The IMF tragedy | Pakistan Today

The IMF tragedy

  • Pakistanis will survive this too

After the horrifying Easter Sunday bombings, in an exclusive interview with Hindustan Times, Sri Lanka’s Prime Minister Prime Minister Ranil Wickremesinghe said that his government would not hesitate to seek Islamabad’s help to trace the terrorists and eliminate them. He further reaffirmed Pakistan’s support to Sri Lanka in her war on terror. In the same interview he rubbished New Delhi’s veiled attempts to associate Pakistan with the brutal massacre of innocent people. He said referring to Pakistan, “I see this tragic event as further strengthening the trust that exists between our countries and increasing cooperation.” The horrible Easter Sunday bombings claimed the lives of 258 people including 45 children; hundreds were severely injured. In keeping with tradition, the Modi government simply started its efforts of searching for a Pakistani hand behind this brutal massacre just after the incident.

In response to the India’s accusations against Pakistan, Sri Lankan Army Chief Lt Gen Mahesh Senanayake said in an interview with the BBC that according to the information they have, a few of the suicide bombers who carried out attacks on Easter Sunday had visited Kashmir, Kerala and Bengaluru in India to possibly be trained in carrying out terrorist activities. General Senanayake said that it is suspected that the attackers had travelled to India to establish links with other terrorist organizations. The statements of Prime Minister Wickremesinghe and General Senanayake not only strengthened the relationship between Pakistan and Sri Lanka but also gave a shut-up call to the Indian conspirators who are always eager to frame Pakistan in every act of terrorism. They must try to realize that the ‘Pulwama Strategy’ could not be successful all the time. Unfortunately whenever our Indian friends find us in some temporary phase of trouble, political or financial, they simply expedite their anti-Pakistan campaign. Blaming Pakistan for the Sri Lanka bombing incident is also a part of the same campaign. It is nothing but a foolish thought that by fixing Pakistan in a Sri Lanka bombing type of incident, the conspirators would succeed in adding more to the problems of Pakistan. As far as Pakistan is concerned, this all is simply a routine matter. The present financial crisis in Pakistan is in no way more severe and intense than the blazing fire of foreign-supported terrorism which Pakistan has successfully extinguished. Pakistanis are a nation with a lot of courage and determination to overcome all such crises.

Lending and borrowing is an essential part of the running financial system all over the world. It is simply a stupid thought if some think that the present financial crisis would weaken Pakistan; certainly soon we shall be out of it. Moreover it is our religious belief that after every dark night there is a shining bright day waiting for us. We all shall be welcoming that shinning bright day very soon

It is true that at present Pakistan is sailing in somewhat troubled economic waters; a deep-rooted economic crisis has compelled Pakistan to go to the IMF for a bail-out package worth $6 billion. Going to the IMF is neither a sin nor a crime. The IMF is an international institution whose primary job is to assist member countries who are in economic difficulty. According to the IMF’s own website, “The IMF provides policy advice and financing to members in economic difficulties and also works with developing nations to help them achieve macroeconomic stability and reduce poverty”. Approaching the IMF for financial assistance is nothing new and nothing novel, as so many countries had been doing so in the past. Getting financial assistance from the IMF doesn’t mean National Death; this assistance works as an oxygen tent in case of emergency. Adviser to Prime Minister on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Shaikh said, talking to media, that the government could not have bridged the financing gap of $12 billion on its own. This gap is the result of financial mismanagement by the previous governments. To bring back financial stability, the government was left with no other way but to seek assistance from the IMF. Things would stabilize with the passage of time, though the nation will have to bear some extra burden for the time being. We cannot exclude imminence of hard days from our life as such days are also an integral part of life. We have ample examples of the countries which had to encounter sudden hardships and troubles during their otherwise smooth journeys to the destination of peace and prosperity. From Iran, Kuwait and Iraq to the USA and the UK, the list of such countries is not very short.

The USA itself is one of the biggest borrowers as well as lenders. At the end of October 2018, the U.S. Treasury said in a report that it expected to issue about $425 billion in debt that quarter, raising its 2018 borrowing to more than $1.3 trillion, a 145 percent increase from the $546 billion issued in 2017. The 2018 total would be the largest annual total since 2010, when the Treasury issued $1.586 trillion in debt. In 2008, the United Kingdom also had to face a severe financial crisis. Commenting upon that crisis, a report said, “In 2008, the USA’s largest investment bank, Lehman Brothers, collapsed, sparking an unprecedented crisis in the global financial system. Stock markets tumbled across the world as the scale of the problems facing all banks became clear. In the UK, RBS, Lloyds and HBOS had to be rescued with taxpayers’ money.”  In short lending and borrowing is an essential part of the running financial system all over the world.  It is simply a stupid thought if some think that the present financial crisis would weaken Pakistan; certainly soon we shall be out of it. Moreover it is our religious belief that after every dark night there is a shining bright day waiting for us. We all shall be welcoming that shinning bright day very soon.



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