ISLAMABAD - As it turned 75, Pakistan has started a fresh bid to boost global standing amid economic and political challenges.

During last few weeks, the government had tried to counter the economic issues to an extent – which saw the dollar rate going down and some reduction in the fuel rates. However, this is far from any economic stability.

The government is expecting funds from the International Monetary Fund soon which could encourage the plan to take some popular decisions.

For years, the policies in Pakistan remained prey of vested interests. The public representatives appear to be more focused on personal gains regardless of public welfare.

The country’s political culture is transforming from serving people to tug of war for reigns of governance. Resultantly, the economic affairs of the state are ruined by the unsympathetic leaders, who, deemed to fail in addressing the remedies to eradicate the current economic turmoil from the country.

This situation drowned the country into economic catastrophe. Foreign debt burden, imbalance of payments, high inflation rates, low production and depreciation of currency created a dilemma of muddle for financial institutions of the country.

Most of the industries including automobile, textile, stock market, agricultural production and transportation are at the brink of fiasco.

The government is looking towards IMF for bailouts on hard conditions that will further increase debt burden on the ex-chequer of Pakistan. State Bank reserves are declining swiftly. As a result, tax burden on public commodities is increasing day by day.

Pakistan’s foreign exchange reserves have fallen sharply in the past two months. The government hopes to stop the bleeding with an enhanced IMF package and more short-term loans from China and Saudi Arabia.

Diplomatically too, Pakistan has to balance ties between China and the United States. Russia has now emerged as the third party with whom Pakistan desires good ties. Foreign Minister Bilawal Bhutto Zardari has been in contact with his counterparts from around the world, including China and the US to improve cooperation.

Pakistan has been reasonably successful to placate the US but misunderstandings remain which may take time to settle.

International relations expert Dr Shaheen Akhtar said when Pakistan came into being “we inherited a number of challenges in the form of weaker economy, lack of industry, settlement of refugees and many others. Our ancestors overcame various hurdles to establish a state where Muslims could live freely and with dignity.”

Quaid-e-Azam Muhammad Ali Jinnah, he added, established this land for a distinct nation called Pakistan where everyone should have the right to live and practice their faith irrespective of the differences in caste, creed, race and culture. Now, we are a growing country, having well-established individuals in various walks of life that are making their homeland and people proud.

Advisor to PM on Kashmir Affairs Qamar Zaman Kaira maintained that 75 years was not a big time period for a country. “We have gained and lost many things but we must learn from mistakes of past to choose a better course for future. The nations that have succeeded while treading on the path of democracy have learnt the lesson that whole society plays its role in development,” he contended.

Kaira said only raising sentimental slogans was not enough to change the things. “To take Pakistan to correct course, all segments of the society as well as institutions need to be brought to their domains. Kashmir is the issue for all Pakistanis. We stand our Kashmiri brethren who have rendered numerous sacrifices for their right to self-determination and the day is not far when they will achieve their goal,” he said.