Deleveraging

Pakistan is heavily dependent on the Western global institutions for economic survival. A significant chunk of the country’s exports land in the Western countries. Besides, a majority of overseas Pakistanis reside in the West, which helps the country maintain economic stability by sending foreign remittances. However, this overreliance on the West is also a major weakness that can bend the country to its knees if exports arriving in the West are curtailed, or expatriates are restricted from employment. Capitalizing on the aforementioned vulnerabilities, the US-backed global institutions often make the country give in to their demands, no matter how unjust they are. Given these harsh realities, Pakistan should diversify its options by developing economic partnerships with other emerging powers.

In the face of back-breaking inflation and depleting foreign exchange reserves, Russia offers petroleum products at heavily discounted rates. If India can maintain a delicate balance in relations between Russia and the US and buy Russian oil, then why can’t Pakistan do the same?

Asad Aziz

Khushab