(CNN) Pakistanis have been urged to drink less tea to keep the economy afloat, as the world’s largest tea importer grapples with soaring inflation and a fast-depreciating rupee.
The country’s Federal Minister for Planning and Development, Ahsan Iqbal, on Tuesday told reporters that Pakistanis could reduce their tea consumption by “one or two cups” per day as imports are putting additional financial strain on the government.
“The tea we import is imported by taking a loan,” Iqbal said, adding businesses should also close earlier to save electricity.
The South Asian nation of 220 million is the world’s largest importer of tea, buying more than $640 million worth in 2020, according to the Observatory of Economic Complexity.
Pakistan has been facing severe economic challenges for months, leading to an increase in the prices of food, gas and oil.
Meanwhile, its foreign currency reserves are declining rapidly. Funds held by the central bank fell from $16.3 billion at the end of February to just above $10 billion in May, according to Reuters — a more than $6 billion drop and enough to cover the cost of two months of its imports. (CNN)
