Delay in the IMF program is creating hardships and confusion in the country whereas political war and political instability are worsening the economic situation of Pakistan.
Pakistan is a country with natural resources & great agricultural strength. Mineral resources are the gift of Allah from which we can divert our route to prosperity for which we must have a very clear national economic agenda and should be formulated with the consultation of stake holders. For this success we must have national economic dialogue with a clear mutual understanding. Pakistan’s private sector is now in a different position and private sector must be trusted and participation in decisions at national must be ensured.
On the other hand, the sharp fall in the value of the rupee, diesel, and petrol prices and interest rates reaching the highest levels in the country’s history, the ban on imports, and the non-opening of LCs has created major problems including the non-availability of energy and raw materials.
The rulers are unfortunately focusing on aid funds and loans while neglecting the country’s economic development. As a result of this politically oriented policy, the increase in the value of the dollar has broken all records and today the value of the dollar has reached the level of 285 rupees.
Due to the delay in the restoration of the IMF program for Pakistan and the non-availability of any significant financing from external sources, the increase in the value of the dollar is not stopping, country’s foreign exchange reserves are in short supply because the huge amount of dollars spent on the import of petroleum products, edible oil, wheat, and machinery. It is a fact that businessmen, industrialists, and traders know how to make businesses successful, therefore it is necessary to form & implement the economic policies of Pakistan keeping them on board. Pakistan has not been able to benefit from useful projects like the One Belt One Road, of CPEC. We must respect this great gift of China and take full benefit of economic prosperity.
