The finance minister take pride in persuading the IMF to release the installment of a loan for debt servicing
ISLAMABAD: The finance minister and his close cabinet colleagues issue contradictory, vague and confusing statements about Pakistan’s economy. The minister, after attending the Investors’ Conference, held a press conference and assured his audience that our economy was on the right path to progress and prosperity. He maintained that foreign exchange reserves have reached $20 billion and thousands of foreign investors were willing to invest in Pakistan. He stated that this was proof of foreign investors’ confidence in the rebounding economy of the country. Other cabinet ministers also bragged that no country or investor ever makes investments in a weak country with doubtful economic policies. If all these assertions were true, one fails to understand why, then, does the worthy finance minister take pride in persuading the IMF to release the installment of a loan for debt servicing. If so many investors are willing to invest in the country and the economy is free of any ailment, why are we wasting so much money on foreign visits of government functionaries with the sole purpose of appeasing and pleasing international donors for their donations and loans?
The finance minister should take measures to end the dependency of our fragile economy on foreign loans, the worst form of modern slavery, instead of making boastful claims that we will not accept dictation from anyone, for we all know that beggars can’t be choosers. The minister also needs to be clear and lucid in his briefings as the common man simply believes that when one earns less than what he or she spends, that person runs the risk of falling into an economic quagmire that is difficult to get out of, even after liquidating his or her most precious personal assets. One wonders if countries are any exception to this simple but time-tested rule.
Raja Shafaatullah
Published in The Express Tribune, November 11th, 2015.
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