In the clutches of IMF

The people of Pakistan are in the clutches of the IMF again, and as before for no fault of theirs. Blunders were committed by the economic managers of the previous government, supplemented by those of the present one that led to a steep fall in the forex reserves and caused financial crunch. The phenomenal rise in petroleum prices was beyond anybody's control but the caretakers could at least have rationalised the domestic petroleum prices on time, lightening the impact on their successors. Wheat was exported cheap, leading to shortages that compelled the present government to imports of the commodity at much higher prices.
Uncertainties were generated by the way Musharraf got himself elected, imposed the state of emergency and removed the CJ. The killing of Benazir Bhutto created further doubts about the future of the system. All these factors led to a fall in investor confidence. Potential investors turned away while an outflow of capital started to take place.
The PPP-led government continued for months to flip flop over the issue of judges which finally led to the break up of PPP-PML(N) alliance. Meanwhile economy was ignored till it was discovered that forex reserves were hardly enough for two months' imports. During the eight months of the present government's tenure, three economic managers were appointed one after another. Ignoring the financial crunch, government leaders continued to function in style feasting over the tax payers money.