REGARDLESS of the unprecedented damage inflicted by the devastating floods on the country, the Finance Ministry appears to be optimistic about the economic outlook in the coming months with exchange rate stability and drop in inflation also anticipated.
In its report, the ministry states this would be coupled with improving trade balance, rebound of remittances and current account balance in surplus.
This really indicates better handling and management of the economic situation on the part of Finance Minister Ishaq Dar who, in the past, also delivered on many difficult circumstances and put the economy back on track.
The same is expected from him now. The results were visible soon after he assumed the office of the finance ministry as rupee which was on the depreciation path immediately started gaining against the dollar.
He is taking the bull by the horns. Whilst chairing meetings with the CEOs and Presidents of Banks and exchange companies, Ishaq Dar warned of stern action against the hoarders and smugglers of dollars as well as manipulators for keeping the rupee undervalued, reiterating that the fair value of the rupee is 180-200 to a dollar.
If the Finance Minister succeeds in doing so, it will automatically trigger a major relief for the people as it will bring down the prices of not only petroleum products but other essential items as well.
Price hike has broken the back of common men and it has really become difficult for them to make both ends meet.
Hence success on this end will also politically benefit the current coalition government. There should also be more focus on enhancing the productivity of our important sectors such as agriculture, industries and IT.
This is the only way through which we can steer the country out of economic crisis as well as provide job opportunities to our youths.
For this to happen, we really need to frame policies aimed at extending incentives to these sectors.
We expect the visit of Prime Minister Shehbaz Sharif to China will also envisage some important discussions and agreements to achieve growth in these important sectors.
