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December 6, 2019

On the mend

Newspost

 
December 6, 2019

This refers to the editorial, ‘Moody’s verdict’ (Dec 5). Going by the official statistics for the first five months of the year (July-Nov), the bleeding economy inherited by the PTI government from the previous two governments is now on the mend. Key economic indicators show positive sign and some semblance of financial stability has been achieved. While the up-gradation of outlook by Moody's is welcome, this must not become a cause for complacency.

To accelerate further stabilization, the economic planners must put further curb on the import bill, and reduce it to around $42-43 billion while striving for all-out increase in exports. The room for compression in imports exists given the continuous inflow of luxury and unnecessary foreign items that do not add to growth. Having digested the bitter pill, the stage is now set to stimulate growth, promote investment in a big way and focus on creation of job opportunities. Industrialisation and assimilation of newer technology must be given top priority and a comprehensive policy is the need of the hour to put the economy in a take-off mode. However, substantial risks remain and the government must not lose sight of these while cautiously moving forward.

Arif Majeed

Karachi

*****

This refers to the editorial, 'Moody's verdict' and the article 'Busting the growth myth 'by Mansoor Ahmad (Business Pages, The News, Dec 5). The editorial has candidly suggested the government keep up with the good job but avoid complacency due to a financially tightened environment.

Mansoor Ahmad too has acknowledged silver linings in economic achievements – with certain reservations. The writer used strong language while terming the positive news on the economy as 'economic maneuvering'. Is it possible to mislead the World Bank and Moody's by statistical manipulation?

Dr Najeeb A Khan

Islamabad