Pakistan and the IMF

Pakistan is set to seek the 22nd IMF bailout package. Other than exploiting our strategic location and becoming a client state, no effort was made for the economic revival by any government. The Quaid’s vision of a democratic welfare state can be turned into reality if constitutional supremacy prevails in the country. The outflow of foreign exchange by a few hundred public officers and traders through regular and irregular channels exceeds the total remittances sent by Pakistanis employed in Gulf states.

Why cannot we emulate the policies that were adopted by India which has banned the imports of luxury items and embarked on achieving self-sustainability, adopting austerity measures with emphasis on indigenous industrial growth? India invested in human resource development, seeking help from America’s MIT in 1949, while we chose to rely on imports.

When individuals and institutions become more powerful, the state becomes dysfunctional followed by currency devaluation and the rise in inflation.

Ali Malik Tariq

Lahore