FRIENDLY countries such as China, Saudi Arabia, and the UAE have always stood by Pakistan in difficult economic situations. Talking to the media, Finance Minister Muhammad Aurangzeb said the three countries have agreed to rollover their loans for a year which is just yet another manifestation of their persistent support to Pakistan. This will help the country secure much-needed loans from the IMF. However, the question arises: for how long will the country be run in such a manner?
Our reliance on external financial support has become a recurring theme in its economic narrative. While the rollover of $12 billion in deposits by China, Saudi Arabia, and the UAE is a temporary relief, it underscores the urgent need for sustainable economic reforms. To break free from this cycle of dependency, we must instill confidence in investors, particularly those from friendly nations. Encouraging investments in key sectors such as industries, agriculture, IT, and mines and minerals is crucial. The Special Investment Facilitation Council has made commendable efforts in this regard, resulting in significant agreements and MoUs with friendly countries. However, these initiatives will only bear fruit if political stability is restored. Political parties must rise above their petty interests and collaborate to map out a comprehensive economic roadmap for the country. It is only through political stability that we can also convince our Diaspora to come and invest in the country. Only through collective action and a unified vision can Pakistan hope to steer itself out of the current debt trap and towards a more stable future. The reforms must be carried out on a fast track basis including in the power sector in order to provide much needed relief to the consumers for whom the electricity bills have gone beyond reach. The government will also have to demonstrate seriousness to cut its own expenditures. Austerity should begin from the top, setting an example for others.
