According to estimates, the annual consumption of tea by a person in Pakistan is around 1 kilogramme.
In order to prevent Pakistan’s economy from collapsing, residents of the nation have been urged to cut down on the quantity of tea they consume on a daily basis.
According to senior minister Ahsan Iqbal, reducing the number of cups used on a daily basis will reduce Pakistan’s high import costs.
Due to the government’s low foreign currency reserves, which are only sufficient to cover a little more than two months’ worth of imports at the moment, the country is in desperate need of finances.
Pakistan is the greatest importer of tea in the world, having purchased more than $600 million (£501 million) worth of it in the previous year.
According to Pakistani media, Mr. Ahsan Iqbal made the following statement on the country’s use of tea: “I urge to the people to cut down the consumption of tea by one to two cups since we import tea on loan.”
In addition, he proposed that business dealers may shut their market booths at 20:30 in order to conserve some power.
This request was made at a time when Pakistan’s foreign currency reserves are continuing their fast decline, which is placing pressure on the government to reduce the country’s high import prices and retain cash inside Pakistan.
The appeal to cut down on tea consumption has gone viral on social media, but many people are sceptical that the nation’s severe financial issues can be solved by avoiding the use of beverages containing caffeine like tea.
In the first week of June, Pakistan’s foreign currency reserves were less than $10 billion, which is barely enough to pay the cost of two months’ worth of all of the country’s imports. These reserves had previously been roughly $16 billion (£13.4 billion) in February.
As part of their efforts to save financial resources, authorities in Karachi placed restrictions on the import of dozens of non-essential luxury products one month ago.
Shehbaz Sharif’s administration, which took over as Pakistan’s prime minister after a vote in the legislative election that took place in April, is now facing a significant challenge in the form of an ongoing economic crisis.
Mr. Sharif made these statements not long after taking the oath of office, accusing the departing administration of Imran Khan of poor economic management and stating that it would be an enormous job to get the economy back on track.
A new budget in the amount of $47 billion (£39 billion) was presented by his cabinet the week before last in the hopes of persuading the International Monetary Fund (IMF) to resume an inactive rescue programme in the amount of $6 billion (£5 billion).
The contract with the IMF was negotiated in 2019 in an effort to alleviate an economic crisis caused by low foreign currency reserve supplies and years of stagnant development; however, the negotiations were subsequently halted as lenders questioned Pakistan’s financial situation.