There is a heated debate on the current rising import bill and its "adverse" impact on the current account deficit (CAD). That higher imports are critical to achieving higher economic growth in a country like Pakistan is a fact. You cannot expect a meaningful boost in economic growth without importing essential items, particularly crude oil, POL products and edible oil. Higher import of food items such as wheat and sugar too is critical to ensuring food security in the country. In other words, you cannot have two things that normally do not go together. Having said that, I want to add one more point to my argument: higher imports must translate into higher manufacturing, agri output and exports in order to create new job opportunities and earn more foreign exchange. That is how the "adverse" impact of CAD can be neutralized, albeit modestly.

Romana Tariq (Islamabad)

Copyright Business Recorder, 2021