Current Affairs |Economy of Pakistan | an economic test by Maleeha Lodhi July 2023 | Dawn editorial for CSS aspirants

The base of prosperity for any state is its flourishing economy. Pakistan has been suffering ups & downs in its economic growth.

The best ever thing in growing in economy is stability which may be political / government policies. Democracy promotes the development in economy. People of Pakistan are always undergone through different economic test by each coming Government. Policies are useful for higher class people while middle class are always affected. The ratio of poorness is getting higher while the ray for a bright future of Pakistan is difficult to find.

Pakistan relies on debts by its friendly states as well as top world financial agency IMF. IMF is International Minatory Fund covering 190 countries. It gives heavy amounts of debts to these countries at the time of need. Pakistan, recently, signed a deal of $3bn with IMF that will be returned by the end of next year. These debts are not used for making country policies stronger or implementing the strategies for an uplift of economy to make Pakistan stronger than before. Each government must use the debts to stronger the roots of country so that Pakistan must not go through any debt again by IMF or any other financial agency.

Economy of Pakistan test

by Maleeha Lodhi (Former Pakistan’s representative to United Nations) July, 2023.

Summary of the article:

  • The IMF stand-by arrangement provides temporary relief for Pakistan’s Economic crisis, but long term policies are necessary for sustainable economic growth.
  • Political parties need to present serious plans to tackle economic challenges & formulate public policies instead of focusing on power sharing arrangements.
  • Structural reforms are needed to address high budget, balance of payments deficits, slow growth, low savings & investment, excessive borrowing, rising indebtedness & inflation.
  • Voters will closely examine party’s economic visions & strategies to address the country’s economic problems.
  • The ongoing economic crisis has made the economy a top concern for the public, which may influence voting decisions.
  • Coalition politics might hinder the next government’s abilities to implement tough economic measures &launch bold reforms.
  • The caretaker government before elections should play a leadership role in managing the ailing economy & sustaining economic recovery.
  • The government that emerges from elections will have the responsibility to revive economy but significant changes from the past are necessary for a better economic growth.

Vocabulary from article

Reprieve: Temporary relief

Vicious Cycle: A sequence of events in which each difficulty leads to others.

Plight: A difficult or adverse situation

Slogan: Short phrase used to convey message in politics

Consensus: General agreement among a group of people

Incumbents: Those currently holding positions of power & authority.

Reformist: Someone advocating for changes & improvements in political / social system.

Bereft: Deprived off, lacking of something

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