Sinking Economy

Economy is considered as the back bone of a country as it is the most important factor which assures the survival of state. If there are some issues with this factor then the country fails in competing with the other countries of the world. In fact such a state fails in fulfilling the basic needs of its people. When there is no money in the national exchequer then all the wheels of a country stop at once. Being a security state, Pakistan has to maintain its defense expenditures due to which and a number of other factors the economy of the country suffers a lot.
Pakistan is currently facing the worst situation of economy. The situation of the economy was already very bad when the former PM Imran Khan was ousted by the union of 14 political parties which are currently ruling the country. These political parties were of the view at that time that the government of Pakistan Tehreek-e-Insaf (PTI) has failed in streamlining the issues of economy as the inflation was continuously going up at that time. On the basis of these slogans these political parties succeeded in ousting the sitting Prime Minister. At the time when Imran Khan left the office, country was facing huge crisis. There were talks that the country may face a default situation. Sri Lanka had defaulted at that time, therefore Pakistan was being compared with Sri Lanka at that time.
Soon after coming in power, the union of 14 political parties showed that it has come to power to resolve the issues of the economy of the country. They chanted the slogans regarding betterment of the situation of the country. But, soon they realized that the game is not in their hands. The policies of Imran Khan were not acceptable for them when they were in opposition. But, when they came in government they had to follow the same pattern. Imran Khan was dealing with Russia to get cheaper oil for which he was ousted. But, the new government, just after few months, reached to the point that it is inevitable for the country to get oil from Russia. In a recent move, Finance Minister Ishaq Dar has said that the United States cannot prevent Pakistan from soon being able to buy Russian oil. The minister declared during a news conference in Dubai that Pakistan would strive to buy oil from Russia on comparable terms to those that India has with the oil-producing nation. He claimed that when he met with US State Department representatives, the issue was discussed and it was made clear to the US authorities that they could not prevent Islamabad from purchasing oil from Moscow because their neighbour, India, was also doing so.

Pakistan was standing at the verge of default during the tenure of Imran Khan. But, the position was quite better than today. There were only 16% chances of default at that time and now during the tenure of PDM the chances are 64%. People are in great stress. Such stressful environment always gives birth to crimes. And Pakistan is currently standing at the verge of crisis. Government has dropped the oil bomb on masses who were already facing the difficult situation. The government of Pakistan has opened the avenues for the country to go beyond the crisis state. Pakistanis are simply not in the situation to bear the inflation of this extent. Government will have to revisit its policies to take country out of crisis situation. Prompt steps should be taken to protect country from any default like situation.