Sunday, 03 March 2024, 05:40:14 pm

Incumbent government taking all measures to bring economy on right pathway: Analysts
March 14, 2023

 Ali Sarwar Naqvi (Former Ambassador): Government is rightly focusing on strengthening its bilateral relations with all the world capitals. China, Saudi Arabia and Turkiye are considered as the friendly countries of Pakistan. We have our own national interests, our own objectives. Pakistan's foreign policy is on the right track and pursuing it with determination and commitment. Unfortunately, due to the weak economy our relations with some of the countries are affected. But despite the shortcomings, Pakistan is still doing well in terms of maintaining strong relations with other countries.

Mirza Ikhtiyar Baig (Economist): It is a good initiative that the World Bank's Vice President for the South Asia Region Martin Raiser has assured to support Pakistan towards flood recovery, rehabilitation and reconstruction. Moreover, the World Bank also committed to support Pakistan in the power sector as well. At this point of time, we are importing LNG and furnace oil for the expensive power production. Now the government is focusing on switching over towards renewable energy and affordable power production through solar, wind and nuclear energy. We must refrain from importing LNG and furnace oil as it is increasing our import bills.

Hamayun Iqbal Shami (Economist): Since the incumbent government came into power, the country was facing severe economic crisis and debt issues. The only option was to avail the IMF bailout package and reschedule the debt payments. The PTI government violated the terms and conditions of the IMF bailout package,  so the delay in the new IMF package is due to the trust deficit. The PTI Chief signed the agreement with the IMF on tough conditions and tied down the hands and feet of the Pakistani economy. The government was compelled to take very determined and difficult decisions in order to save Pakistan from default. The IMF deal would pave the way for funds from the World Bank, Asian Development Bank, other money lending institutions and Islamic countries.