Going by the current economic indicators, in near future, Pakistan would be faced with a serious economic problem; fast depletion of foreign-exchange reserves owing to the unbridled import bill and unsatisfactory exports that are coupled with rising US Dollar value against Pakistani Rupee which might trigger a looming balance of payment crises and compel Pakistan to go to International Monetary Fund (IMF) for a quick bail out.
Undoubtedly, our economic mismanagement has led to this pernicious dilemma. What is more worrisome is that Pakistan is already over-stretched due to its huge external debt-servicing.
According to the State bank of Pakistan (SBP), the country’s total external debt servicing stood at $2.09 billion during the first quarter (July-Sept) of FY18. Total external debt and servicing includes $1.71 billion of principal and $383 million of interest payment.
It would be interesting to see how upcoming government would tackle this precarious issue? But there is no doubt about it that it would be in a Hamlet like situation, "To be, or not to be: that is the question?"
May the pragmatism takes good place and intelligent economic sense be employed to steer away this nation out of this state of perpetual quandary!
Tarique Ahmed Abro,
Lahore, July 20.