Amir KhanŽ replied on Monday, June 17, 2019 06:41 AM
Dear Habib Bhai,
You have portrayed one side of the coin. But there is another side to it.
1) If currency was so good how come it depreciated from 98 to 120 in NS rule. They were manipulating the currency through using your foreign exchange reserves to prop up the currecny even though currency was not strong enough due to balance of payments issue, lack of FDI, declining exports ets.
2) Wrong of last 50-70 years cannot be fixed in one year by anyone, not even Imran Khan.
3) Loans in previous regimes used unwisely for unproductive schemes and not in Industrial, business or manufacturing sector to generate more income, jobs, enhance exports.
4) No attention paid to agriculture or to enhance our output. In fact decline occured.
5) Loans were being taken to service previous loans.
6) Corruption was not eliminated in fact was patronised.
7) Did Pakistan need Metro Bus, Orange Line and other gigantic projects when there were no jobs, lack of drinking water, health, education, housing issues.
8) Not much effort put into development, training of human resources, our biggest asset.
9) Oil prices at historic low, but we could not capitalise and use the savings prudently.
10) Failure and incompetence in Foreign policy and relations led to Pakistan being marginalised and isolated.
These are only some of the glaring issues. If you deep dive, you can locate many other ills with our economy and governance which led to the present situation of Pakistan. Finally look at Bangladesh. They came into being in 1971. See where they are now in terms of their econimy, exports, industry, balance of payments, exchange rate of taka. With sincerity, dedication, pereseverance and hard work even we can turn it around. But the bitter medicine has to be taken for some time. If we don't do it know, the future generations will suffer greater injustices, We owe it to them to put our house in order. Can we do it this time, only time will tell. And Allah SWT knows best. |
