakistan. After being elected, he stated that

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he and the army are on the same page, which increased the concerns of civilians as attacks and
abductions against journalists and commentators who criticize the Khan administration
propagated (Kermani, 2022). Subsequently, under his rule, the cost of living in Pakistan
skyrocketed, food prices went up, and the rupee fell against the dollar, causing Pakistan to
experience a massive economic crisis.

Imran Khan was removed from power in 2022 after losing a vote of no confidence in Parliament.
The motion to remove Khan was approved by 174 votes out of 342 in the assembly (Mogul &
Saifi, 2022). Shehbaz Sharif currently serves as the current prime minister of Pakistan, as his
nomination was supported by opposition parties that voted to oust the previous prime minister.

Prime Minister Shehbaz Sharif entered the seat with a devastating economic crisis in the country.
He blamed the former prime minister for having economic mismanagement which worsened the
situation of Pakistan (PTI, 2022). On the other hand, the former prime minister heavily criticizes
the ongoing measures of the Sharif government in addressing the existing economic crisis. While
Pakistan was being faced by uncertainties and instability, a conflict between the former and
current prime minister has risen up.

This study investigated the current economic crisis in Pakistan and its spillovers. The causes of
the economic crisis, as well as its current condition and implications for the Pakistani people,
were examined in depth. In addition, the conflict between former Prime Minister Imran Khan
and current Prime Minister Shehbaz Sharif was analyzed to determine how it contributes to and
exacerbates the escalating economic crisis in Pakistan.

The topic of the economic crisis in Pakistan was chosen as the focus of the research as it is a
concerning issue that poses a threat to the stability of Pakistan and thus has global repercussions.
Through this research, the researcher aimed to inform individuals that these crises are crucial and
require sufficient attention in order to be resolved and to prevent future crises of a similar nature
from happening.

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Statement of the Purpose
The primary purpose of this study was to analyze and investigate the current pernicious
economic crisis in Pakistan. Specifically, the study aimed to investigate and provide answers to
the following questions:

1. What are the causes, the current state, and the effects of the ongoing economic crisis in
Pakistan?
2. What is the conflict between the former and current Prime Ministers, Imrhan Khan and
Shehbaz Sharif, and how does it add to the fuel of the proliferating economic crisis in
Pakistan?
3. What are some measures that Pakistan may utilize in order to resolve their economic
crisis?

Significance of the Study

Upon the completion of this study, essential information regarding the economic crisis in
Pakistan was provided. This sheds light on the issue that unavoidably threatens the stability of a
country and consequently produces undesirable outcomes. Thus, this study is primarily intended
to benefit the following:

The Pakistani People. This study will increase their awareness of the current economic situation
in their country. It is significant to the Pakistani people, as they are being directly affected by the
current economic crisis.

The Pakistan Government. This study may serve as a reflection on how the policies and rules
being imposed by the Pakistani government impact the economic situation in their country. This
will help them take alternative measures to resolve the ongoing crisis.

Citizens. This study will enlighten all citizens of the world on how an economic crisis in one
country has spillovers in other nations around the world. This will explain why political
awareness is essential for every individual.

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World Leaders. This study will impart knowledge among various leaders around the world on
the reasons why the economic crisis in Pakistan occurred. This will serve as a lesson in order to
prevent an economic crisis from happening in the future.

Future Researchers. This study will serve as a reference that provides sufficient information on
the current economic crisis in Pakistan. This will be helpful to future researchers who may want
to conduct a similar study.

Scope and Limitations

This study examined the underlying causes and consequences of the current economic crisis in
Pakistan. Its current situation was investigated and analyzed. The conflict between former Prime
Minister Imran Khan and current Prime Minister Shehbaz Sharif has been explained. In addition,
numerous measures to address and resolve the economic crisis were laid down.

This study consisted solely of secondary research from reputable sources garnered from
numerous relevant works of literature that were publicized on the internet and in books.
Numerous journals, research, and internet articles were utilized in the study; consequently, no
primary research was carried out.

II. Body: Review of Related Literature

A. The 2022 Economic Crisis in Pakistan

Pakistan currently faces difficulties that are presumed to worsen in the coming months. The
economic situation in Pakistan is exacerbated by (a) food scarcity, (b) inflation, (c) the
devaluation of the Pakistani rupee, (d) the depletion of foreign reserves, and (e) massive debt.
According to BW Online Bureau (2022), the future of Pakistan will be more complicated if the
aforementioned problems persist.

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Food Scarcity

Figure 1. Data of Pakistan Floods

During the monsoon season, Pakistan has been devastated by floods and landslides. Millions of
Pakistanis have been displaced as cropland and villages remain flooded. According to the World
Bank (2022), these catastrophic floods have caused 1,739 fatalities, $14.9 billion in property
damage, and $15.2 billion in economic losses.

On August 25, 2022, Pakistan declared a state of emergency due to the flooding that has
spawned a food crisis in the country. Approximately 15–16% of Pakistanis are experiencing
severe food scarcity that worsens each day (The Times of India, 2022). Furthermore, millions of
children are at risk of being gravely malnourished.

According to an article published by Save the Children (2022), the floods destroyed the crops,
livestock, and other means of subsistence of Pakistanis. Families across Pakistan were forced to
take drastic measures to survive, such as borrowing funds, selling their remaining possessions to
purchase food, or putting their children to work. Hence, the massive agricultural damage and
economic losses caused by floods are expected to negatively impact the external trade and
services sectors of Pakistan (Gul, 2022).

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Inflation

Figure 2. January - October 2022 Pakistan Inflation Rate

As the catastrophic floods heavily impacted the agricultural sector of Pakistan, an evident rise in
food prices served as an unwanted outcome. Onions and tomatoes, which are the most commonly
used ingredients in Pakistani cuisine, have been affected the most. According to Presse (2022),
both onion and tomato prices have risen by 40%. Price increases are expected to continue as food
insecurity in Pakistan persists. The Planning Minister Ahsan Iqbal stated that the restoration
could cost at least $10 billion, and the government should look for ways to stabilize prices,
including importing from its neighboring country, India (Welle, 2022). Pakistan received $1.17
billion from the International Monetary Fund as part of a government bailout loan in 2019;
however, this amount is far below the estimated recovery costs of the country.

In addition to food inflation, Pakistan also faces rising fuel prices. The Pakistani government
raised the cost of gasoline, kerosene, and light diesel. According to Roy (2022), the new prime
minister, Shehbaz Sharif, stated that the rise in prices was necessary to prevent bankruptcy. The
ongoing fuel price has prompted numerous protests in Islamabad, Lahore, and Karachi to take
place. Based on the calculation of the Sensitive Price Index (SPI), the inflation rate in Pakistan
has increased by 3.38% due to the escalating petroleum prices (ANI, 2022).

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Devaluation of the Pakistani Rupee
Pakistan is experiencing a currency depreciation as the Pakistani rupee falls to a record low
versus the U.S. dollar. On both the macro and micro levels, the Pakistani economy has become
vulnerable to the economic crisis. Finance Minister Miftah Ismail stated that the current
devaluation of the Pakistani rupee was due to political upheaval, which in turn caused Pakistan to
face numerous economic issues (Aljazeera, 2022). Among these problems are increased import
prices, decreased competitiveness on the international market, higher interest rates, and increased
exports at reduced prices.

According to ANI (2022), the Foreign Exchange Association of Pakistan reported that the value
of the rupee has decreased by more than 30% since the beginning of 2022. In the same article, it
is stated that for the ninth consecutive trading session in July 2022, the Pakistani rupee fell to a
record low of 236 rupees per dollar. Hence, Pakistanis have experienced an increase in the prices
of goods and commodities, resulting in public outrage and uncertainty regarding the stability of
the country (Bokhari et al., 2022).

As the rupee continues to fall to an all-time low, Pakistani experts state that Pakistan will
continue to face multiple economic challenges (Shah, 2022). The fear of the struggling economy
of Pakistan continues to grow indefinitely. The federal government has been attempting to
prevent the depreciation of the Pakistani currency. It is believed that loans from the International
Monetary Fund and other nations could alleviate the distress Pakistan has been experiencing
(Xinhua, 2022).

Depletion of Foreign Reserves

More economic and political struggles are being dealt with by Pakistan as its foreign exchange
reserves are depleting at a fast pace. In December 2022, the State Bank of Pakistan reported that
the foreign exchange reserves of the country had dropped to $6.7 billion, the lowest level in the
previous four years (Hussain, 2022).

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A combination of increased debt payments and a lack of external financing have contributed to
the decline of foreign exchange in Pakistan (Press Trust of India, 2022). In the next fiscal year,
Pakistan is expected to pay nearly $33 billion to its lenders, further depleting its foreign reserves.

The International Monetary Fund provides Pakistan with financial assistance. Nevertheless,
according to Venkatesh (2022), the foreign exchange reserves of the country continue to dwindle
despite the assistance it receives. In addition to the IMF, several other countries, including China,
Qatar, Saudi Arabia, and the UAE, have stepped forward to assist Pakistan in resolving its severe
foreign reserves crisis.

Massive Debt

Figure 3. Estimated Pakistan Debt Burden

The catastrophic floods, inflation, food insecurity, and increase in the prices of international
markets are among the economic crises that have forced Pakistan to incur enormous debts in
order to meet its daily needs. According to statistics published by the central bank, the total debt
and liabilities of Pakistan went up to 23.7%, or 12 trillion Pakistani rupees (The Statesman,

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2022). Due to the increasing number of loans and the lack of resources to repay them, Pakistan
has been viewed as lacking a definitive solution to its mounting debt problems.

According to Shahbaz (2022), Pakistan appears unable to survive without continued financial
assistance, and it is becoming evident that the fate of the country is in the hands of international
financial institutions and global powers. However, this will create problems in the political and
security spheres of the country, as its sovereignty may be severely compromised.

Pakistan is reportedly one of 52 countries currently experiencing a severe debt crisis (Khaliq,
2022). The approximately $38 billion external debt repayment and servicing of Pakistan to the
IMF, the World Bank, and other financial institutions is regarded as the most pressing issue of the
country that must be resolved.

B. The Sharif-Khan Conflict

With the ongoing economic crisis in Pakistan, a political conflict has also emerged in the
country. There is a prevalent tension between former Prime Minister Imran Khan and current
Prime Minister Shehbaz Sharif. This conflict persists and escalates as controversial situations
arise.

The Khan Administration

Imran Khan rose to prominence after beginning his international cricket career. In 1996, he
entered politics by establishing the Pakistan Tehreek-e-Insaf (PTI) political party, whose title
means "Movement for Justice" (Hadid, 2018). Ultimately, it was granted a seat in the National
Assembly. Khan did not have an easy journey in the political realm, as he was imprisoned for
opposing the regime of previous military leader General Pervez Musharraf and was accused of
money laundering and receiving money from foreign sources. However, years later, in 2018,
Khan became Prime Minister after defeating Shehbaz Sharif, the opposition party candidate (The
Economic Times, 2022).

In his early years as Prime Minister, he garnered popular support by vowing to establish a new
Pakistan, which included restructuring the tax system and bureaucracy of the country. However,

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these promises were not kept; instead, inflation surged, the Pakistani currency depreciated, and
Pakistan was burdened by enormous debt (Fraser, 2022).

Khan was supported by a formidable military force during the 2018 elections. Throughout his
rule, Khan and his cabinet ministers were frequently perceived to be on the same page as the
military. This heightened civilian anxiety as attacks and abductions against journalists and
activists who criticize the Khan government intensified (Kermani, 2022). However, according to
Ahmed (2022), the relationship between Khan and the military became tainted when Khan
refused to promptly endorse the nominee of the military for the crucial post of Inter-Services
Intelligence Chief and relinquished his efforts to keep his preferred candidate, Lieutenant
General Faiz Hameed. Eventually, he lost the support of the military.

In a speech delivered by Khan months prior to being ousted, he claimed that his government had
failed to keep its commitments due to bureaucratic system inefficiencies (Hindustan Times,
2022). The revolutionary changes he proposed were not implemented because, according to him,
the political structure was incapable of withstanding the accompanying risks. The connection
between the government and national interests was difficult to discern.

Increasing fuel prices, unemployment, food shortages, depletion of foreign reserves, and the
devaluation of the Pakistani rupee were among the issues that prevailed under the tenure of
Imran Khan. Imran Khan was ousted by a vote of no confidence on April 11, 2022, as the politics
and economy of Pakistan continued to deteriorate under his leadership (Mogul & Saifi, 2022).
He was the first prime minister of Pakistan to fall due to a vote of no confidence.

The Sharif Administration

Shehbaz Sharif, the leader of the centrist Pakistan Muslim League party, was elected as the new
prime minister of Pakistan after Imran Khan was removed from office. He was an entrepreneur
and former chief minister of the most populated province in Pakistan, Punjab (Khan, 2022). Prior
to becoming Prime Minister, he was known as a conscientious administrator who worked in the
manufacturing firm of his family in 1988.

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Sharif inherited a government that is doomed by catastrophic obstacles. The foremost challenge
that the Sharif administration must address is its ongoing economic woes. The overall debts and
liabilities of Pakistan increased to 52 trillion Pakistani rupees as a result of the reliance of the
former prime minister Khan on borrowing from international organizations, Arab nations, and its
ally China (Bhaduri, 2022).

Sharif declared at his inauguration that he would transform Pakistan into an industrial paradise
and uplift the workers by increasing the minimum salary to Rs25,000 (Niazi, 2022). Moreover,
he requested national unity, stating that the only way to rescue a sinking Pakistan was through
unity.

The immense issues confronting the new prime minister necessitate well-thought-out solutions.
However, according to Khan (2022), the supporters of Sharif are certain that the newly elected
prime minister will navigate the crisis and stabilize the faltering economy of Pakistan.

The Conflict between the Former and Current Prime Minister

Imran Khan was the first prime minister to be removed from office through a vote of no
confidence. Due to this, he did everything he could to remain in power, including abolishing the
assembly and asking for fresh elections, as he still cannot acknowledge his defeat (NEWS
WIRES, 2022). Shehbaz Sharif immediately climbed to power and replaced the former prime
minister, Imran Khan.

With an impending economic crisis in Pakistan, the current prime minister, Sharif, blamed his
predecessor, Khan, for destroying the economy of the country. According to Sharif, Khan is the
biggest liar on earth and has contaminated society by dangerously dividing the populace ever
since he was ousted (The Economic Times, 2022). Pakistan continues to endure an
unprecedented economic crisis characterized by escalating inflation, enormous foreign debts,
food shortages, and depleting foreign currency reserves. Sharif considers Khan to be primarily
responsible for the economic devastation in Pakistan and has described him as the most
incompetent, narcissistic, and immature leader in the history of Pakistan (ABP News Bureau,
2022).

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Months after Sharif became the prime minister of Pakistan, Khan criticized Sharif in a public
conference, arguing that the Sharif administration had lost the match because the World Bank
refused to provide financial aid to Pakistan while the economy was rapidly deteriorating (Singh,
2022). Furthermore, Khan criticized and blamed the current administration for driving the
country toward terrorist attacks. According to a report published by ANI (2022), Khan asserted
that the oppressive, corrupt, and incapable rulers of the Sharif administration are propelling the
country toward terrorist attacks, hence aggravating the situation. Pakistan is seeing an increase in
terrorist attacks, notably in Khyber Pakhtunkhwa and Balochistan.

On November 3, 2022, Khan was attacked during a rally for freedom against the government in
Wazirabad, Punjab. According to reports, he was wounded in the right leg and is currently
receiving treatment. Following the existing dispute between Khan and Sharif, Khan accused the
current prime minister of attempting to assassinate him (Aljazeera, 2022). However, the media
deemed the claims to be baseless and unprofessional.

The government has been instructed to investigate the incident and pursue legal action against
individuals involved for defamation and unsubstantiated false charges against the institution and
its officials. Prime Minister Sharif has proposed resigning if there is any proof associating him
with the assassination attempt on Khan (Bloomberg, 2022).

The economic crisis that Pakistan is experiencing has not yet been resolved. It continues to
expand and affect the lives of Pakistanis. While it continues to doom the lives of many, the
politics and government of Pakistan are in a quandary as chaos and conflicts continue to arise
from the former and current prime ministers of Pakistan.

C. Measures to Solve the 2022 Economic Crisis

Devastating consequences have been brought about by the ongoing economic crisis in Pakistan.
Hence, resolving these challenges is a top priority for the Pakistani government. As Khan &
Siddiqui (2022) said, Pakistan is in need of making changes to its systems and policies. Several

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experts have suggested measures to alleviate the problems being faced by Pakistan. The two
most common measures that were tackled were: (a) investments and (b) reforms.

Investments

Figure 4. Pakistan GDP Growth Forecast

In recent months, the demand for products and services in Pakistan has been substantially greater
than its ability to produce them, necessitating a drastic increase in imports that is unsustainable.
The percentage of investment in the Gross Domestic Product (GDP) of Pakistan is at 15%, one
of the lowest in the world (World Bank, 2022). In response, Pakistan is afflicted with
underdeveloped infrastructure, insufficient schools and hospitals, and limited access to energy
and water. In addition, both private investments and labor productivity have been dropping,
which continues to diminish the economic viability of the country.

According to Ghumman and Waheed (2019), the top objective of Pakistan is to maintain its
macroeconomic stability since the current macroeconomic instability in the country hampers
savings and private investment, resulting in low investment and changing production levels. Both
public and private investments are essential, as public investment serves as a strategic tool to
attract private investment, which will enhance human capital and boost labor productivity.

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Reforms
Pakistan must undergo fundamental reforms to escape its persistent economic problems,
unsustainable growth, and growing political and economic instability. According to Salman
(2022), Pakistan must liberalize pricing instead of establishing price restrictions, and tariffs,
additional custom charges, and regulatory taxes must be eliminated because they are detrimental
to the economy of the country. As a remedy, implementing a low, flat, and revenue-neutral tariff
rate for all items is recommended.

Furthermore, reallocating government resources is another proposed reform to alleviate the

current economic difficulties in Pakistan. According to Rafiq (2022), the resources and focus of
the government must be primarily concentrated on increasing agricultural output, encouraging
export growth, and addressing the domestic fuel production shortage. In this way, Pakistan will
be able to steadily strengthen its economy, as its resources will be dedicated to sectors that have a
significant impact on the entire economy.

III. Analysis

1. What are the causes, the current state, and the effects of the ongoing economic crisis
in Pakistan?

Based on the accumulated information from numerous journals, internet articles, and research,
the causes of the proliferating 2022 economic crisis can be classified as the following: (a) food
scarcity, (b) inflation, (c) devaluation of the Pakistani rupee, (d) depletion of foreign reserves,
and (e) massive debt. Undoubtedly, these issues are interconnected, which further exacerbates
the situation.

Pakistan has been afflicted by strong monsoon rains, which have caused several floods that have
impacted the Pakistani people. These floods have caused food shortages since the agricultural
sector has been severely damaged, resulting in a lack of available crops. As a result of its
negative impact on the agriculture sector of Pakistan, food price inflation became apparent. The
government of Pakistan has gotten loans and borrowed money from international institutions and

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allied nations in order to meet the needs of its citizens. In turn, the foreign reserves of Pakistan
continued to diminish due to the rising debt payments and lack of external financing in the
country. The Pakistani rupee, however, has depreciated because of the rapid depletion of foreign
reserves.

As time passes, the ongoing economic crisis in Pakistan worsens. Day by day, Pakistan is
confronted with difficulties that have a massive impact on the growth and stability of the country.
The Pakistani government is now implementing initiatives to address the issues that are
aggravating the situation in the country. The new Pakistani prime minister has already taken
steps to enhance the economy of the country by raising the minimum salary to Rs25,000. More
improvements are anticipated by the Pakistani people as a new administration has been
introduced in their country.

The proliferation of the economic crisis in Pakistan has led to a variety of disastrous
consequences. As floods have hit areas of Pakistan, numerous lives have been lost and the
agricultural industry has been severely affected. This has ultimately led to food shortages and
inflation, leaving the people of Pakistan, particularly the children, famished. Families across
Pakistan were forced to take drastic measures to survive, such as borrowing money, selling their
remaining possessions to purchase food, or putting their children to work. On the other hand, the
devaluation of the Pakistani rupee, depletion of foreign reserves, and large debt have caused
Pakistan to be perceived as a destitute nation that persistently begs for assistance. It has heavily
impacted business in Pakistan, resulting in higher prices for imported goods, diminished
corporate competitiveness on the international market, higher interest rates, and an increase in
exports at cheaper costs.

2. What is the conflict between the former and current Prime Ministers, Imrhan Khan
and Shehbaz Sharif, and how does it add to the fuel of the proliferating economic
crisis in Pakistan?

The conflict between former Prime Minister Imrhan Khan and current Prime Minister Shehbaz
Sharif began after Khan was ousted from office via a vote of no confidence. As Sharif took over

15
and became the prime minister of Pakistan, he inherited severe challenges that had not been
resolved and had expanded throughout the leadership of Khan. Sharif blamed Khan for the
economic woes of Pakistan and referred to him as the biggest liar in the world who poisoned
society by dangerously polarizing the public after being ousted.

During the tenure of Sharif, Khan criticized the administration that Sharif had established.
According to Khan, the established corrupt, and incompetent authorities of the Sharif
administration are pushing the nation towards terrorism, hence aggravating the situation in
Pakistan.

In November 2022, Khan was the target of an assassination attempt while participating in a
freedom protest against the government. Khan accuses Sharif of instigating the attempted
assassination and demands that the present prime minister be punished. Sharif, on the other hand,
gives consent to an investigation and pledges to resign if evidence implicates him as the attacker.

The Khan-Sharif conflict can be viewed as adding fuel to the proliferating economic crisis in
Pakistan as it affects the politics and policies of Pakistan. Consequently, it inevitably contributes
to the challenges that confront the country. The politics and government of Pakistan are in a state
of disarray as the former and present prime ministers continue to stir up chaos and conflict.

3. What are some measures that Pakistan may utilize in order to resolve their
economic crisis?

The ongoing economic crisis continues to threaten the lives of the Pakistani people, and hence, it
must be remedied. Experts have outlined many strategies for Pakistan to employ in order to
address its economic predicament. Investments and reforms are the most common effective
measures stated.

Pakistan has been perceived as not investing enough in relation to its GDP, resulting in
insufficient infrastructure, poor-quality schools and hospitals, and limited access to necessary
amounts of energy and water. Hence, it appears that both public and private investments are

16
essential to restore the ailing economy of Pakistan. These investments will aid the country in
constructing infrastructure and increase its economic growth rates.

Another proposed remedy to the economic crisis in Pakistan is for the nation to undergo reforms.
Reforms are viewed as a solution to its economic crisis since, if the country continues with its
current policies, nothing will change. One of the suggested reforms is liberalizing pricing instead
of implementing price controls, as tariffs are viewed as having a larger negative impact on the
economy of the country and resulting in shortages of commodities. The reallocation of
government resources is another reform that Pakistan is expected to undertake. This is to focus
the attention of the government on sectors that are in dire need of the resources of the country.
As a result, the economy of the country will steadily develop as its resources are distributed
among sectors that have a significant impact on its entire economy.

IV. Recommendation
In light of the findings, analysis, and information obtained from this study, the following
recommendations are proposed:

1. The future researchers who desire to create a study related to the topic that was
investigated in this study should conduct primary research to gather data for a more
comprehensive analysis and findings of the topic.
2. The Pakistani government should take into account the proposed measures to address its
current economic crisis, as they may help Pakistan gradually overcome its current
challenges.
3. To avoid future economic crises from happening, the future leaders should discern the
factors underlying the ongoing economic crisis in Pakistan.

V. Conclusion
Pakistan has been facing a series of adversities as they have been hit by numerous catastrophes
that have heavily impacted their dwindling economy. The floods that struck the country, which
were regarded as the deadliest floods in the world, have resulted in much worse problems: food
shortages and inflation. In addition, the aftermath of the flood compelled Pakistan to borrow

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money from international institutions and other nations, resulting in massive debts for Pakistan.
The Pakistani rupee has been devalued as a result of the depletion of foreign reserves brought
about by the increased obligation to make debt payments.

The crisis in Pakistan can be viewed as a domino effect in which one problem leads to another,
severely compromising the stability of the nation. Its economy is experiencing instability, and its
political system is likewise in a state of disorder and uncertainty. The Pakistani government faces
difficulties in executing the most appropriate economic strategies to alleviate the current
economic crisis. This has been an ongoing struggle since the transition from the Khan
administration to the Sharif administration. Thus, the economic and political situation worsens as
a result of the rivalry between the former and present prime ministers, who blame each other
frequently for the worsening economic catastrophe.

Resolving the current economic crisis in Pakistan is not an easy job. In order to overcome the
prevalent battles in the country, a thorough analysis and decision-making process must be
developed. Numerous remedies, including increased investments and reforms, are proposed to
address the difficulties in Pakistan. Thus, a combination of appropriate policies and stable
administration would aid the nation in regaining its stable and flourishing economy.

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VI. References

ABP News Bureau. (2022). 'Biggest Liar On Earth': Shehbaz Sharif Blames Imran Khan For
Ruining Pakistan's Economy. Retrieved from
https://news.abplive.com/news/world/biggest-liar-on-earth-shehbaz-sharif-blames-imran-
khan-for-ruining-pakistan-s-economy-1556697

Ahmed, S. (2022). Imran Khan’s Fall: Political and Security Implications for Pakistan.
Retrieved from
https://www.crisisgroup.org/asia/south-asia/pakistan/imran-khans-fall-political-and-securi
ty-implications-pakistan

Aljazeera. (2022). As Pakistani rupee drops to record low, FM blames politics. Retrieved from
https://www.aljazeera.com/economy/2022/7/20/as-pakistani-rupee-drops-to-record-low-f
m-blames-politics

Aljazeera. (2022). Imran Khan says Pakistan PM Sharif involved in plot to kill him. Retrieved
from
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-in-plot-to-kill-him

Aljazeera. (2022). Pakistan PM says ‘all hell will break loose’ without debt relief. Retrieved
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thout-debt-relief#:~:text=The%20IMF's%20latest%20report%20says,percent%20of%20the%20c
ountry's%20GDP.

ANI. (2022). Imran Khan criticises Shehbaz Sharif govt over terror incidents in Pakistan.
Retrieved from

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 https://www.thestatesman.com/world/imran-khan-criticises-shehbaz-sharif-govt-over-terr
or-incidents-in-pakistan-1503141432.html

ANI. (2022). Pakistan's weekly inflation rate increases by 3.38% after fuel price hike.
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https://www.business-standard.com/article/international/pakistan-s-weekly-inflation-rate-
increases-by-3-38-after-fuel-price-hike-122061900153_1.html

ANI. (2022). Pakistani rupee sinks to all-time low against US dollar. Retrieved from
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Bhaduri, A. (2022). Challenges before Pakistan’s Prime Minister Shehbaz Sharif. Retrieved from
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Gul, A. (2022). Study: Pakistan Flood Damages, Economic Losses Exceed $30 Billion.
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A Message to Sir Jumel

Time has flown by, and we are now close to the final few days of the semester. Before it ends, I
would like to thank Sir Jumel, who has been one of my cool, understanding, and considerate
professors. At first, I thought that Sir Jumel was an intimidating and extremely strict professor. I
was genuinely terrified of attending our first synchronous meeting since I am afraid of terror
professors. However, after attending the first meeting and subsequent lectures, my preconceived
ideas about Sir Jumel were shattered when I realized that he is a considerate professor who
accommodates the requests of his students. Guess first impressions do not always last—in a good
way.

Sir Jumel, I admire your persistence and dedication to achieving your life goals. I have witnessed
you exerting your time and energy to accomplish your life goals and pursue your passion. It
motivates me to never abandon my aspirations in life. As Sir Jumel once said, “use your life
wisely and maximize your strength while still young.”

It has been a fantastic but challenging (in a good way) semester with you, sir! You helped make
the semester more bearable. I hope you continue to impart knowledge to your future students and
encourage them to become more dedicated learners. I pray that God will empower you to reach
your goals in life at the right time.

I shall always carry with me the teachings I have acquired in this subject as well as the life
lessons you have taught me, Sir Jumel. Thank you once again for all the lessons, memories, and
consideration you have given us. As you begin a new chapter in your life, may God grant you
greater courage and wisdom. Padayon, our aspiring attorney!

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