El Sidd
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- Apr 5, 2017
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This coordination is happening now, who do you think Raza bakir or Hafeez sheikh is for that matter. Why do you think Asad umar was removed, because he was too soft and didn't want to burden the awam. The state knows what condition it is in, and the extremely tough decisions it has to make. To give you the perspective it was an emergency loan of 2bn from China during interim government that delayed the bankruptcy.
Sometimes we have to look to at rationale, and point our guns in the right direction. It is no longer feasible to give subsidy on electricity or gas. We need to ask who signed those electricity contracts at exorbant rates, who did long term unprecidented LNG contracts at extraordinary rates. Why don't we ask them how swam was going to pay for it?. We are in a debt trap, where we have to loan money to pay our interests, not just that to finance our imports, let alone the principal amount.
We were running a huge trade deficit of 36 billion $. We had to reduce imports drastically, we had to stop subsidizing dollar and bring it to market value. These are hard decisions that had to be taken. They do carry detrimental side effects, but they were necessary for the survival of our state.
Don't fret over the credit card bill, introspect on how we got there.
In short at a macroeconomic level our whole economic structure is being retracted from an import based growth to a domestic and export oriented one.
Yes IMF is helping Pakistan