Euphoric reserves

Ishaq Dar seems to be rather elated on the foreign exchange reserves crossing the $17 billion mark. He touted that this is a sign of the growing strength of our economy. He should have been honest enough to admit that it has come about through the sale of national assets, the latest being the HBL, borrowing from international institutions and coalition support funds from the US.
On the contrary, our exports have been dismal while the reduction in international commodity prices, especially oil, has been a big relief to an otherwise battered economy. Also, increased remittances from expatriates has come as a timely rescue. The country’s trade account, a barometer of the economy’s performance, continues to reflect a huge deficit. Should oil prices start to rise and remittances from Saudi Arabia and Gulf countries witness a decline, our economy could be greatly affected.
Kulsoom Arif
Karachi