Foreign saviours

Following a recent meeting of its executive board, the International Monetary Fund (IMF) expressed grave concerns over the deterioration of Pakistan’s economy. The Fund outlined Pakistan’s growing external debt as a serious issue. Among some of the other problems the IMF identified were loopholes in the payment of foreign debts, imbalances in monetary system and a gradual decline in the foreign exchange reserves. As the incumbent government is set to complete its stipulated five-year term, but has remained far from delivering on its economic development goals that it had boasted of in its 2013 election campaign. Although the government had initially managed to shore up the economy with the $1.5 billion lent by Saudi Arabia, our circular debt has witnessed an upward trend again.

Unfortunately, no attention was given to reformative measures that would have lessened our dependency on foreign aid. Our population is increasing at a rapid pace and is putting pressure on the economy, in order to minimise this pressure an effective strategy is required. There is no doubt that CPEC has created a congenial atmosphere for investment in mega development projects in the country, but in the absence of a proper government strategy our road to economic revival will always be dependent on external hands.

Asfahan Buneri

Buner