Doesn’t all this suggest to anyone that there is something seriously wrong; that we are on the wrong track?
CHANTILLY, VIRGINIA, US: This is in response to Dr Pervez Tahir’s article “Retired hurt by the rupee”. I would like to point out that IMF commitments (or disbursements) are not back-loaded. They are in equal instalments. Do we really think that a combination of import compression and capital controls will save the day? If one really wants to see panic in the market and the rupee falling like a rock, one should go ahead with these measures. We will be broke in a week.
Has no one heard of adjusting the macroeconomic policy stance? What do we think will happen to inflation, the exchange rate, the budget and other key variables if we borrow Rs5.7 billion in a day while dishing out new concessions, exemptions and amnesty schemes? And yes, they want the GST rate in single digit. Doesn’t all this suggest to anyone that there is something seriously wrong; that we are on the wrong track and hurtling towards another abyss?
Meekal Ahmed
Published in The Express Tribune, December 7th, 2013.
Like Opinion & Editorial on Facebook, follow @ETOpEd on Twitter to receive all updates on all our daily pieces.
