Muhammad Hafeez
On July 3, 2015 Bloomberg reported that Pakistan’s economy has been growing well and its economic health is better than that of India. Moody’s and Standards & Poor (US based economic health rating agencies) have improved Pakistan’s health rating due to good relations with IMF as written in the report. The Karachi Stock Exchange has grown by 16% during the last one year and is one of the top 10 best performing stock markets.
On August 19, 2014, former president of IMF Dominique Strauss-Kahn (DSK) said on CCTV that Moody’s upgraded economic rating of Pakistan for building mis-perceptions. This was a political maneuvering in the past and the same game is being played again. By doing so, Pakistan continues to serve the IMF’s interests and those of the global system. Actually, Pakistan continues to borrow money from commercial banks, the IMF, and the World Bank; the country is fast moving towards economic collapse. In reality, this is a war between global interests and national priorities. Apparently, the global forces seem to be winning in the short run but ultimately, Pakistan will emerge as a strong and prosperous nation; it is just a matter of time.
David M Darst, the Chief Investment Strategist at Morgan Stanley Wealth Management (speaking in personal capacity; not as a representative of his organization) said in a lecture at Agha Khan University, Karachi on 27 January 2015 that Pakistan will grow rapidly and Pakistan’s rise is just a matter of time. However, this was refuted by Anayat Baig and criticized Mr Darst’s prediction by alluding to the adverse role of international NGOs. Mr Darst’s remarks were reported as the views of Stanley Morgan whereas this was not the case. The report based on the lecture was to inject a false hope among Pakistanis and let the corrupt keep on looting the wealth of this country.
If Karachi Stock Exchange is working well, it is benefitting the international investors and their local cronies. It is not contributing to our national economy; possibly the KSE may actually be hurtful to Pakistan’s economic interests.
Apparently, Pakistani media does not report the news to promote national interests. It may be noted that the personal opinion of Mr Darst was published as the prediction of Stanley Morgan Wealth Management (although these agencies can/do work against our national interests). In the same parallel, the upgraded rating of Pakistan’s economy by Moody’s and Standards & Poor seem to be a political tactic for creating false hope; Pakistanis must be aware of such tactics.
To conclude, the government is advised to look into its short and long term economic policies carefully and must not depend upon the recipe given by the IMF. Pakistan should devise its own policies to promote economic health of Pakistan in short and long terms. Allah may bless this great nation. This country is destined to become a great nation in a short span of about 10 years and hope to see smiles on the faces of our youth.
The writer, a PhD, is professor at Institute of Social & Cultural Studies, University of the Punjab, Lahore.