Asad Umar, former federal minister of Pakistan, has announced his opposition to the early closures of markets in the country. In a recent statement, he expressed his disagreement with the International Monetary Fund’s (IMF) suggestion to refrain from artificially controlling the markets and maintain the original value of the Pakistani rupee.
Umar believes that controlling smuggling cannot be effectively achieved through monetary policy alone but requires administrative measures. He emphasized the need for concrete economic steps to address this issue, as the global market has raised concerns about Pakistan’s economic situation over the past 16 months, leading to suspicions of a potential default.
Furthermore, Umar highlighted the impact of currency smuggling on the country’s reserves and urged the government to develop long-term policies to effectively manage the currency. He argued against forcefully implementing measures without considering the economic implications.
Earlier in the day, the caretaker government introduced several energy conservation measures, including the closure of malls and markets at sunset to mitigate the effects of the energy crisis. A similar announcement was made previously by the Shehbaz government, which proposed closing markets nationwide by 8pm as part of an energy conservation plan. However, no implementation of these measures took place.
According to sources, the decision to implement the closures will be the responsibility of the four provincial administrations, and a draft for permanent legislation is also under preparation.