SUMMARY of Life on the brink, Rafia Zakaria, Dawn, October 4th, 2023
Pakistan is facing severe economic challenges with rising inflation, a devaluing currency, and a lack of foreign exchange. The government’s attempts to purchase LNG (liquefied natural gas) on the international market have been unsuccessful, indicating the country’s risk profile. However, in July, commodities trader Trafigura submitted a bid, offering a glimmer of hope. The government has recently issued new tenders for LNG and expects better results due to improvements following an IMF agreement. High inflation remains a concern, reaching an all-time high of 31.4%. Still, a reduction in petrol and diesel prices provides some relief, suggesting a slightly less grim future. However, economic challenges persist, impacting housing prices,recreation costs, and access to basic necessities for many citizens. Despite the hardships, maintaining optimism and creativity is essential in these trying times.
Easy/Short SUMMARY:
Pakistan faces economic difficulties due to inflation, currency devaluation, and political turmoil. The government’s efforts to buy LNG on the international market have been unsuccessful. However, there is a glimmer of hope with recent bids from commodities trader Trafigura. Inflation is at an all-time high of 31.4%, but reduced petrol prices offer some relief. Economic challenges affect housing, recreation, and access to basic needs. Despite hardships, maintaining optimism and creativity is crucial in these tough times.
SOLUTIONS of The Problem:
Addressing Inflation and Economic Challenges:
- Economic Stability: The government should focus on stabilizing the economy, attracting foreign investment, and addressing currency devaluation.
- Social Safety Nets: Establish or strengthen social safety nets to support vulnerable citizens facing economic hardships.
- Encouraging Savings: Promote financial literacy and encourage savings to help citizens cope with rising prices.
- Job Creation: Invest in job creation initiatives to reduce unemployment and improve livelihoods.
Tobacco Consumption:
- Public Awareness: Launch public awareness campaigns highlighting the health risks of tobacco consumption to reduce addiction.
- Affordable Alternatives: Promote affordable smoking cessation programs and alternatives to tobacco.
Creativity and Entertainment:
- Community Initiatives: Encourage community-based entertainment and cultural events that are affordable and accessible to the public.
- Public Spaces: Invest in public spaces and parks for recreational activities that don’t burden citizens financially.
IMPORTANT Facts and Figures Given in the article:
- Inflation in Pakistan has reached an all-time high of 31.4%.
- The government’s efforts to purchase LNG on the international market have faced challenges.
- Petrol and diesel prices were lowered after a period of record highs.
- Rising inflation affects housing, recreation, and access to basic needs.
IMPORTANT Facts and Figures out of the article:
- The impact of inflation on tobacco prices may lead some smokers to quit the habit.
- Economic challenges have forced many citizens to ration medicines or delay medical treatment.
- Many are anxious due to multiple financial obligations at the start of a new month.
MCQs from the Article:
- What has been the impact of Pakistan’s economic challenges on LNG procurement?
A. Increased bids from international traders
B. Successful purchase of LNG
C. Lack of bids from international traders
D. Reduced LNG prices
Answer: C. Lack of bids from international traders -
What is the current inflation rate in Pakistan, as mentioned in the article?
A. 15%
B. 22.5%
C. 31.4%
D. 40%
Answer: C. 31.4% -
What positive development has occurred in terms of petrol and diesel prices in Pakistan?
A. Prices reached a record high
B. Prices remained stable
C. Prices were lowered
D. Prices increased further
Answer: C. Prices were lowered -
How might rising inflation impact tobacco consumption, according to the article?
A. It will lead to higher tobacco consumption
B. It will have no effect on tobacco consumption
C. It may force some smokers to quit
D. It will encourage more people to start smoking
Answer: C. It may force some smokers to quit
VOCABULARY:
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Devaluation (noun) (کرنسی کی کمی): A reduction in the official value of a currency in relation to other currencies.
-
Political Turmoil (noun) (سیاستی افراتفری): A state of confusion, instability, or disorder in a country’s politics.
-
Glimmer of Hope (phrase) (آخری امید): A small sign or indication that something positive might happen, even in a challenging situation.
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Respite (noun) (کچھ دیر کی آرام): A short period of rest or relief from something difficult or unpleasant.
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Petrol and Diesel (noun) (پٹرول اور ڈیزل): Commonly used fuels for vehicles.
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Inflation (noun) (مہنگائی): The rate at which the general level of prices for goods and services rises, resulting in a decrease in the purchasing power of a country’s currency.
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Financial Literacy (noun) (مالیاتی معلومات): The ability to understand and use various financial skills, including personal financial management, budgeting, and investing.
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Social Safety Nets (noun) (معاشی حفاظت کے طریقے): Government programs and policies designed to provide financial assistance and support to individuals and families in need.
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Smoking Cessation (noun) (سگریٹ چھوڑنے کا عمل): The process of quitting smoking and overcoming nicotine addiction.
-
Community-based Entertainment (noun) (کمیونٹی بیسڈ تفریحات): Entertainment and cultural events organized at the community level and accessible to the public.
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Recreational Activities (noun) (تفریحی سرگرمیاں): Leisure activities and pastimes that people engage in for enjoyment and relaxation.
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Financial Obligations (noun) (مالی ذمےداریاں): Financial responsibilities and commitments, such as rent, bills, and school fees, that individuals or families must fulfill.
-
Public Awareness Campaigns (noun) (عوامی آگاہی کیمپین): Initiatives aimed at educating and informing the general public about specific issues or topics.
-
Indulgent (adjective) (لذیذ): Characterized by excessive or self-gratifying behavior.
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Civilisation (noun) (تمدن): A complex and advanced society characterized by culture, science, industry, and organized
government.
- Foisted (verb) (سر سبز کرنا): Imposed or forced upon someone without their consent.
-
Guerrilla Tactics (noun) (گیرلا تنظیم کے کارروائی): Military or political strategies characterized by unconventional and surprise actions.
-
Privation (noun) (بے روزگاری): A state of extreme poverty or deprivation, often lacking basic necessities.
-
Valour (noun) (شیریت): Great courage or bravery, especially in the face of adversity.
-
Persistent Optimism (noun) (مستقل امید): A positive and hopeful outlook on life that endures despite challenges and difficulties.
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