Looming economic crises

Unfortunately, it has become a new normal for the economy of Pakistan to decline with every passing day. Recently, the Governor of SBP unleashed the bitter numerical record of available reserves in the national treasury. It was astonishing to hear that reserves have declined to $6.7 billion, which gestures an alarming situation for the country; as these funds would hardly be enough for the expenditures of 4 to 5 weeks. Contrary to that, SBP is still trying to pacify boiling tensions by making us assure that there is no risk of imminent default. Isn’t the point worth noting that if everything is happening as per expectations, why Pakistan massively depends on the loans and deposits of friendly countries? To put it into another accurate manner, at an age when economic instability has caused serious threats to reserves, the Government is seemingly non-serious to face severe challenges of the next fiscal year. Moreover, political rivals are still blaming each other, on the one hand, where the coalition government holds its predecessors accountable for the whole mess. On the other hand, PTI defends itself by proclaiming that they have left the office retaining more reserves in the treasury than any government else. As far as, citizens are concerned, they have always received the rough end of the stick from the government. Surprisingly, we are not ready to accept the bitter realm of reality that the current economic mess is nothing but the outcome of the negligence of our political stakeholders and the hasty decisions of economic experts. In a nutshell, we as a nation should be serious in terms of oil and energy consumption as it covers a huge part of imports. Moreover, instead of burying its head in the sand, the government should do something effective and long-lasting to address the looming economic crises. There should be a committee of economic experts from all segments of society to make an effective policy for economic survival. MOHSIN MUMTAZ, Chiniot.

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