For the last six months, some economic experts (not part of the present set-up) are crying hoax regarding the looming economic crisis we are facing. Our balance of trade seems to be eating up around 1 billion USD every month. The State Bank Reserves are fast depleting, which are currently a little over 12 billion. It appears that ruthless borrowing from IMF, etc. is letting us down.
There is a fear that the coming IMF loan instalment in March 2018 of USD 11.3 billion may (God forbid) be an extremely difficult one to pay!
I thing that we are importing much more than our exports; hence extreme pressure on our Current account. I hope Pakistan’s financial wizards, including Mr. Dar should take the Nation into confidence and take extreme measures to get out of this economic rut.
We should cut down upon all unnecessary imports, make a policy giving incentives for exports and to those sending remittances from abroad. We may also consider putting a levy on all imports, POL, etc. for the next six months, so as to generate revenues. The Got should also freeze all spending on Mega projects, like Orange Trains/metros, frequent foreign travels by Got dignitaries, etc. so as to save needed money.
RASHID MAQSOOD
Lahore