It had been a long time coming now, yet the announcement of the Pakistan government seeking an IMF bailout still invoked surprise and criticism. After lingering on the question of going to the IMF for two months, Finance Minister Asad Umar finally revealed in a series of tweets that Pakistan would have to depend on external financing from the international monetary body, blaming it on the alleged poor economic conditions left by the previous government.

Having to seek an IMF bailout was a necessary reality and should not have come as a shock. The financing requirements are 28 billion dollars for this financial year, with 8 billion dollars due for debt repayment this year. Paired with a looming deficit, it would not have been possible for any government to avoid the bailout without an economic miracle.

Now as with any major bailout from the IMF, it was unavoidable that there would be temporary financial setbacks. The rupee devaluating to a plunging Rs. 134 against 1 US dollar is perhaps the first major consequence of the decision for external financing, and was expected. The rise in the stock exchange, while a blow, is also an outcome of this action.

Hopefully these bumps will pass, and the currency and stock exchange will stabilise with time.

Economic highs and lows are a natural inevitability in the economic process and should not be politicised. But perhaps it might be suggested that PTI did invite some of the criticism it is now receiving. The PTI government has constantly censured the state of the economy, using it to bash the PML-N financial decisions. Now it should not be surprised that consistent disparaging of its own economy has not inspired demand of investment and currency.

Even if it is true, that the government inherited an economy in tatters, for major ministers to make such statements further adds to the deteriorating of the economy. One cannot underestimate the importance of the element of trust when it comes to investment and buying. An economy which is constantly derided by its own government is likely to ward off foreign investors and companies.

It is too soon to comment on the IMF bailout since terms of conditions have not been released yet. For the current time however, the government should take the criticism in stride and not repeat its past mistakes of undermining its own economy- this is the time where the economic structures of Pakistan need uplifting and confidence.