False euphoria

There is much euphoria in the PML-N government about the health of our economy. The fact is that we have been shielded us from economic collapse through a steep decline in the global oil prices and an increase in remittances by overseas Pakistanis.
There is a significant shortfall in the revenue target due to lax tax compliance despite withholding of refunds running into billions. On the other hand, additional resources are needed to fund the ongoing fight against terrorism. Thus, the budgetary gap is set to balloon which may necessitate more borrowings or printing of currency. The issue of circular debt remains unresolved. The non-oil import bill is on the rise. The local industry is not being protected against dumping of goods by foreign countries. Exports are falling despite the GSP+ status we have in the European Union. This situation is going to foment higher crime rates.
Arif Majeed
Karachi