ISLAMABAD: Thousands of traders across Pakistan shuttered their shops on Saturday, participating in a nationwide strike to protest against escalating energy and fuel bills, exacerbating widespread discontent in the run-up to general elections.
Decades of economic mismanagement and political instability have plagued Pakistan’s economy, and this summer, Islamabad found itself compelled to strike a deal with the International Monetary Fund (IMF) to avert a looming default.
However, as part of the agreement, the IMF insisted on the reduction of popular subsidies aimed at cushioning the impact of rising living costs. This led to substantial increases in petrol and electricity prices, further straining the financial burdens on ordinary citizens.
In major cities like Lahore, Karachi, and Peshawar, widespread market closures were observed. Abandoned bazaars were adorned with placards denouncing “the unreasonable increase in electricity bills and oil prices.”
Traders Demand Relief for Public
Lahore’s Township Traders Union president, Ajmal Hashmi, voiced the sentiments of many, saying, “Everyone is participating because the situation has become unbearable now. Some relief must be given so people can put food on the table.”
On Friday, caretaker Prime Minister Anwaar-ul-Haq Kakar cautioned citizens that they would have to bear the burden of inflated bills, as there is no “second option” available. He explained, “When you subsidize, you shift your fiscal obligations to the future. Rather than addressing the issue, you just delay it.”
This week, the government increased petrol prices, surpassing the 300 rupees ($1) per liter threshold for the first time. Adding to the financial strain, fresh data revealed that year-on-year inflation in August reached a staggering 27.4 percent, with motor fuel bills rising by eight percent compared to July.
Babar Mahmood, president of the Electronics Market Traders Union in Lahore, lamented, “The bills we have received this month exceed our earnings. There is a growing disconnect between the general public and those in positions of power.”
Pakistan has been under the interim leadership since parliament was dissolved last month, tasked with preparing for the upcoming elections, the date of which has yet to be announced. The interim government, and the terms of the IMF deal, were negotiated during the tenure of the previous prime minister, Shehbaz Sharif, who led a coalition that attempted to stabilize the economy.
