Economy and corruption
PM Imran Khan believes there is no economic crisis in the country, as does his finance minister Asad Umar. He maintains that after a rough first few months his government has taken control of matters. In order to avoid a balance of payment crisis while somehow not immediately going to the IMF the PTI government has managed to shore up reserves through Saudi and UAE dollars for some very short-term breathing room. With a monthly requirement of around $1 – 1.5billion that covers imports and debt servicing the country will burn through these dollars in no time. Investors certainly don’t seem to concur with the PM and FM with the KSE benchmark index losing close to 3,500 points in a month it is obvious that uncertainty prevails. There is some indirect support in the form of falling international oil prices that reduces the import bill and worker remittances holding steady at the moment that contribute on the revenue side. But it is important to understand that these bonuses are temporary and too much dependence on them would be ill advised. There is a long way to go before anyone can confidently say that the crisis is over.
Meanwhile there is no let up in the anti corruption movement whose main target remains the opposition. With the Sharif brothers already behind bars it seems only a matter of time before Zardari joins them in the fake accounts case. Efforts are afoot to somehow bring Bilawal into the same fold, which is perhaps why he has also been named in the list of 172 people placed on the ECL not to mention CM Sindh Murad Ali Shah. While announcing the ‘biggest anti- money laundering operation’ the country has ever seen the PM commented that the program is yet to begin and there are already screams emanating from Sindh. This is a narrow-minded outlook singling out a province and unbecoming of a PM. Money laundering is as prevalent in KP where the PTI has been in power for more than five years now. To find workable solutions it is imperative to have a realistic understanding of the problems at hand. It seems currently the new government is enjoying an alternate reality.
