Pakistan a country endowed with natural resources &youth as a capital is currentlyfacing economic crunch. Economic crisis is severely affecting Pakistan’s stability and integrity. It seems that economy has gone out of control. Foreign reserves are dwindling at speedy rate, inflation is surging day by day. Trade deficit is also on swing, poverty is soaring and most importantly Pakistan’s currency is fluctuating in a worrisome manner. Former government has pushed Pakistan’s economy at the brink of destruction. It’s immature, mind boggling and null and void policies have hit hard our economy and plunged Pakistan into the marsh of darkness and decimation. Recent floods in Pakistan has devastated and degraded our economic structure. In this regard, Pakistan has succeeded in amassing aid of about $10 billion in Geneva conference. Pakistan is also trying to roll-over as well as restructuring its loan payments. Pakistan believes that its bosom friends countries like China, Saudi Arabia, UAE etc will never left it alone in this crucial time and will certainly lift up from economic downfall. Sooner, economy of Pakistan will revive and re-railed on right tract. Incumbent government is doing its earnest efforts to stabilize our crippling economy but still not succeed. Pakistan needs a diverse and pragmatic approach to resolve its economic issues and make itself economic resilient. Adoption of austerity and moderation will relieve Pakistan’s economic burden. There is a dire need of curbing unnecessary expenditures at government level, curtailing imports of luxury and unnecessary items, equitable utilization of financial resources, attracting foreign investment by eliminating cumbersome procedures, mitigating reliance on imported fuel, efficient utilization of domestic resources andshifting our economic growth from consumption led to the export and investment led growth. Council of top economists of Pakistan should be established. Electronic media should play vital role for deliberation on economic issues and way-forward rather than political discussions. Modernizing our economic structure by doing structural reforms in the long run and most importantly developing a charter of economy with political consensus for sustaining our economy and diverting it towards the path of economic prosperity is the dire need.
In prevailing plight, IMF is the lender of last resort but in future, Pakistan should get rid of debt burden by launching a ‘QarazOtaroMulkSanwaro Program’.
Pakistan needs robust and consistent economic policies for its stability, prosperity and development.
