Published in DAWN
Pakistan’s current economic meltdown is a crisis of competence if judged in light of the recent past. In the context of history, it represents a colossal failure of the establishment’s long-term foreign and economic policies. Pakistan desperately needs four to five billion dollars to avoid default on its external obligations. The government is working on the multilateral institutions and Friends of Pakistan to raise this sum failing which it will go to the IMF. The government does not want to borrow from the IMF to keep its hands relatively ‘free’ and avoid the likely political fall out from following the IMF’s prescriptions. Does Pakistan have an option? Unfortunately, no. Read more »
