Forex crisis deepens

The overall business confidence in Pakistan fell to minus four per cent, according to a survey of the Overseas Investors Chambers of Commerce and Industry (OICCI) conducted during September-October 2022. The business confidence score was low — 17pc — in the previous survey of March-April as well, but it was still positive. The OICCI says the decline in business confidence is not surprising “considering the highly challenging political and economic situation.” It was in April 2022 that PML-N-led coalition government came into power after toppling Imran Khan’s PTI-led coalition government through a vote of confidence. Since then, the country has remained devoid of political stability and suffered heavily due to PTI’s protests and dramatic political twists and turns. The change in the military command at the end of November has opened the way for the country to achieve some political stability. But it largely depends on how the PML-N-led coalition and Khan’s PTI behave in the coming days and weeks.