Pakistan will shut markets and restaurants early to save power amid an economic crisis.
Pakistan’s economic woes show no signs of letting up in 2023. The South Asian nation announced a new energy conservation plan Tuesday as its fragile economy continues to struggle with multiple challenges. The government has ordered all markets to close by 8.30 pm and restaurants by 10 pm, according to a tweet by its ruling party. These measures will help the country save 62 billion Pakistani rupees , the post added.
The announcement comes at a time when Pakistan’s foreign exchange reserves have dwindled to alarmingly low levels. In December, Pakistan’s total liquid foreign exchange reserves stood at $11.7 billion, which is half the amount it held at the start of last year, according to the central bank. The country’s finances are also suffering because of differences with The International Monetary Fund over a review process, which has delayed the release of a $1.1 billion bailout tranche.
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