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Reserves boost
The International Monetary Fund (IMF) has urged Pakistan to bolster its foreign exchange reserves to tackle pressing economic challenges arising from a current account imbalance. Despite holding $13.44 billion in reserves as of April 2024, Pakistan’s reserves trail behind those of neighbouring countries, impacting trade, investment and external payments. This discrepancy underscores the need for proactive measures to enhance reserve levels and ensure economic stability.
Pakistan’s foreign exchange reserves predominantly rely on exports, remittances, foreign direct investment and existing reserves. However, impediments such as excessive taxation in the export sector hinder efforts to augment these reserves. The case of Bangladesh, achieving substantial reserves in textiles despite lacking raw material exports, highlights the necessity for Pakistan to address taxation issues and diversify revenue sources. Moreover, declines in remittances, influenced by political demands and other factors, further underscore the urgency of incentivizing and facilitating remittance inflows.
To fortify its foreign exchange reserves, Pakistan must implement strategies to diversify revenue streams and promote sustainable economic growth. This entails reforming taxation policies in the export sector, incentivizing remittances and mitigating political factors affecting remittance inflows. By addressing these challenges head-on, Pakistan can work towards building a stronger reserve position, ensuring greater economic stability and resilience in the face of global uncertainties.
GULAB UMID
Turbat
Let justice
be done
In 1801, former US CJ Marshall cited Latin phrase “Fiat Justitia Ruat Celum”, which means “Let Justice Be Done; Though the Heavens Fall”. For a country with a written constitution and laws, judges must give judgments strictly based on written laws. Had Justice Munir not relied on his logic in the 1954 Maulvi Tamizuddin case, that since martial law has been imposed, the most pragmatic course left was to invoke “Doctrine of Necessity” to justify the extra-constitutional dissolution of parliament on the whims of GG. He justified that maintenance of government is of greater value than the law itself.
Justice Munir resorted to this on the pretext of stability. Pakistan has suffered, since then, when certain judges, based on their logic, or affiliations with politics, have given judgments, which could not be substantiated on the basis of written law and constitution. In our neighboring country India, their SC instead of the Constitution, appeased majority Hindu fundamentalists, who had won a landslide majority, when they gave 2.77 acres of disputed land in Ayodhya to a Trust for construction of Ram Mandir, after the mosque was demolished by a violent crowd. In jurisprudence, mere electoral popular mandate cannot be cited as an excuse to violate law and seek immunity from prosecution. The India SC, in this instance, resorted to Doctrine of Necessity, just like Justice Munir did in 1954-55. It was no coincidence that Justice Munir after retirement was appointed as Law Minister by Ayub junta. It is time that our superior judiciary strictly pass judgments in accordance with written law and constitution, instead of their logic, even “though heavens may fall”. Supremacy and sanctity of constitution must prevail.
MALIK TARIQ ALI
Lahore
First look at yourself
Bilawal Bhutto’s speech at the National Assembly was the true face of opposition when he criticized PTI for preferring dialogue with the Establishment over the Government. His critique wasn’t perceived as bad behaviour by some, but PTI viewed it as derogatory and condemned Bilawal’s language, labelling it as non-parliamentary. Why it is that PTI consistently overlooks their own rhetoric before criticizing others? Why don’t they reflect on their own language?
Their best example is Ali Amin Gandapur. The words he uses for governor, the threatening language he uses for his political opponents, as a chief minister, is it a suitable language for him? He spread such negativity in the working atmosphere; he didn’t even care about his rank; he is the chief minister, not a worker; he is representing Khyber-Pakhtunkhwa; is it a joke for him? Bilawal Bhutto several times invited them for dialogue, but they denied it; instead, they used taunting words.
If the person doesn’t know how to give respect, then how will he know how to gain respect? What the Gandapur has done with Governor Faisal Kareem Kundi by removing the annexy and putting restrictions on the Governor’s visit is an extremely disgraceful act. We can only expect these types of things from him; these types of actions don’t affect Governor Faisal Kareem Kundi but showing the real face of Ali Amin Gandapur, and it’s the first time that we have seen this type of CM who is not following any protocol and crossing the line of respect many times.
AREEBA KANASRO
Larkana
