The IMF has rejected the measures which were on the cards of the caretaker government to provide some relief to the people in terms of electricity bills.
A serious question is irking the minds of patriot Pakistanis that the country has been sold out to the IMF, that the government has no authority, that it cannot even offer some relief to the inflation-trodden people.
It is the main the point of ponder that why the country of 220 million people has reached to that state that it had to accept the disgraceful conditions of IMF for only 1.2 billion dollars’ tranche, which is the part and parcel of total six billion dollars’ loan package that the country would get from IMF.
There are three main factors due to which Pakistan has lost financial credibility to that level that no country is ready to help out her. Though the country had been in the crises right from the beginning, i.e. from its birth but the crunch this time is so much taut that the people here have lost their buying power due to excessive price hike of electricity and petroleum products on one hand and on the other side the dollar has become uncontainable due to regular depreciation of Pakistani rupee on the guidelines of IMF.
The reasons behind the fall of the economy are the corruption of the influential class, the extravagant lifestyle of the rulers on the cost of national exchequer and thirdly the blind loans to satisfy their luxuries. They took loans from international donor agencies on very unrealistic conditions which were heard to meet for a country where the per capita income is falling day by day.
The poor state of the economy also put appalling results on the businessmen of the country that resulted in reduction in the revenue collection constantly and by virtue of that, the economy has come under pressure.
The greedy and fatuous leadership of the country kept their own interests on top always and threw the national interest on the back. In the past they ran the country on adhocism as they were only politically strong, but not able to devise any long term policy to provide shoulder to shrinking economy.
Nearly some 15 years back, the currency of Pakistan was much stronger in the region as its value was higher than India, Afghanistan and Sri Lanka. Our non-visionary rulers during the last one decade devalued Pakistan currency without considering the bad impact on the economy of the country as every time the Pakistani rupee was devalued, not only the foreign debt of the country has increased manifolds, but the import bill has touched the skies.
The outcome of a series of ruthless depreciations of the currency in the past by the people at helm of affairs has deteriorated the economy to the point of no return. The incompetent people who did know the economics, became the in-charge of financial affairs of the country on a political basis. They made wide of the mark decision and fixed unattainable targets that dragged the country’s economy to the deep dark ditch, which could not be raised again.
Only the elite class of the country got the benefit of the rupee devaluation as they have billions of dollars in their foreign banks especially Swiss accounts as their amount was doubled while exchanging the amount into Pakistani currency.