In view of a continued deadlock with the International Monetary Fund (IMF), government under the much-hyped Plan B is left with no option but to make a request to its bilateral partners for additional deposit of $3 billion. The finance ministry is reportedly considering all available options to bridge financing from bilateral friends to avert looming crisis on its external accounts in case the ninth review remains incomplete.
Friendly countries especially China, Saudi Arabia and the United Arab Emirates have always been forthcoming in helping Pakistan during difficult economic times. In a televised speech on Saturday, Finance Minister Ishaq Dar said China would grant rollover of one billion dollar and three hundred million dollars within ongoing month. Similarly, of late Saudi Arabia and the UAE have made commitments of financial assistance. While we appreciate China and other friendly countries for not disappointing us when it came to financial assistance, the question is for how long such poor state of affairs will be taken forward?
Time has come to put our own house in order by introducing fundamental structural reforms no matter how painful they are and also ensuring fiscal discipline by cutting down non-development expenditures.
We need to learn to stand on our own feet to carve out a respectable place in comity of nations, otherwise we will keep making requests to friendly countries for financial assistance. Instead of political point scoring and wrangling, emphasis should be given to improvement of economy. An environment should be created within the country where businessmen come in with their investments and bolster our productive sectors such as industries, IT and agriculture.
This is the way we can steer the country out of current debt trap and put it on the trajectory of sustainable growth. For this to happen, our political leadership will have to demonstrate the vision, the will and commitment while rising above their petty political interests.
