Averting default

Pakistan stands on the brink of default. Our forex reserves are dangerously low and, relative to these reserves, our external liabilities are alarmingly high. At their current level, our reserves can only pay for imports for another month or so. Beyond that lies insolvency, which will give us the unique distinction of being the only nuclear power to go into default. While the government is trying to avert this scenario by getting the IMF to release the next tranche of loans, their efforts alone may not be enough.

Ordinary Pakistanis will have to chip in as well. This means saving on gas and electricity, if we can, and I would encourage overseas Pakistanis to send donations to Pakistan. Given that many Pakistanis are already facing gas and power shortages, I know it may sound infuriating to be told to try and reduce consumption. However, failure to do so may only worsen our current difficulties.

Ejaz Ahmad Magoon

Doha

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