The finance minister, Mohammad Aurangzeb, has been consistently expressing his optimism about the IMF lending prospects. But something new seems to have added to his confidence.
According to him, China will help the country get the loan and Beijing would be playing his role in successfully persuading the IMF board to approve the $ 7 billion loan.
In my view, however, neither China nor IMF is a solution to the economic challenges facing Pakistan.
The country always needs a truly home-grown strategy to deal with the situation, which is aggravating day in, day out. Needless to say, the country is still in a terrible economic mess.
The policies and methods characterised by actions and decisions to suit or fulfill immediate needs or goals will not work.
Last but not least, it is a grim reality though that not only is China our first option to deal with a slew of economic challenges, it is our last option as well as the US-led West seems to have been gradually distancing itself from Islamabad for its own vested interests.
Abdul Samad (Karachi)
Copyright Business Recorder, 2024
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