People in Pakistan have been advised to drink less tea in order to keep the country's economy afloat. According to senior minister Ahsan Iqbal, drinking fewer cups of coffee per day will reduce Pakistan's hefty import expenses.
The country's short foreign currency reserves - currently adequate for fewer than two months of total imports - have put it in desperate need of funding. Pakistan is the world's largest tea importer, spending more than $600 million on the commodity every year.
"I appeal to the nation to cut down the consumption of tea by one to two cups because we import tea on loan," Mr Iqbal said, according to Pakistani media.
He also urged that business vendors close their market stalls at 20:30 to save electricity.
Pakistan's foreign currency reserves are fast dwindling, putting pressure on the government to reduce high import costs and maintain funds in the nation. The proposal to reduce tea consumption has gone viral on social media, with many questioning whether the country's serious financial woes can be solved by eliminating the caffeinated beverage.
Pakistan's foreign exchange reserves fell from roughly $16 billion in February to less than $10 billion in the first week of June, just enough to pay two months' worth of imports.
Officials in Islamabad barred the import of dozens of non-essential luxury items last month in an effort to protect cash. The economic crisis is a crucial test for Shehbaz Sharif's government, which replaced Imran Khan as Prime Minister of Pakistan in a parliamentary vote in April.
Sharif accused Imran Khan's outgoing government of mismanaging the economy and said getting it back on track would be a significant challenge shortly after being sworn in. His cabinet released a new $47 billion budget last week in an attempt to persuade the International Monetary Fund (IMF) to revive a delayed $6 billion rescue programme.
The IMF agreement was signed in 2019 to alleviate an economic crisis caused by low foreign currency reserves and years of stagnant growth, but it was later halted after lenders raised concerns about Pakistan's finances.
(Source:www.thedailystar.net.com)
The country's short foreign currency reserves - currently adequate for fewer than two months of total imports - have put it in desperate need of funding. Pakistan is the world's largest tea importer, spending more than $600 million on the commodity every year.
"I appeal to the nation to cut down the consumption of tea by one to two cups because we import tea on loan," Mr Iqbal said, according to Pakistani media.
He also urged that business vendors close their market stalls at 20:30 to save electricity.
Pakistan's foreign currency reserves are fast dwindling, putting pressure on the government to reduce high import costs and maintain funds in the nation. The proposal to reduce tea consumption has gone viral on social media, with many questioning whether the country's serious financial woes can be solved by eliminating the caffeinated beverage.
Pakistan's foreign exchange reserves fell from roughly $16 billion in February to less than $10 billion in the first week of June, just enough to pay two months' worth of imports.
Officials in Islamabad barred the import of dozens of non-essential luxury items last month in an effort to protect cash. The economic crisis is a crucial test for Shehbaz Sharif's government, which replaced Imran Khan as Prime Minister of Pakistan in a parliamentary vote in April.
Sharif accused Imran Khan's outgoing government of mismanaging the economy and said getting it back on track would be a significant challenge shortly after being sworn in. His cabinet released a new $47 billion budget last week in an attempt to persuade the International Monetary Fund (IMF) to revive a delayed $6 billion rescue programme.
The IMF agreement was signed in 2019 to alleviate an economic crisis caused by low foreign currency reserves and years of stagnant growth, but it was later halted after lenders raised concerns about Pakistan's finances.
(Source:www.thedailystar.net.com)
