AFTER the tough economic times of the past few months, it’s like watching a train roll over in slow motion. Despite a chorus of sympathetic voices urging him to act with sanity and common sense, the Treasury Secretary insists on insisting on policies that must bring him into a confrontation with the IMF until it’s too late.
Few had believed him when shortly after he came to power and Lasting harm, he claimed that he could bend the fund to his will. The United States of America getting ready to default does now no longer dictate phrases to its creditors. He continued to pursue his unwise approach. Instead of making serious efforts to address the underlying imbalances in the economy, he wasted time bullying the IMF and insisting on bailout terms.
As a result, the ninth review of the financing program originally scheduled for October remains pending, although foreign exchange earnings have dried up quickly.
“God willing, next week” is a refrain we’re used to hearing from the Treasury Secretary every few weeks. It happened again yesterday. Unfortunately, it seems that time is finally running out.
A default – once mistaken for irrational fear – now seems increasingly likely, even if the Treasury Secretary can deny it. However, nothing seems to humiliate PML-N or Ishaq Dar.
They still refuse to admit that most of the current mess stems from the shame with which he worked at Treasury.
Miftah Ismail appeared to be at least proactive in solving Pakistan’s problems, according to Washington insiders. On the other hand, the IMF seems unwilling to trust Dar, who seems to have a below-average understanding of Pakistan’s economic problems and an unwillingness to undertake necessary reforms.
This has brought us to a point where even IMF approval may not be enough to spare us further damage. Permanent damage was done not only to the economy but also to the national psyche.
Confidence in the country’s future, economic and otherwise, has evaporated. The vast majority do not have enough to eat three meals a Lasting harm day, and even the wealthiest Pakistanis fear the country does not have a stable future for them.
Our brightest young minds plan a new life in foreign lands and are already losing all hope. It will take years, if not decades, Lasting harm to undo this damage. Sheriffs enforced Mr. Dar in this country, despite loud protests from all who have seen his policies utterly discredited in the past.
They ignored the voices within themselves warning them of the catastrophe this could cause. They must stop insisting on supporting Lasting harm the man who single-handedly ruined the futures of millions of Pakistanis. Now the country must be relieved of this burden.