What lies ahead

Following the PM’s meeting with the IMF chief in Dubai, the government has apparently agreed to accept the Fund’s conditions. This means that the economy will now bear the brunt of the harsh IMF policies. The reports suggest that the Fund has not gone back on its proposed conditions and declined to offer concessions. The funds that are currently being sought are a paltry sum of $6 billion. There is no reason why this miniscule amount cannot be mobilised through indigenous measures. By placing a ban on import of luxury and unnecessary foreign items, the country can save up to $7-8 billion. All-out efforts should have been made to promote exports through fiscal and tax incentives. It seems that the government has chosen an easy route of going to the IMF, instead of focusing on self-reliance with a home-grown plan. The economy is being made hostage to the IMF’s failed recipes, which is no different than what the previous governments did. The public should now brace itself for the difficult days ahead.Arif MajeedKarachi

from The News International - Newspost http://bit.ly/2GEnTKA