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The incumbent government has injected a measure of clarity into its approach to myriad economic challenges facing the country by raising the prices of petroleum and products by Rs 30 per litre.

Although it is needless to say that the government has to swallow this bitter pill of taking this decision because it has to meet one of the prior conditions of the International Monetary Fund (IMF) to pave the way towards revival of the stalled loan facility, it is required to take some more steps that are aimed at averting a possible economic collapse because we are just one step from Sri Lanka.

One of such steps could be a drastic reduction in current expenditure. The other such step could be the need for speeding up efforts aimed at sell-off of white elephants (State-Owned Entities) in order to attract much-needed foreign exchange. Thirdly, there is a need for rationing energy to reduce oil import bill. The government deserves praise for it has finally decided to act firmly and decisively.

Shahid Khan (Islamabad)

Copyright Business Recorder, 2022

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