Pakistan’s inflation has reached a 45-year high, putting the nation on the verge of bankruptcy. While most people are struggling to pay for the basic ration there, the majority of the youngsters this weekend utilized their money to indulge themselves in the pricey Tim Hortons coffee on its opening day.
Tim Hortons, the Canadian restaurant chain launched its first store in Phase 6, DHA Lahore over the weekend. Pakistani people maintained queues outside the store to pay a hefty amount for one cup of coffee, the videos and photos of which went viral over social media.
As of February 9th, Pakistan’s foreign exchange reserves are all below $3 billion, which is a nine-year low. The Pakistani rupee (PKR), the currency of the nation, hit a record low, and petrol expenses are exorbitant.
The South Asian country has struggled to meet the needs of its people on a fundamental level. Despite this, Tim Hortons in Pakistan reported the biggest opening sales in history since it started in 1964, setting a new record for the world. The Canadian coffee company’s Pakistani franchise outsold its 5,352 other stores globally for the opening day.
Sharing photos and videos of the long queue at the Tim Horton’s store, one of the users wrote, “Two Nation theory of Jinnah. The reality! It was not about Hindus and Muslims but the Elite and Poor, Fauj and Awam, Rulers and Subjects, Kings and Paupers. India got rid of feudalism and Pakistan, has 1000 lives and million of faces. The poor lineup for Flour, Elite for Tim Hortons,” he tweeted.
Two Nation theory of #Jinnah. The reality! It was not about Hindus and Muslims but the Elite & Poor, Fauj & Awam, Rulers & Subjects, Kings & Paupers. India get rid of feudalism & in Pakistan it has 1000 lives & million faces. Poor line up for Flour, Elite for Tim Hortons pic.twitter.com/qdnLOllyXY
— Khalid Umar (@ukilaw) February 12, 2023
A Pakistani singer and actor Farhan Saeed also expressed his concern and tweeted, “There are 2 Pakistans, one that is in the queue of utility stores for aata and ghee, and the other is at Tim Hortons. It scares me, that there is nothing in the middle scares me.”
There are 2 #Pakistan (s), one that are in queue of utility stores for aata & ghee, & the other is at #TimHortons.
— Farhan Saeed (@farhan_saeed) February 12, 2023
It scares me , that there is nothing in the middle scares me . #PakistanEconomicCrisis
Many meanwhile expressed their concerns over the price of the coffee. “Tim Hortons opened their first store in Lahore today. The small coffee cup will cost you Rs. 650 ($2.40) and check out the lines outside of the store. Yet we say there is no money and we beg the world to give us money. Shame on the inept government and its establishment. So sad,” one of the users commented.
Tim Hortons 🇨🇦🍁opened their first store in Lahore today. The small coffee ☕️ cup will cost you Rs. 650 ($2.40) & check out the lines outside of the store.
— Sajid Butt (Retd) LtCol (@SajidSa33306790) February 12, 2023
Yet we say there is no money and we beg the world to give us money. Shame on the inapt goverment & its Establishment.
So sad pic.twitter.com/LlF3EIYvcJ
The economic condition of Pakistan is concerning. According to the reports, the fifth-most populated country in the world appears to be creeping closer to a financial default. The State Bank of Pakistan’s (SBP) foreign exchange reserves have decreased to $2.917 billion. The country is having trouble getting an IMF rescue package at the same time.
Inflation in the nation is at a 48-year high. While the Wholesale Price Index has increased to 28.5% over the same period, the Consumer Price Index has jumped by 27.6%. Prices for basic goods like wheat, onions, and gas cylinders have reached a record high. A 20 kg bag of wheat flour typically costs Pakistani Rupee (PKR) 1,164.8 (as on January 2022), but that price skyrocketed to PKR 1,736.5 in January 2023, a 50% increase. Due to the country’s economic problems and currency depreciation, the oil corporations of Pakistan are on the verge of collapsing.
Notably, Tim Hortons’ second and third stores are slated to open on the 18th and 25th of February, in Gulberg, Lahore.
