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October 14, 2018

The IMF route

Newspost

October 14, 2018

The PTI-led government has finally decided to swallow the bitter pill of the IMF bailout package. Earlier, Minister for Finance Asad Umar ruled out any possibility of seeking the help of the IMF and vowed to find home-grown solution. Owing to this uncertainty, the stock market crashed and the Pakistani rupee witnessed devaluation. The writing on the wall indicates that the path towards a progressive and prosperous Naya Pakistan is strewn with thorns. There is no denying that the country will continue to suffer such setbacks until our leadership acts wisely and sets the house in order.

A stable economy is one of the foremost requirements for the progress of a country. It is unfortunate that we rely on foreign loans to meet our financial needs. As a result, we have to follow the conditions set by donor countries. These strict conditions also keep the country away from having an independent economic policy. We should learn from history and avoid repeating past mistakes in order to lead the country towards self-reliance.

Muhammad Fayyaz ( Mianwali )

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