That the country is surviving on concessional and non-concessional multilateral and bilateral assistance plus borrowings at exorbitant rates of interest from commercial market is a fact that characterizes successive governments' approach to country's economy. Remittances that overseas Pakistanis send to the country constitute a highly valuable support to our foreign exchange reserves. The other major source of foreign exchange, exports, are still too low as compared to the country's import bill. Rising oil prices in international market indicate an increased spending in the oil producing countries, including the Gulf states which are our major sources of workers' remittances. A relatively higher export target set by the government for the current fiscal year looks achievable because of a variety of reasons. Things are not too bad.

Mehdi Hasan (Karachi)

Copyright Business Recorder, 2021