Forward March

The government having been berated for delaying the negotiations on the bail-out package with the International Monetary Fund (IMF), finally appears to be moving towards closure on something that could have been concluded as early as August 2018. In the process valuable time has been lost as the key macroeconomic indicators continued to decline and the cost of borrowing kept rising. The governments’ argument that it was not going to accede to the IMF demands appeared flawed from the very beginning and it seems that egos were at stake, as the Prime Minister had promised to break the proverbial begging bowl. Perhaps, there was also a false belief that the so called ‘friendly’ countries and the ‘patriotic’ overseas Pakistanis would flock to the economic and financial rescue, and Pakistan would emerge from the crisis with ample funds to manage the state of affairs. Unfortunately, reality is quite different from dreams for “If wishes were horses, beggars would ride”.

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