Pakistanis asked to drink less tea to cut imports
Pakistan Federal Minister for Planning and Development Ahsan Iqbal has urged Pakistanis to drink less tea as the nation grapples with the economic crisis.
The plea came after Pakistan’s foreign currency reserves continue to fall rapidly, putting pressure on the government to cut high import costs and keep funds in the country
On Tuesday, while speaking to the media Iqbal said, “I appeal to the nation to reduce tea intake by one or two cups daily because we borrow money for tea import as well.”
He added, “The tea we import is imported by taking a loan, businesses should also close earlier to save electricity”
Last month, Pakistan banned the import of non-essential and luxury items to “control spiralling inflation, stabilize foreign exchange reserves, strengthen the economy, and reduce the country’s reliance on imports,” Information Minister Marriyum Aurangzeb said.
Pakistan’s low foreign currency reserves are currently just enough for fewer than two months of all imports and have left it in urgent need of funds. Pakistan is the world’s largest importer of tea, buying more than $600 million worth last year.
The foreign exchange reserves of Pakistan dropped from around $16 billion in February to less than $10 billion in the first week of June, barely enough to cover the cost of two months of all its imports.
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