Pakistan shopkeepers strike nationwide over inflation
Thousands of Pakistan traders shuttered their shops on Saturday, striking over soaring energy and fuel bills stirring widespread discontent ahead of national elections. Decades of mismanagement and instability have hobbled Pakistan's economy, and this summer Islamabad was forced into a deal with the International Monetary Fund (IMF) to avert default. However, the global lender demanded that popular subsidies cushioning living costs be slashed. Petrol and electricity prices have rocketed. There were widespread market closures on Saturday in Lahore, Karachi and Peshawar, where abandoned bazaars were posted with placards decrying "the unreasonable increase in electricity bills and taxes." "Everyone is participating because the situation has become unbearable now," said Lahore's Township Traders Union president Ajmal Hashmi. "Some relief must be given so people can put food on the table." Traders wield immense power in Pakistan, and with an election due in the coming months the government faces the delicate task of keeping them onside while sticking to IMF austerity measures. Pakistan has historically been hamstrung by chronically low tax takings – including from traders – which have seen it accrue huge foreign debts it struggles to pay down. The IMF hopes to end a cycle of bailouts which have propped up the economy for decades. (AFP)