If we default the situation will not be the same as 1999. With the Afghan war, energy sector dependability ( we were still taking advantage of dams built in 70's). Our debt repayments burden. Population demands and food security. Take one example how many of people used smart phones back than. There are a lot of factors one needs to look into. A few billion dollars bailout back than vs tens of billions bailout now.Bhai we did and look where Musharf took us from -CCC to B+
Imran Khan is not the person on ground level, smart and action on time. He is good at speech, giving you hope and a mood lifter but he is not the who change anything or even a single reform.
Tell only 1 reform from Imran Khan, which Pakistan is progressing.
If one thinks this IMF programme is hard, if we go default you will see this programme as a walk in Park in comparison.
We will end up worse than Lebanon.
As far as IK is concerned, these 3 years have brought a lot of fundamental changes.
If you want to talk about economic reforms.
2) Independant SBP with no money printing to date for the last 3 years.
Being the hardest and painful ones but the most crutial ones to determine long
term stability. These are all structural issues that were responsible for the mess we were in for decades.
3) Power sector, not a single new import dependant power plant. Focus back on hydro ( after the 70's) and thar coal. Ones these dams complete will have the same importance as mangla and terbela. ( Not just energy but water and food security).
4) Auto policy
5) Consumer electronics (cell phones etc)
6) Refinery policy an excellent one but is slow due to fiscal constrains. Byco is upgrading as of now with $800m investment. ( Our refineries end up with furnace oil as a byproduct and do not convert all crude into high value added products like petrol diesel, our power plants are forced to burn this otherwise this will greatly impact our refineries. This policy is aimed at addressing this problem in particular. Will save us a lot of forex which we use to import high value added gasoline or diesel).
You might say oh currency went to 169 policy is a fail, that's pure lack of understanding. Our economy is new to it as time passes it will get and more stable. As tough as it gets this is the only way forward.