Pakistan is struggling with a large current account deficit and debt load. We have to repay our debts and, unfortunately, we have to borrow even more in order to do so. This is a sorry state of affairs. Many of our wealthy persons and corporations should be able to cough up something in order to help the country survive. We need to formulate a very clear policy at the government level.
Fuel costs should be bound to foreign currency accounts and income tax rebates must be tied to strict and clear guidelines. The state’s discretionary powers should be curtailed by rules favouring businesses, including access to safe business, ease in import and export processes, and access to commercial roads and trains. We could even request our rich businesses to loan some dollars to Pakistan. We need to come up with new ideas to fight the debt menace and the state needs to be clear in its response and policy.
Professor Irfan U Khattak
Abbottabad
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