The International Monetary Fund (IMF) and Pakistan have kicked off their long-awaited discussions regarding the review of the economic and fiscal policies as well as the reforms agenda to accomplish the 9th review under the Extended Fund Facility (EFF), which has become a lifeline program for the trembling South Asian Economy. According to the details, the two sides will discuss the current issues facing the national economy and government strategies to implement the IMF program along with reforms to accomplish the unyielding requirements of the global lender.
Pakistan’s economy is a hot topic for discussion at the global level as the country’s foreign reserves had reduced to below $ 4 billion, the national currency had sunk to the deepest level in history and the energy crisis, inflation, and political stability are sharply worsening every single day. Thus, the rivals are regularly spreading rumors of a potential collapse while sympathizers hope for the best amid fear and apprehensions. The talks for the ninth review had remained stalled over the past months because the coalition government was reluctant to raise prices of electricity, oil, and gas along with taking other harsh measures to top-up the national exchequer. Finally, the government bowed down before the global lender as no friendly country was agree to provide monetary assistance to Pakistan prior to the Country’s deal with the Washington-based borrower.
After the coalition government unrestricted the dollar, raised energy prices, and set the stage to fully implement the IMF agenda, the loaners reached Islamabad to further press Pakistani economists. Unfortunately, Pakistani leaders always failed to rationalize the worth and effectiveness of our national policies thus ad-hocism led the nation to this day that no sector of our national economy including agriculture, industry, real estate, IT, exports, banking, trade, housing, poultry, farming, energy production, and others all faces a failure, and noncompetitiveness, while circular debt has become an incurable dilemma.
As Pakistani Strategists could not recognize the causes of their economic weaknesses and the requisites of the global lender thus they fell prey to their politics once more. The bulk of the work Pakistanis could not accomplish for themselves now someone else would steer them through the horns.
