Government should have given thought to all aspects of its strategy
ISLAMABAD: According to a news report, the government’s borrowings from the State Bank of Pakistan have surged rapidly during the current fiscal year for completion of its ongoing development projects. In another news, the Federal Board of Revenue withdrew funds from Punjab Revenue Authority’s bank account. With that it is also reportedly considering approaching the IMF once again to overcome its deficits. Although it is nearly impossible, even if the government manages to complete the development projects that it started in its last year of rule, controlling inflation will be hard enough, especially in times when the rupee is seeing constant depreciation with rising international oil prices and the mismanagement of the economy by those running the state’s affairs.
The government should have given thought to all aspects of its strategy, but instead of doing the proper thing it took to populism by initiating projects that it could not finish in time. Now it will be left to the next government to deal with the economic consequences of the policies of the previous government.
Nida Yahya
Published in The Express Tribune, July 9th, 2018.
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