Stop the decline

While bad news continue to pour in about the country’s worsening economy from independent financial analysts, the concerned authorities are silent over the serious problem of the brewing financial and economic crises. Recently, the stock market was hit hard because of the sudden dive of the Pakistani rupee. In addition, government borrowing from banks have surpassed the Rs1trillion mark and forex reserves have fallen to $20.83billion. All these indicators hint at an economy in crisis.

We have now come to a point where India no longer thinks that our country poses any challenge. The main reason for this assumption is our weak economy especially external vulnerabilities. We have even fallen behind Bangladesh in terms of exports and reserves. While this is really a doomsday scenario, the situation can be retrieved if accountability is enforced across the board. With stricter international convention on corruption and stringent oversight of money laundering globally, this has become an easier option. .

Arif Majeed (Karachi)