Finance matters

We ought to remember that economic crises have resulted in the rise and fall of various regimes around the world. ‘It’s the economy, stupid’ was a popular slogan at various times in the US, which indicated the number one public issue at hand, impacting upon everyone’s lives. This is precisely what is happening in Pakistan these days. We all seem to be discussing our present economic predicament and how much worse it could get.

Our economy is weak; interest rates have risen (and could rise even further), the rupee is depreciating rapidly, stocks have nose-dived, imports are up, exports are down, and it is feared that the country will witness economic slowdown combined with job losses over the medium-term of two years. It is essential for the prime minister to take decisive economic and financial actions, including structural reforms, and practice severe austerity at all levels and corridors of power.

Abbas R Siddiqi

Lahore

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Pakistan is currently going through its worst economic crisis. This crisis is largely man-made and could have been avoided if the government had taken well-thought-out steps. The finance minister, Asad Umar, who was considered to be an expert has shown that he isn’t cut out for the role. Instead of coming up with a rescue to overcome the looming economic crisis, he kept delaying the matter. This indecisiveness led to the panic in the market where the reserves dropped to $8.3 billion.

One can only request the PM to appoint an experienced economist to take charge of the economy. It is also difficult to understand why the route to Qatar wasn’t explored when the Saudis had politely declined to provide the much-needed loan.

Arshad M Khawaja

Karachi